Video Analytics Market 2029: Comprehensive Report on Market Size and Key Players
Shaludhama
According to TechSci Research report, “Video Analytics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the Global Video Analytics Market is expected to register robust growth during the forecast period. Analytics has enabled various end-users to turn specific data insights into actionable intelligence for numerous functions. They monitor the queues in retail outlets and hospitals, generate heat maps, etc. The surveillance and retail industries are expected to drive the market positively during the forecast period.
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Video analytics are being deployed in city, retail, vehicle, and worksite settings to acquire insights for decision-making. The video surveillance sector uses it for analyzing threats, recognizing them, mitigating them, and monitoring their effects. China is investing heavily in the capabilities of facial recognition. According to NetEase, China's market size is expected to reach CNY 40 billion (USD 5.73 billion) in biometric recognition technologies.
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Moreover, the video analytics market is witnessing an increasing demand for non-security reasons as well as for crowd management applications. End users could measure the flow of people at specific exit and entry points within a building. Industries like retail and entertainment are using video analytics for these applications. This technology helps monitor the dwell time in retail stores, count the people at concerts, and more. Also, the development of smart cities is one of the significant factors driving the market. Due to the growth of smart cities, the demand for video surveillance and connected devices across city buildings is expected to increase drastically. According to the Consumer Technology Association, consumer spending on traditional and emerging technologies is forecast to amount to USD 505 billion by the end of the current year.
Based on End User, The Retail segment emerged as the dominating segment in 2023. In retail stores, a lot of information is captured in videos for loss prevention, theft analysis, and post-analysis when a mishap occurs. Hence, real-time video analytics can unravel various insights from videos captured in stores and help improve store operations and the customer experience. Moreover, the global retail sector is also focusing on deploying innovative solutions to increase security and customer experience, for which a few are implementing facial recognition technology. From security to advertisements, many face recognition applications are being used in retail. From sending customized ads to identified shoppers to identifying gender, age, and customer count to capturing glance time on products, the applications are endless.
As per Zenith, global ad spending is increasing steadily; last year, it stood at USD 722.84 million. Additionally, ad spending worldwide is expected to reach around USD 885 billion by the end of 2024. Hence, a significant share of the expenditure is on gaining consumer insights into target the consumer segment. This is where video analytics finds a prime opportunity, where video analytics can be used for heat mapping, customer services, and reducing retail shrinkage. The growth opportunities in this space are ample for the technology's growth.
Based on Region, North America is projected to dominate the market throughout the forecast period. North America is one of the most important markets for video analytics. The region, particularly the United States, is a major technology innovator and investor. Aside from that, widespread adoption among end-user industries and regional government involvement in video surveillance infrastructure development fuels the adoption of video analytics solutions in the North American region.
The region has a high adoption rate of CCTV cameras in various surveillance settings, from street corners to university campuses and even private homes. Most sites have multiple cameras, generating a large volume of footage. In the United States alone, there are about 70 million surveillance cameras installed, which works out to 4.6 people per installed camera. Also, the country has a high penetration of surveillance cameras, with the adoption being most common among private-sector retail and commercial establishments, such as hotels, restaurants, and office complexes.
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Post 9/11, the massive advancement in IP cameras and their implementation across the region have also developed the space for the market's growth in the last decade. Most regional municipal law enforcement is leveraging video analytics for real-time response and post-event investigation, and cities are also using the data for urban planning and traffic optimization. Many American cities, including Detroit, have aggressively invested in surveillance infrastructure, including the recent installation of cameras to monitor public housing residents.
Key market players in the Global Video Analytics Market are: -
- Cisco Systems Inc.
- Identiv Inc.
- Aventura Technologies Inc.
- Genetec Inc.
- Honeywell International Inc.
- Agent Video Intelligence Ltd
- Objectvideo Labs LLC
- Qognify Limited
- NEC Corporation
- Herta Security SL
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“The Global Video Analytics Market is propelled by several drivers that underscore its rapid growth and adoption across various industries. Firstly, the increasing need for enhanced security solutions in the face of evolving threats is a major driver, leading to the widespread deployment of video analytics for real-time threat detection, behavior analysis, and anomaly identification. Secondly, advancements in artificial intelligence (AI) and deep learning contribute significantly by enabling more sophisticated object recognition and predictive analytics within video analytics systems. The integration of these technologies enhances the overall accuracy and efficiency of surveillance and analytics processes. Additionally, the rising demand for business intelligence and data-driven decision-making fuels the adoption of video analytics in sectors such as retail, healthcare, and transportation. Businesses leverage video data to gain insights into customer behavior, optimize operations, and enhance overall efficiency. Moreover, smart city initiatives globally are driving the demand for video analytics in urban planning, traffic management, and public safety, making it a pivotal technology for creating safer and more efficient urban environments. As these drivers continue to evolve, the Global Video Analytics Market is poised for sustained expansion, transforming the landscape of surveillance, security, and data analytics.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Video Analytics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Type (Software (On-premise and Cloud) and Services), by End User (BFSI, Healthcare, Retail & Logistics, Critical Infrastructure, Hospitality and Transportation, Defense and Security, and Other End-user Verticals), By Region, and By Competition 2019-2029” provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Video Analytics Market.
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