Video Analytics Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

The Video Analytics Market Size accounted for USD 6.5 Billion in 2022 and is estimated to achieve a market size of USD 53.5 Billion by 2032 growing at a CAGR of 23.7% from 2023 to 2032.

Video Analytics Market Highlights

• Global video analytics market revenue is poised to garner USD 53.5 billion by 2032 with a CAGR of 23.7% from 2023 to 2032
• North America video analytics market value occupied around USD 2.2 billion in 2022
• Asia-Pacific video analytics market growth will record a CAGR of more than 25% from 2023 to 2032
• Among component, the software sub-segment generated over US$ 4.4 billion revenue in 2022
• Based on application, the facial recognition sub-segment generated around 24% share in 2022
• Retail analytics for consumer insights is a popular market trend that fuels the industry demand

Video analytics is a sophisticated and automated computerized process that relies on specialized software for analyzing video content generated, collected, or monitored in various scenarios, most notably in surveillance applications. Its core function is to extract valuable insights and meaningful information from video data, contributing to enhanced security, improved operational efficiency, and informed decision-making.

These technologies provide a wide range of capabilities for identifying and capturing various components within video footage and events. For example, motion detection enables software to follow movements inside video frames, allowing it to recognise and highlight actions that demand attention. Vehicle counting, on the other hand, gives precise data for traffic management, which is critical for urban planning and transportation systems. In contrast, heatmap analysis visualizes the density of items or persons inside a certain location. Another advanced feature of video analytics is facial recognition. This technology can recognize people based on their face traits, revolutionizing security and access management.

The ability of video analytics to translate visual data into meaningful insights is spreading across sectors, changing how businesses handle security, operations, and customer experiences. Video analytics enables organizations and institutions to make educated decisions based on real-time and historical video data analysis using automated software processes and sophisticated algorithms.

Global Video Analytics Market Dynamics

Market Drivers

• Increase in demand for IP-based security cameras
• Accelerating the growth of video analytics IoT applications
• Growing concerns of government regarding public safety

Market Restraints

• High initial investment cost on systems and infrastructures
• Cyberattacks and data theft are on the rise

Market Opportunities

• Use of advanced technologies such as AI, machine learning with video analytics
• Rise in the implementation of video analytics in the data captured by drones

Video Analytics Market Report Coverage

Video Analytics Market Insights

Growing concerns about security and safety are expected to drive the video analytics market. Algorithms are employed in video analytics to interpret video signals for security-related operations. The increasing development of infrastructure and the rise of smart cities will further fuel the growth of the video analytics market. The disadvantages associated with manual video analysis and the decreasing prices of video surveillance equipment are bolstering the market value. The growing demand from enterprises for actionable insights from video data is further driving the market value. Additionally, rising government investments in emerging technologies to enhance public safety infrastructure are accelerating the market value. Furthermore, the increasing inclination toward advanced technologies and the high demand for recognition applications, enhanced video surveillance, and video analytics software & services in non-government sectors are some of the important factors expected to provide potential opportunities over the forecast period from 2023 to 2032.

Increasing public safety and security remains a key factor for the market's growth. Governments are increasing their investments in transportation for public safety due to the rising incidence of accidents and criminal rates. Video analytics are particularly valuable for the police and defense sectors for security purposes and the identification of criminals. On the other hand, high investments in legacy installations and privacy issues are factors projected to hinder the market growth.

Video Analytics Market Segmentation

The worldwide market for video analytics is split based on component, deployment type, application, vertical, and geography.

Video Analytics Components

• Software
• Services

In terms of components, the market is categorized into software and services. According to video analytics industry analysis, the software sub-segment held the largest share of the market in the past few years. This component type offers an array of features and can be manufactured or customized according to clients' requirements. Software enables the detection of incidents involving people, vehicles, and static objects, and it is also used for analyzing video from various sources. The software includes precise image analysis, real-time processing, multiple visual inputs, and enhanced accuracy as key factors that drive the demand for video analytics software. On the other hand, the services sub-segment has shown significant growth over the forecast period.

Video Analytics Deployment Types

• On-Premises
• Cloud

According to the deployment types, the video analytics market is segmented into on-premises and cloud. In terms of deployment, the cloud segment is anticipated to exhibit the fastest growth over the forecast period from 2023 to 2032. The changing customer requirements, coupled with the benefits associated with cloud-based solutions such as higher scalability and support for an unlimited number of cameras for providing real-time analysis of incidents, are other important factors contributing to the segmental market value.

Video Analytics Applications

• Crowd Management
• Facial Recognition
• Intrusion Detection
• License Plate Recognition
• Motion Detection
• Others

Regarding application market segmentation, it includes BFSI, City Surveillance, Critical Infrastructure, traffic monitoring, automatic number plate recognition, facial recognition, and other applications. In recent years, the Critical Infrastructure segment has emerged as the dominant application segment in the Video Analytics market. During the COVID-19 pandemic, healthcare, BFSI, retail, education, and other end-use industries have extensively adopted video analytics for crowd counting to enhance people surveillance and monitor crowded areas. Video analytics is also valuable for the police and defense sectors to manage large events. Facial recognition is experiencing significant and rapid market growth. This segment offers various benefits such as criminal identification, attendance tracking, and fraud detection for passports and visas. These advantages further contribute to the growth of the market in this segment.

Video Analytics Verticals

• BFSI
• City Surveillance
• Critical Infrastructure
• Education
• Hospitality and Entertainment
• Manufacturing
• Defense and Border Security
• Retail and Consumer Goods
• Traffic Management
• Transportation
• Others

According to the video analytics market forecast, the BFSI segment is projected to dominate the market share and is likely to maintain this dominance throughout the forecasted timeframe from 2023 to 2032. The BFSI sector has increased the use of video analytics for bank surveillance, security, face and mask detection, and people monitoring. The defense sector, especially in border areas, has a critical requirement for video analytics to enhance line control, observation, and overall security. This demand from the BFSI sector has been a significant driving force for the growth of the Video Analytics market. Additionally, the healthcare sector is expected to experience faster growth during the forecast period.

Video Analytics Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Video Analytics Market Regional Analysis

North America accounted for the largest share of the video analytics market. In 2022, the region held the highest share (%) in the global market, attributed to its advanced infrastructure and available facilities. The presence of major players in the regional market further supports the regional market value. The rapid technological advancements, coupled with the increasing focus of prominent players on security and safety by integrating analytics in the regional market, are also driving the regional market value.

The video analytics market in Europe has grown significantly, notably in nations such as the United Kingdom, Germany, France, and others. Because of the region's emphasis on modern surveillance systems, urban security, and public safety, video analytics solutions have seen increased use. Government measures, such as smart city project execution, have also contributed to the market's growth.

The Asia-Pacific region, which includes China, India, Japan, and South Korea, has demonstrated exceptional promise in the video analytics industry. Rapid urbanization, an increased demand for public safety, and the use of new technology have all contributed to significant development. Demand for video analytics solutions has been fueled by the emergence of smart cities, as well as the expansion of the retail and commercial sectors.

Video Analytics Market Players

Some of the top video analytics companies offered in our report includes 3VR, Agent Vi, Aimetis, AllGoVision, Aventura, Avigilon Axis Communications, BriefCam, Cisco Systems, DELOPT, Digital Barriers, Genetec, Gorilla Technology, Honeywell, i2V, IBM, Intelligent Security Systems, IntelliVision, intuVision, iOmniscient, Ipsotek, KiwiSecurity, PureTech Systems, Qognify, Verint, and Viseum.