The video analytics market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period, to grow from USD 8.3 billion by 2023 to USD 22.6 billion by 2028. The increasing number of CCTV and surveillance system installations drives the adoption of video analytics software.
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By offering, the software segment will hold a larger market size during the forecast period.
Video analytics software plays a vital role in video surveillance systems. Nowadays, businesses of all types are using this software to ensure the safety of their employees and premises. It enables organizations to collect and analyze crucial data, helping them make informed decisions based on the intelligently analyzed data provided by the software. The software has come a long way, revolutionizing video surveillance. The software has eliminated the need for manual intervention and continuous human monitoring. During emergencies, video analytics also provides real-time alerts. Video analytics software has many features and capabilities designed to extract valuable insights and information from video data across various industries, such as security and surveillance, retail, healthcare, and transportation. The software has eliminated the drawbacks of traditional video surveillance systems by offering capabilities that are instrumental in detecting abnormalities and criminal activities, ensuring optimum operational efficiency.
By Application, the Intrusion management segment holds the second-largest market share during the forecast period.
Intrusion management refers to monitoring outdoor areas and perimeters to detect intrusion incidents by deploying intrusion detection systems. These systems are essential in improving the security infrastructure at public places and critical infrastructure such as airport perimeters, rail yards, bridges, refineries, chemical plants, data centers, and other outdoor assets. Video analytics also enables such systems to analyze security breaches over large areas, pinpointing targets in real-time. Pan-tilt-zoom (PTZ) cameras help pursue detected intruders. Thermal sensors-coupled cameras integrated with video analytics and PTZ tracking sensors enable the detection of unauthorized entities with higher accuracy and lower costs.
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Unique Features in the Video Analytics Market
Sophisticated video analytics systems can identify and track particular items or people in video footage thanks to their object recognition and tracking features.
One important component is facial recognition technology, which makes it possible to identify and authenticate people seen in video feeds for use in access control, security, and surveillance applications.
Behavioural analysis features, which enable the system to decipher and examine movement and action patterns inside a video and spot anomalies or suspect activity, are one type of solution.
Video analytics solutions provide proactive reactions to security incidents or operational concerns by providing real-time warnings and notifications based on established rules or abnormalities.
Urban planning, public safety, and event management can all benefit from the analysis of crowd dynamics, density, and movement patterns made possible by crowd monitoring tools.
Major Highlights of the Video Analytics Market
With features like object tracking, anomaly detection, and facial recognition improving the capabilities of surveillance systems, video analytics has becoming widely used in security and surveillance applications.
Through the analysis of video data from surveillance cameras, video analytics plays a critical part in smart city initiatives, supporting applications including public safety, traffic control, and urban planning.
Video Analytics, which offers insights into foot traffic patterns, consumer demographics, and product preferences to improve marketing and shop operations, has been adopted by the retail sector for the analysis of behaviour of its customers.
The integration of Video Analytics with edge computing technologies is becoming more and more popular. This integration lowers latency and bandwidth needs by enabling real-time analysis and decision-making at the network edge.
Adoption of video analytics is occurring in a wide range of industries, such as manufacturing, transportation, healthcare, and education, demonstrating its adaptability to unique operational and security issues.
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Top Key Companies in the Video Analytics Market
Major vendors in this market are in North America, Europe, and the Asia Pacific region. Avigilion (Canada), Axis Communications (Sweden), Cisco (US), Honeywell International Inc. (US), and IBM (US) are among the leading players operating in the video analytics market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the video analytics market.
Avigilon is a company that focuses on enhancing its security and video analytics product portfolio through organic growth strategies. They have a diverse range of products that cover all significant features of video analytics applications. In addition to launching new products and upgrading existing ones, they have expanded their customer base by partnering with security solution providers worldwide. The latest technological features, such as facial recognition, appearance search, motion detection, and AI-powered video management software, drive Avigilon’s video analytics solutions. The company’s acquisition by Motorola enables them to penetrate new market segments and deliver innovations by providing more value to their customers. The company aims to excel in its core product and service areas, particularly security and video analytics. It has a robust partner ecosystem to support its video analytics solutions. The company is increasingly focusing on new product development and upgrades, such as its recent launch of an artificial intelligence network video recorder. This innovative product combines traditional Avigilon NVR with the capabilities of Avigilon AI appliances to provide organizations with a solution that meets their analytics, storage, cybersecurity, and cloud requirements.
Axis Communications is a significant participant in the video analytics market and is committed to providing high-quality products to its customers. The company focuses on diversifying and expanding its product portfolio and market by adopting organic and inorganic growth strategies to fulfill this commitment. These strategies include acquisitions, collaborations, and product upgrades. Additionally, the company has an extensive global network spanning 50 countries and over 90,000 partners. The company strongly focuses on organic growth strategies aimed at developing new products and enhancing existing ones. For instance, it recently launched the AXIS Q6078-E PTZ camera that supports UHD 4K resolution and offers 20x zoom, which has improved video quality and built-in cybersecurity features.
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