According to a report, “Video Analytics Market Size Report By Type (Software, Hardware), By Deployment (Cloud, On-premise), By Application (Intrusion Detection, Crowd Management, Facial Recognition), By End Use, And Segment Forecasts, 2018 – 2025” , published by Grand View Research, Inc., The global video analytics market size is expected to reach USD 9.4 billion by 2025, registering a 22.8% CAGR over the forecast period. Increasing concerns over public safety and use of video analytics in criminal investigations are positively impacting demand for video analytics solutions. Increasing demand for intelligent security surveillance systems, which can be used for estimating key trends and deriving patterns, is the key factor driving market growth.
Key Takeaways from the report:
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Facial recognition is expected to emerge as the fastest growing application segment with a CAGR of 25.9% from 2017 to 2025. This can be attributed to widening scope of facial recognition solutions for surveillance purposes at malls, events, airports, and public transport, among others
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By type, the services segment is projected to register the highest CAGR of 24.0% for the next eight years. This can be attributed to increasing demand for and installation of video analytics solutions, which are, in turn, propelling demand for related managed and professional services
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The cloud segment is anticipated to emerge as the most preferred deployment option for video analytics solutions as it offers flexibility and convenience, allows remote access, and provides easy maintenance
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North America accounted for the largest share in 2016 and is driven by presence of prominent market players who consistently work on developing new and innovative technologies in video analytics
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The retail end-use segment is anticipated to register the highest CAGR of 25.6% over the forecast period. This may be attributed to use of video analytics in applications such as people counting, display and promotion effectiveness, product placement and store layout, and customer preference pattern analysis
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Asia Pacific is expected to experience the highest growth from 2017 to 2025, driven by emerging economies such as India and China. These nations are expected to augment their expenditure on intelligent and security surveillance systems
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Key industry participants include Cisco Systems, Inc.; Axis Communications AB; Bosch Security Systems GmbH; Agent Video Intelligence Ltd.; Honeywell International Inc.; IBM Corporation; AllGoVision Technologies Pvt. Ltd.; Genetec Inc.; Aventura Inc.; and i2v System Pvt. Ltd.
Apart from surveillance, video analytics solutions have also found increasing application in the retail sector for estimating average footfall, gender bifurcation, display effectiveness, and attractiveness of shelf space. Furthermore, superstores and mega marts have started implementing these systems to gain insight into consumer behavior.
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Thermal imaging market: Commercialized thermal imagers resulting from the development of microbolometers expected to augment the growth of the market over the forecast period. In addition to increasing demand in industrial and commercial sectors, thermal imaging devices are also used across several security and surveillance applications. Moreover, increasing adoption of integrated solutions across commercial applications would further fuel the growth of the industry.
IR (Infrared) Camera Market: IR cameras help identify the site of tissue damage in case of injuries, and are expected to witness surging demand in medical imaging applications. They have been extensively used by airports during the outbreak of epidemics to identify and screen passengers with elevated body temperatures. Microbolometer development has resulted in increased commercialization, which is also expected to be a key market driver.
Use of advanced algorithm technology in video analytics enables examination of captured videos frame by frame, irrespective of light exposure, thereby making video analytics a reliable and efficient choice for ensuring security. Furthermore, industries such as transportation, retail, and healthcare are witnessing significant increase in the adoption of video analytics, owing to rising application of intrusion detection, license plate recognition, crowd management, and congestion detection in these industries.
Grand View Research has segmented the global video analytics market based on type, deployment, application, end use, and region.
Video Analytics Type Outlook (Revenue, USD Million, 2014 – 2025)
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Software
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Services
Video Analytics Deployment Outlook (Revenue, USD Million, 2014 – 2025)
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Cloud
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On-premise
Video Analytics Application Outlook (Revenue, USD Million, 2014 – 2025)
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Crowd Management
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Facial Recognition
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Intrusion Detection
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License Plate Recognition
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Motion Detection
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Others
Video Analytics End-use Outlook (Revenue, USD Million, 2014 – 2025)
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BFSI
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City
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Critical Infrastructure
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Education
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Government
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Retail
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Transportation
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Others
Video Analytics Regional Outlook (Revenue, USD Million, 2014 – 2025)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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Japan
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India
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Latin America
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Brazil
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Middle East & Africa (MEA)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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