Video Analytics System Market size was valued at $4,102.0 million in 2020, and is projected to reach $21,778.0 million by 2027.
The video analytics market is growing due to the presence of large number of global players in the market. The major factors that are driving the adoption of video analytics solutions among the enterprises as well as SMEs across various verticals including BFSI, city surveillance, critical infrastructure, education, hospitality and entertainment, manufacturing, defense and border security, retail, traffic management, transportation and logistics and others due to significant adoption of cloud services and security infrastructure. Developing countries across APAC and MEA are expected to offer more opportunities for vendors in the market. The recent economic slowdown with the impact of COVID-19 emphasizes the need for alternate business systems. It has become important for businesses to embrace cloud computing and utilize video analytics solutions for enhanced safety and security of workforce.
Video analytics is a computerized processing and automatic analysis of video content generated, collected, or monitored during video surveillance. While monitoring videos, the software identifies attributes, events, or patterns and characteristics of people or objects while ignoring irrelevant activities via video analysis of monitored environments. A large volume of unstructured video data is produced through video surveillance in industries, city surveillance, and through social media. Video analytics software also enables users to analyze, organize, and share insights gained from video data to help in making better decisions.
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Market segment by players, this report covers
i2V Systems Pvt
Gorilla Technology Group
Agent Video Intelligence
On the basis of component, the software segment was the highest revenue contributor in the video analytics market share in 2019. This was attributed to growth in need to monitor premises or any facility from any kind of physical threats or suspicious activities. In addition, precise image analysis, real-time processing, multiple visual inputs, and enhanced accuracy are factors that propel demand for video analytics software. However, the service segment is expected to exhibit highest growth rate during the forecast period, owing to increase in adoption of digital technologies across various industries and need to provide enhanced services. Thus, video analytics services help organizations in project consultation, configuration, installation, security monitoring, and other essential security services, which boosts video analytics market growth.
Market segment by Type, covers
Market segment by Application, can be divided into
Automatic Number Plate Recognition
- The manual video analysis has various disadvantages which drives the growth of the market
- The actionable insights from video data demand has increased is boosting the growth of the market
- Government initiatives in emerging technologies to enhance public safety infrastructure is propelling the growth of the market
- The plunging prices of video surveillance equipment is contributing to the growth of the market
- The surge in volume of unstructured video data is contributing to the growth of the market
- The surging demand for IP-based security systems is driving the growth of the market
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