Video Analytics Market Size (2024 - 2029)

The video analytics market is projected to experience significant growth, driven by its application across various sectors such as retail, surveillance, and smart city developments. This expansion is fueled by the increasing demand for actionable insights from video data, which aids in decision-making and operational efficiency. Despite challenges like high costs, operational hurdles, and privacy concerns, the market is poised for growth due to the rising adoption of video analytics for non-security purposes, including crowd management and consumer behavior analysis. The COVID-19 pandemic has also influenced the market, with increased government surveillance efforts highlighting the technology's importance in public health monitoring.

Market Size of Video Analytics Industry

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Video Analytics Market Summary
Study Period 2021 - 2029
Market Size (2024) USD 2.96 Billion
Market Size (2029) USD 6.01 Billion
CAGR (2024 - 2029) 15.20 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Video Analytics Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Video Analytics Market Analysis

The Video Analytics Market size is estimated at USD 2.96 billion in 2024, and is expected to reach USD 6.01 billion by 2029, growing at a CAGR of 15.20% during the forecast period (2024-2029).

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.

  • 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.
  • 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.
  • However, the surge in the overall cost, operational issues, and privacy issues related to video analytics and surveillance might be a factor that restrains the market's growth throughout the forecast period.
  • The COVID-19 pandemic has had a mixed impact on the video analytics industry. The impact has been adverse on end users, such as retail, logistics, hospitality, and transportation, as the worldwide lockdowns created a slump in footfall. Thus, the demand for video analytics was also affected. Moreover, owing to the COVID-19 outbreak, government surveillance is rising globally. From Israel to South Korea to China, governments worldwide are using technology to track the COVID-19 outbreak as they race to stem its spread. They use location data, video camera footage, and credit card information to track COVID-19 in their countries.

Video Analytics Industry Segmentation

Video analytics is software that is used for monitoring video streams in near real-time. While monitoring the videos, the software identifies attributes, events, or patterns of specific behavior via video analysis of monitored environments. The software can generate automatic alerts and facilitate forensic analysis of historical data to identify trends, patterns, and incidents. The software enables users to analyze, organize, and share any insight gained from the data to make smarter, better decisions.

The video analytics market is 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), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Type
Software (On-premise and Cloud)
Services
By End User
BFSI
Healthcare
Retail & Logistics
Critical Infrastructure
Hospitality and Transportation
Defense and Security
Other End-user verticals (Manufacturing, etc.)
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Video Analytics Market Size Summary

The video analytics market is poised for significant growth, driven by its increasing adoption across various sectors such as surveillance, retail, and smart city developments. This technology enables end-users to transform data insights into actionable intelligence, enhancing decision-making processes in diverse environments like cities, retail outlets, and worksites. The market is experiencing a surge in demand not only for security purposes but also for applications such as crowd management and customer experience enhancement. The retail sector, in particular, is leveraging video analytics for loss prevention, theft analysis, and improving customer interactions through innovations like facial recognition technology. The development of smart cities further propels the demand for video analytics, as connected devices and surveillance systems become integral to urban infrastructure.

North America stands out as a key region in the video analytics market, with the United States leading in technological innovation and investment. The widespread adoption of surveillance cameras and the integration of advanced technologies like AI and deep learning are accelerating market growth in this region. The market is characterized by fragmentation, with major players investing in research and development to enhance their offerings. Companies such as Axis Communications, Avigilon Corporation, and Cisco Systems are at the forefront, continuously evolving their products to meet the growing demand. Despite challenges like privacy concerns and operational issues, the market's trajectory remains positive, with ongoing developments and strategic partnerships shaping its future landscape.

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Video Analytics Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Emphasis among Enterprises on Obtaining Actionable Insights

      2. 1.2.2 Technological Advancements coupled with High Investments in City Surveillance

    3. 1.3 Market Challenges

      1. 1.3.1 Cost, Operational, and Privacy Issues Related to Video Analytics and Surveillance

    4. 1.4 Market Opportunities

    5. 1.5 Key Case Studies and Implementation Use-cases

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Buyers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of COVID-19 on the Video Analytics Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Software (On-premise and Cloud)

      2. 2.1.2 Services

    2. 2.2 By End User

      1. 2.2.1 BFSI

      2. 2.2.2 Healthcare

      3. 2.2.3 Retail & Logistics

      4. 2.2.4 Critical Infrastructure

      5. 2.2.5 Hospitality and Transportation

      6. 2.2.6 Defense and Security

      7. 2.2.7 Other End-user verticals (Manufacturing, etc.)

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 Latin America

      5. 2.3.5 Middle East & Africa

Video Analytics Market Size FAQs

The Video Analytics Market size is expected to reach USD 2.96 billion in 2024 and grow at a CAGR of 15.20% to reach USD 6.01 billion by 2029.

In 2024, the Video Analytics Market size is expected to reach USD 2.96 billion.

Video Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)