Video Analytics Market size to record USD 16.86 billion growth from 2023-2027, Growing preferences for internet protocol (IP) cameras over analog cameras is one of the key market trends, Technavio

NEW YORK, April 17, 2024 /PRNewswire/ -- The global video analytics market size is estimated to grow by USD 16.86 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 22.54% during the forecast period.  The video analytics market utilizes intelligent cameras with deep learning and edge-based architecture for automated data analysis. Technologies include aggression detection, crowd counting, intrusion detection, and perimeter defense. Applications span from critical infrastructure and government & defense to transportation & logistics and smart cities. Macro-economic factors and interoperability complexities influence market growth. Key players include Honeywell, AI capabilities, IoT devices, and edge technologies. Applications include access control, loss prevention, and customer experience. Facial recognition technology is a significant market trend.

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Innovation Sparks Market Growth:

The Video Analytics Market is experiencing significant growth due to the adoption of Intelligent cameras equipped with Deep learning capabilities and Edge-based architecture. These advanced cameras enable Aggression detection, Crowd counting, Intrusion detection, Perimeter defense, and more, reducing the need for manual analysis and human errors. Key applications include Critical infrastructure, Government & defense, Transportation & logistics, and Smart city projects. Macro-economic factors such as recession, rising interest rates, geopolitical tensions, and inflation drive the demand for video analytics. Edge computing devices, AI capabilities, and IoT devices are essential edge technologies in this market. However, interoperability complexities between different systems and facial recognition technology pose challenges. Notable companies include Honeywell, focusing on Access control, On-premise, and Cloud solutions, and the Transportation & logistics industry, IT security, and Loss prevention sectors benefit from video analytics for customer experience and theft analysis.

Addressing Challenges:

The Video Analytics Market is experiencing significant growth due to increasing security concerns among Businesses and Large Enterprises, as well as Small & Medium Enterprises. Video management systems, including Perimeter Intrusion Detection and Incident Detection, utilize Motion Detection through IP-based security cameras to enhance security in various sectors. The market's growth is driven by the adoption of advanced technologies like AI, Object Classification, and Image Classification, providing Actionable Insights and accuracy. However, Market Restraining Factors such as Initial Investment, Systems, and Infrastructure setup costs, IT skills requirements, and High Setup Costs hinder market expansion. Key Market Opportunities include the Retail Sector, Business Intelligence, and Smart City efforts. Advanced technologies like Facial Identification and the Social Credit System are also gaining popularity. Despite these advancements, challenges such as False Alarms and Accuracy remain critical concerns. The market encompasses both Domestic and International Firms, with applications in various Public Spaces, including hypermarkets, hospitals, airports, railway stations, hotels, shopping malls, and CCTV cameras in smart city initiatives.

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Analyst Review

The Video Analytics Market is experiencing significant growth due to the integration of Intelligent Cameras equipped with Deep Learning capabilities. Edge-based architecture is a key trend, enabling Aggression Detection, Crowd Counting, Intrusion Detection, and Perimeter Defense in real-time. Camera Tampering and Loitering Detection are also crucial applications. Geopolitical Tensions and Macro-economic factors, including Inflation and Ad Spending, influence market dynamics. Edge Computing Devices and IoT Devices are driving the adoption of Edge Technologies, enhancing AI capabilities. Interoperability complexities persist, necessitating Smart Cities' development and Access Control solutions. Facial Recognition Technology and Heat Mapping are essential tools for Retail Shrinkage prevention. Post-analysis is vital for deriving valuable insights from the vast amount of data generated.

Market Overview

The Video Analytics Market is a significant and growing sector in the technology industry. It involves the use of advanced technologies like artificial intelligence, machine learning, and computer vision to extract valuable insights from video data. These insights can be used to improve business operations, enhance customer experience, and ensure security. The market is driven by various factors, including the increasing adoption of video content, the need for real-time analysis, and the growing demand for actionable insights. Companies in this market offer solutions for various applications, such as traffic monitoring, surveillance, and customer behavior analysis. The market is expected to grow at a robust pace in the coming years due to the increasing use of video data in various industries and the continuous advancements in technology.

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Key Companies:

Video Analytics Market is fragmented; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Video Analytics Market report includes information on the product launches, sustainability, and prospects of leading vendors including Agent Video Intelligence Ltd., Alarm.com, AllGoVision Technologies Pvt. Ltd., BriefCam Ltd., Canon Inc., Cisco Systems Inc., Genetec Inc., Gorilla Technology Inc., Honeywell International Inc., Huawei Investment and Holding Co. Ltd., i2V Systems Pvt. Ltd., Infinova, International Business Machines Corp., NEC Corp., NICE Ltd., PureTech Systems Inc., Robert Bosch GmbH, Verint Systems Inc., Viseum UK Group, Zhejiang Dahua Technology Co. Ltd.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio