PORTLAND, Ore., Jan. 26, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Video Analytics Market by Component (Software and Services), Deployment (Cloud and On-Premises), Organization Size (Small & Medium Enterprises and Large Enterprises), and Application (Retail, Healthcare, BFSI, Transportation & Logistics, Government, Manufacturing, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global video analytics industry generated $4.10 billion in 2019, and is expected to reach $24.34 billion by 2027, witnessing a CAGR of 25.1% from 2020 to 2027.
Prime determinants of growth
Rise in demand for IP-based security cameras, concerns over public safety and security, surge in volume of unstructured video data, and increase in government surveillance activities drive the growth of the global video analytics market. However, high initial investment costs on systems and infrastructures and increase in number of false alarm alerts hinder the market growth. On the other hand, usage of advanced technologies such as AI and machine learning along with need for edge-based analytics to recognize and profile applications present new growth opportunities.
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- The demand for video analytics software increased for emerging use cases including mask detection, maintaining social distancing, facial recognition, tracking patient inflow, contact tracing, and others to ensure safety during the pandemic.
- Market players have been developing advanced and innovative offerings to meet the changing demands in various applications. Their software and services are focused on enhancing safety in public places and reduce the spread of coronavirus.
Get detailed COVID-19 impact analysis on the video analytics market:
The software segment to maintain its lead status during the forecast period
Based on component, the software segment accounted for more than two-thirds of the global video analytics market in 2019, and is expected to maintain its lead status during the forecast period. This is due to rise in need to monitor the premises or any facility by obtaining precise image analysis, carrying out real-time processing, and achieving enhanced accuracy. However, the services segment is projected to register the highest CAGR of 28.0% from 2020 to 2027, owing to ease in availing project consultation, configuration, installation, security monitoring, and other essential security services.
The on-premises segment to maintain its dominant share throughout the forecast period
Based on deployment, the on-premises segment held the highest market share in 2019, accounting for nearly two-thirds of the global video analytics market, and is estimated to maintain its dominant share throughout the forecast period. This is due to adoption by industries such as banking, financial services & insurance (BFSI), education, and healthcare to prevent cyber-attacks or data breaching. However, the cloud segment is projected to portray the fastest CAGR of 27.8% from 2020 to 2027, owing to its cost-effective benefits and leverage of advanced technologies regarding video analytics solutions such as machine learning algorithms to help in achieving results more conveniently and lowered down the requirement for staff operation.
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North America to maintain its leadership position by 2027
Based on region, North America contributed to the highest market share in 2019, accounting for around two-fifths of the global video analytics market, and is expected to maintain its leadership position by 2027. This is due to increased demand for business intelligence and increase in demand for technologically enhanced public safety infrastructure. However, Asia-Pacific is estimated to witness the fastest CAGR of 28.2% during the forecast period. This is due to demand from developing economies such as China and India with increase in safety concerns, rise in investment by government for surveillance cameras, and smart city initiatives.
Leading market players
- AllGoVision Technologies Pvt. Ltd
- Aventura Technologies, Inc.
- Axis Communications AB
- Cisco Systems, Inc.
- Honeywell International, Inc.
- IBM Corporation
- PureTech Systems, Inc.
- Verint Systems, Inc.
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