According to a new market research report "Video Analytics Market by Type (Software and Services), Application (Intrusion Management, Incident Detection, People/Crowd Counting, Traffic Monitoring), Deployment (On-Premises and Cloud), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 3.23 Billion in 2018 to USD 8.55 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period.
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The growth of the Video Analytics Market is driven by many factors, such as disadvantages of manual video analysis, enterprises' demand for actionable insights from video data, government investments in emerging technologies to enhance public safety infrastructure, and falling prices of video surveillance equipment. With an increasing adoption rate of Internet of Things (IoT) and big data among enterprises, the Video Analytics Market is expected to gain major traction during the forecast period.
Software type is expected to hold a larger market size during the forecast period
The demand for video analytics software is being driven by its ability to be integrated with the originally deployed analog, IP, or megapixel cameras within establishments, thereby eliminating the need for the deployment of additional hardware. The major features offered by video analytics software include people counting, tamper detection, motion detection, ALPR, and auto track detection. Vendors provide advanced video analytics solutions and services with an option to tailor the offerings based on specific business requirements. This results in enhanced productivity of organizations and better delivery of results to clients.
On-premises deployment is estimated to hold a larger market size in 2018
Automated incident systems are highly valued assets in public safety infrastructure, such as traffic surveillance and management, to ensure the safety and security of human and public infrastructure. With the increasing number of roads and traffic at a much higher rate, intelligent traffic management and automatic incident detection systems will witness a high demand in the coming years, globally. Moreover, with the integration of video analytics in surveillance systems, traffic management departments can identify anomalies and incidents on the road more quickly and in real time. Video analytics, coupled with intelligent traffic management, monitors digitally-encoded video feeds from traffic cameras placed on public routes to detect incidents and continuously collect traffic data in real time.
Critical Infrastructure vertical is estimated to hold the largest market size in 2018
Critical infrastructure covers oil and gas plants, nuclear facilities, chemical industry, and other hazardous locations. In line with an increasing demand for a highly secure environment and the proliferation of cost effective video surveillance, the demand for video analytics in critical infrastructure security has been increasing significantly. Various other benefits of video analytics for critical infrastructure include improved perimeter protection and operational efficiencies, reduced OPEX, and reduced need for data storage space.
North America is estimated to hold the largest market size in 2018
North America is estimated to hold the largest market size in the global Video Analytics Market in 2018, and APAC is projected to be the fastest growing region during the forecast period. North America is a matured market in terms of technology adoption, due to various factors, such as standards regulation, advanced IT infrastructure, presence of many enterprises, and the availability of proficient technical expertise. The US and Canada are expected to contribute significantly to the growth of the Video Analytics Market in North America.
Major vendors providing video analytics solutions and services include Aventura (US), Genetec (US), IntelliVision (US), intuVision (US), PureTech Systems (US), Cisco Systems (US), Honeywell (US), IBM (US), Axis Communications (Europe), Agent Vi (US), AllGoVision (APAC), Avigilon (US), iOmniscient (APAC), BriefCam (US), Digital Barriers (Europe), Aimetis (US), 3VR (US), Ipsotek (Europe), Gorilla Technology (APAC), KiwiSecurity (Europe), Intelligent Security Systems (US), Verint (US), Viseum (Europe), DELOPT (APAC), i2V (APAC), and Qognify (US).
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