The video analytics market is forecasted to garner revenue of US$ 41.16 billion in 2033, up from US$ 7.52 billion in 2023 advancing at a rate of 18.5% from 2023 to 2033.
The market for video analytics has experienced substantial growth in recent years and is projected to reach new heights in the coming years.
The market is driven by the increasing need for enhanced security, operational efficiency, and customer insights.
The integration of artificial intelligence algorithms enhances video surveillance capabilities, enabling functions like facial recognition, object detection, and behaviour analysis. Additionally, edge computing brings processing power closer to the data source, reducing latency and enabling faster response times.
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The video analytics industry is hence poised to revolutionize the way surveillance is conducted, enhancing security, operational efficiency, and decision-making across various industries.
The video analytics industry is witnessing several noteworthy trends. One prominent trend is the integration of video analytics with other smart technologies such as Internet of Things (IoT) devices and sensors.
This integration enables a more comprehensive understanding of the environment by combining video data with data from other sources, such as temperature sensors, occupancy detectors, and access control systems.
Another emerging trend is the adoption of edge computing, which brings processing power closer to the data source, reducing latency and enabling real-time video analysis at the network edge.
While the video analytics market offers immense opportunities, it also faces certain challenges. The need for high computational power and storage capabilities to process and analyze large amounts of video data remains a challenge.
Privacy and data protection concerns require careful consideration and adherence to regulatory frameworks.
These challenges also open doors for innovations in hardware and software solutions, presenting opportunities for market players to address these issues and provide enhanced video analytics capabilities.
Key Takeaways from the Video Analytics Market Report:
By 2033, the United States of America holds a market share of US$ 13.4 billion in the video analytics industry.
The market in China is anticipated to advance at a significant growth rate of 19.6% during the forecast period.
By 2033, the software sub-segment likely achieve a CAGR of 18.4% based on component type.
The market for video analytics secured a CAGR of 22.4% from 2018 to 2022.
Based on organization size, the large enterprises sub-segment is predicted to move forward at an 18.3% growth rate from 2023 to 2033.
How Intense is the Competition in the Market for Video Analytics?
The competition in the video analytics industry is intense, characterized by the presence of numerous global and regional players vying for market share.
Key Players:
ADT Security Services, Inc.
Agent Video Intelligence
Arecont Vision LLC
Axis Communications AB
Basler AG
Bikal UK
Bosch Security Systems, Inc.
Canon Inc.
Cisco Systems Inc.
DIGIOP Inc.
FLIR Systems
Genetec Inc.
These players invest in research and development, strategic partnerships, and product innovations to stay ahead.
The market attracts new entrants as well, fostering further competition and driving the continuous advancement of video analytics technologies and offerings.
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Video Analytics Market Segmentation:
By Component:
Software
Services
By Deployment:
On-premise
Cloud
By Organization Size:
Small & Medium Enterprises
Large Enterprises
By Application:
Retail
Critical Infrastructure
Airports
Public Transport
Police
Defense and Security
Smart Cities
Hospitality
Healthcare
BFSI
Transporatation & Logistics
Manufacturing
Mining
Others
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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