Video Analytics Market to Surpass $ 44.7 billion by 2031 | SkyQuest Technology
Westford, USA, Aug. 29, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global video analytics market will attain a value of $ 44.7 billion by 2031, with a CAGR of 22.3% during the forecast period (2024-2031). The capacity of analytics-integrated video software to analyze live or previously recorded video streams to find, classify, and follow behavior patterns and predefined objects is one of the key reasons driving the market. Standard surveillance networks can be completely transformed by smart detection and alarm systems for people, cars, and fixed objects that use real-time video analytics with high-performance capabilities. The development of the global video analytics market has been aided by real-time event detection, which has improved social conditions and the climate for international trade. It has also contributed to a decrease in crimes, thefts, and other unlawful activities.
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Browse in-depth TOC on the ” Video Analytics Market “
- Pages – 157
- Tables – 125
- Figures – 77
Video Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 8.9 billion |
| Estimated Value by 2031 | $ 44.7 billion |
| Growth Rate | Poised to grow at a CAGR of 22.3% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Deployment, Application, Type and Industry |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Real-time event detection through video analytics |
| Key Market Opportunities | Increase in demand for customized video analytics solutions |
| Key Market Drivers | Rise in demand for real-time event detection |
Crowd Management is the Dominant Segment, Owing to Advancements in Computer Vision
Crowd management is the most popular category in the video analytics market because it is essential to enhance both public safety and operational effectiveness in crowded areas. Through the analysis of video feeds, crowd management systems keep an eye on crowd density, spot abnormalities or potential events, and optimize resource allocation in real-time. This capability is invaluable in many settings were maintaining law and order, ensuring safety, and promoting better crowd flow are major considerations, such as stadiums, airports, public events, and concerts. Furthermore, advancements in computer vision and artificial intelligence have reinforced the scalability and precision of crowd management solutions, hence expediting their broader application.
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Government Sector is the Fastest-Growing Segment in the Video Analytics Market, Attributed to Rise in the Use of Video Analytics Tools
The increase in market share for the government sector segment will be significant during the projection period. In the public sector, video analytics tools are widely used. Government and military site security is enhanced and improved by the efficient administration of data collection and analysis. Since situational awareness is a basic requirement at military facilities, information obtained via the application of video analytics contributes to an increased level of situational awareness on the grounds. In this sector, video analytics systems are utilized for the collection, aggregation, screening, and processing of any type of input, including unstructured data and live feeds. Systems of this type facilitate the integration and optimization of all results and resources.
North America held the Highest Market Share Due to Presence of Significant Players Within the Industry
North America held the largest market share during the forecast period. The introduction of new technologies and the presence of major players such as IBM Corporation, Honeywell International Inc., Cisco Systems, Motorola Solutions (Avigilon), and others are expected to drive demand for video content analytics solutions in the US and Canada. End users are actively seeking to combine cutting-edge technology with video analytics in the US and Canada.
Asia-Pacific is Anticipated to Maintain Its Leadership During the Forecast Period, Owing to Expansion of Retail Industry
The Asia-Pacific is the fastest-growing segment. The region is expected to use video analytics more often due to improvement in surveillance operations for national security and government-funded smart city projects. Both the major changes that the ICT sector is projected to endure in the upcoming years and the rise of the global video analytics market in countries such as China and India are being driven by the retail industry.
Video Analytics Market Insights
Drivers:
- Advancements in AI and ML
- Integration with IoT and cloud computing
- Increase in demand for security and surveillance
Restraints:
- High implementation costs
- Accuracy and reliability issues
- Privacy concerns
Major Players Operating Within the Video Analytics Market
The following are the Top Video Analytics Companies
- IBM Corporation
- Agent Vi Ltd.
- Honeywell International Inc.
- Cisco Systems Inc.
- Qognify, Inc.
- BriefCam Ltd.
- Ipsotek Ltd.
- Digital Barriers Plc.
- Genetec Inc.
- Milestone Systems A/S
Key Questions Covered in the Video Analytics Market
- What are the factors restricting the market growth?
- Which key players are operating within the Video Analytics market?
- What are the opportunities present in the market?
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This report provides the following insights:
- Analysis of key drivers (advancements in AI and ML and integration with IoT), restraints (high implementation costs), opportunities (increase in demand for customized video analytics solutions), and challenges (security and privacy concerns) influencing the growth of the video analytics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the video analytics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the video analytics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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