Video Analytics Market (By Type: Software, Services; By Deployment: Cloud, On-premise; By Application: Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, Others; By End-Use: BFSI, City, Critical Infrastructure, Education, Government, Retail, Transportation, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global video analytics market size was exhibited at USD 7.9 billion in 2022 and is projected to hit around USD 66.54 billion by 2032, growing at a CAGR of 23.75% during the forecast period 2023 to 2032.

Key Pointers:

• North America region dominated the global market in 2022.
• By Type, the software segment generated the highest market share in 2022.
• By Deployment, the on-premise segment dominated the global market in 2022.
• By Application, the crowd management segment contributed the maximum share in 2022.
• By End-use, the retail segment dominated the market in 2022 and is predicted to maintain its dominance between 2023 and 2032.

The limitations of manual video analysis is one of the primary factors driving the market growth. Moreover, the reduced cost of video surveillance equipment and long-term ROI are driving the adoption of video analytics solutions.

Video Analytics Market Report Scope

COVID-19 Impact

The impact of COVID-19 on the video analytics market has affected large and small enterprises across various industry verticals.

• According to the survey by CNBC, in early 2021, most Americans traveled domestically for vacations. As a result, the demand for advanced AI-based surveillance systems with COVID-protocol integration increased. For instance, the DV-2332 AI Box device from IDIS, Ltd. supports crowd detection, mask detection, occupancy control, and social distancing features, which are crucial for hotels, bars, restaurants, museums, and other hospitality and leisure centers.
• Major component and technology providers, such as Cisco and Honeywell, have faced supply chain disruption amidst the COVID-19 pandemic. In response, the companies shifted their focus to supply critical infrastructure to mission-critical end uses, such as telemedicine, first responders, healthcare providers, and laboratories.
• European countries are deploying GDPR-compliant AI-based video surveillance solutions amidst the COVID-19 pandemic to monitor the crowd for COVID-19 norm violations. For instance, Datakalab (France) provided software to detect mask and social distancing violations in the resort city of Cannes through cameras installed on the roads and buses.
• The local police from numerous cities, such as Madrid (Spain), Paris (France), and Rome (Italy), have effectively used drones to monitor the crowd amidst lockdowns. The police departments also collected valuable data on violators and crowd density to frame crowd control strategies and draft further regulations.
• The temporary closure of camera and hardware manufacturing facilities from major companies, such as Hikvision and Huawei, has disrupted the global supply chain, reducing the deployment of city surveillance and video analytics solutions across the region.
• Airports and train stations are upgrading their infrastructure with state-of-the-art video surveillance and analytics systems to monitor the passengers at check-in, entry, exits, security, immigration, and queues, thereby containing the spread of COVID-19. For instance, GMR Hyderabad International Airport (India) has installed a Queue Management System from AllGoVision to manage the crowd in the airport and frame effective strategies based on passenger density and crowd data collection.
• Amidst the COVID-19 pandemic, the stadiums and sports venues require an effective and advanced crowd management system. Qatar's 2022 FIFA World Cup has opened lucrative opportunities for video analytics and surveillance system companies. The stadiums across Doha and the rest of Qatar have been proposed to host the event. Some of these stadiums include Lusail Iconic Stadium, Al Bayt Stadium, Al Thumama Stadium, and Ras Abu Aboud Stadium.
• The football stadiums across the region have started opening for the major matches by following social distancing and installing advanced equipment to monitor the audience concerning COVID-19 norms. For instance, in July 2021, Maracanã Stadium from Rio de Janeiro opened with a 10% attendance from the total of 78 thousand seat stadium for the Copa America final match.

Video Analytics Market Dynamics

Drivers: Limitations of manual video analysis

There are many disadvantages associated with the manual analysis of surveillance videos. Labor costs have been deterring the utilization of humans for the manual analysis of surveillance videos. Video analytics helps reduce labor costs by either increasing the surveillance capacity of monitoring individuals or re-deploying employees to perform non-monitoring duties in extreme cases of cost restructuring, removing the need for employees entirely. In the case of human employees, large amounts of video footage can prove to be a grave obstacle for quick and intelligent video analysis, and swift incident responses. Along with video analytics, the analysis of very large amounts of video footage and data can be done quickly, thus reducing the need for employees. Human fatigue is another issue that can be overcome with the help of video analytics solutions. Unlike humans, who miss out on over 90% of video activities after 20 minutes of continuous surveillance video monitoring, the video analytics software keeps up the efficiency level, thus greatly reducing the number of false positives. Human integrity also plays during manual analysis, whereas video analytics software achieves operational compliance by adhering to defined rules and response procedures.

Restraints: Government regulations related to CCTV surveillance

The vast applications of video analytics have encouraged governments, organizations, and enterprises to embed video analytics with their video surveillance systems. These systems capture and analyze video footage 24x7. It is used for different purposes, such as facial recognition, people counting, and ANPR. Despite its advantages, many questions have been raised over citizens' privacy. This has resulted in stringent regulations to control anti-social activities; countries such as the US and UK are imposing the use of video analytics in selected areas only with limited functionalities. For instance, in October 2021, the European Parliament passed a nonbinding resolution that bans the police use of facial recognition in public places and the creation of private facial recognition databases. In Oakland and Somerville, similar bans are expected to be applied to facial recognition and other remote biometric surveillance systems. General Data Protection Regulation (GDPR) has also given guidelines about the collected data via CCTV video footage. Organizations and businesses cannot install CCTV without a valid reason as per the instructions of the GDPR. Hence, stringent regulations are expected to hinder the growth of the global video analytics market.

Opportunities: Predictive information using video analytics

Predictive analytics is used to make predictions about future events. It uses statistics, modeling, data mining, ML, and AI techniques. The video system captures critical and valuable signals, which include unstructured streams, such as video, audio, and social media data containing key customer behavioral attributes. It can also capture atmospheric data as surveillance cameras are placed in open areas. All these parameters can be combined and used to generate predictions, but the prediction can be difficult. Storage requirements, time consumption, and review of each video clip are some factors that might challenge the generation of predictive information. Hence, the generation of predictive information through video analytics can act as an opportunity for the global video analytics market.

Challenges: Interoperability complexities and support for older equipment of surveillance systems

The interoperability of surveillance systems is one of the major issues that impact the growth of the video analytics market and user experience. It also makes the analysis of a large volume of CCTV difficult and time-consuming. The major reason for interoperability is the large number of vendors operating in the market. All vendors have their preferred video format for processing and unique encrypted casing. The lack of standardization makes integrating, viewing, and exchanging data from different systems difficult. The need to standardize video analytics is very important as many new futures are being introduced to enhance the system's capabilities in representing the properties of objects, events, and scene contents. Hence, the interoperability of video surveillance systems is expected to pose challenges for vendors in this market.

Some of the prominent players in the Video Analytics Market include:

• Avigilon Corporation (Canada)
• Axis Communications AB (Sweden)
• Cisco Systems, Inc. (U.S.)
• Honeywell International Inc. (U.S.)
• Agent Video Intelligence Ltd. (U.S.)
• AllGoVision Technologies Pvt. Ltd (India)
• Earth Water Limited (U.S.)
• Genetec Inc., (Canada)
• Intellivision (U.S.)
• Intuvision Inc., (U.S.)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Video Analytics market.

By Type

• Software
• Services

By Deployment

• Cloud
• On-premise

By Application

• Crowd Management
• Facial Recognition
• Intrusion Detection
• License Plate Recognition
• Motion Detection
• Others

By End-Use

• BFSI
• City
• Critical Infrastructure
• Education
• Government
• Retail
• Transportation
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)