According to a new report published by UnivDatos Markets Insights, the Video Analytics Market was valued at USD 5,400 million in 2021 & is expected to grow at a CAGR of 24% from 2022-2028. The analysis has been segmented into Component (Software, Services); Deployment (On-premises, Cloud); Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others); Industry (BFSI, Government, Critical Infrastructure, Education, Retail & Logistics, Travel and Transportation, Healthcare and Others); Region/Country.
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The video analytics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the video analytics market. The video analytics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the video analytics market at the global and regional levels.
Key Market Dynamics
At present, the advancements in artificial intelligence (AI) and machine learning (ML) have significantly impacted the video analytics market. AI and ML algorithms can analyze and interpret vast amounts of data in real time, making it possible to extract valuable insights and automate processes. For example, video analytics solutions can use AI and ML algorithms to detect and track objects, identify patterns, recognize faces and license plates, and even predict future events. For instance, in February 2023, Remark Holdings, Inc., announced the release of version 3.0 of its innovative and extensible video analytics solution, Smart Safety Platform ("SSP"). The latest release added features that include weapons, smoke, and fire detection with actionable intelligence. These capabilities are particularly useful in industries such as security and surveillance, retail, transportation, and healthcare, where real-time insights can help organizations make better-informed decisions and respond to potential threats quickly. Additionally, the use of AI and ML in video analytics can help reduce the need for manual labor and increase efficiency, which can lead to cost savings for businesses.
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COVID-19 Impact
The COVID-19 pandemic has paralyzed industries and disrupted manufacturing. The pandemic has forced many businesses to operate remotely, and as a result, there has been a significant increase in the demand for video conferencing and remote collaboration tools. This has created opportunities for companies in the video analytics market, as they can provide solutions that enable businesses to analyze and manage their video content more efficiently. However, the pandemic has also had a negative impact on the video analytics market in some areas. For example, the closure of physical stores and venues has reduced the need for video surveillance in these locations. Additionally, many businesses have had to cut back on spending due to financial constraints, which has led to a slowdown in investment in new video analytics technologies.
The Global Video Analytics Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· By component, the market is segmented into software, and services. Amongst these, the software segment dominated the video analytics market in 2021.
· On the basis of deployment, the market is bifurcated into on-premises, and cloud. The on-premises held a major share of the video analytics market in 2021.
· Based on the application, the market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. Facial recognition is expected to grow with a significant share of the market during the forecast period.
· On the basis of industry, the market is segmented into banking, financial services and insurance (BFSI), government, critical infrastructure, education, retail & logistics, travel and transportation, healthcare, and others. Retail & logistics held a significant share of the video analytics market in 2021.
Video analyics Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (U.K., Germany, France, Spain, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America dominated the video analytics market in 2021 due to the increased demand for video analytics due to technological advancements and overall consumer awareness. For instance, on 19 November 202, Axis Communications announced the launch of AXIS Object Analytics. This intelligent video analytics application offers detection and classification of humans and vehicles tailored to surveillance needs. The wide implementation of real-time video monitoring technology in security and surveillance systems is the major factor contributing to regional growth. Moreover, the increasing demand for advanced security solutions to protect critical infrastructure, public places, and assets in the United States is fueling the growth of the market in the region. For instance, on 21 March 2023, Kisi Inc., the pioneer in cloud-based access control solutions, announced two much-anticipated video-based additions to its suite of access control products.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the video analytics market. The major players have been analyzed by using research methodologies such as porter’s five forces analysis for getting insight views on global competition.
Recent Developments:
· In March 2023, According to swissinfo.ch, a Swiss-based digital publication, the state-run Swiss Federal Railways now has around 25,000 cameras in operation. Just over 22,000 of these cameras are installed in the trains themselves, while an additional 2,400 are at train stations and other infrastructure.
· In April 2020, Bosch announced the launch of INTEOX, a new camera platform designed to modernize the security and safety industry. The first fully open platform of its kind, INTEOX, gives users, system integrators, and application developers unlimited freedom for innovation and customization.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the video analytics market?
• Which factors are influencing the video analytics market over the forecast period?
• What are the global challenges, threats, and risks in the video analytics market?
• Which factors are propelling and restraining the video analytics market?
• What are the demanding global regions of the video analytics market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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