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Video Analytics Market Size, Industry Analysis Report By Type (Software (On-premise and Cloud), Services), By End-user (BFSI, Healthcare, Retail & Logistics, Critical Infrastructure, Hospitality and Transportation, Defense and Security) & Region – Forecasts

  • PUBLISHED ON
  • 2024-10-03
  • NO OF PAGES
  • 253
  • CATEGORY
  • Electronics & Communication
The Video Analytics Market: Overview
The global video analytics market reached a value of US$ 5.3 Billion in 2022 and is expected to reach around US$ 15.5 Billion by 2028, registering a CAGR of 20.5% over the forecast period. In order to identify spatial events, real-time video streams are monitored, processed, and analyzed using computers. Videos are typically analyzed using software programs, numerous cameras, and AI-based algorithms to learn about characteristics, events, and human behavioral patterns. These data are utilized for surveillance, motion as well as intrusion detection, heat mapping, and tracking user traffic on social media sites. Additionally, they are utilized for dynamic blurring, 2D & 3D counting, facial recognition, and reading license plates. As a result, video analytics has many uses in many different industries, including retail, critical infrastructure, traffic control, banking, financial services, and insurance (BFSI).

The Video Analytics Market - Growth Factors
This expansion can be primarily ascribed to growing worries about the public's safety and security. Another important element propelling the market is the expanding use of video analytics to lower crime rates through prompt notifications regarding suspicious or unusual activity. The demand for intelligent video surveillance is increasing as a result of new characteristics such as increased accuracy, dependability, and cost-effectiveness as well as its expanding importance in business intelligence. These technologies are widely used to uncover trends in consumer behavior, traffic flow, and foot traffic frequency in user-defined areas. When it comes to carrying out safety-related procedures, video surveillance is crucial. By recognizing license plates and recognizing faces, public and private video surveillance systems help to lower crime rates and protect public and private spaces. Furthermore, since it may be used to gather evidence, video recording has evolved into a crucial instrument in legal proceedings. The majority of companies are using video analytics to update their product offers based on inferred consumer behavior patterns and to redesign their plans based on acquired insights.

The Video Analytics Market – Market Trends
• North America region is expected to be the largest market for video analytics during the forecast period. New development & upgradation of urban surveillance and traffic management systems, along with government initiatives for the integration of video surveillance in security systems, are some of the major drivers for this market in the region.
• The retail segment is expected to have the largest market share and dominate the overall market during the forecast period. Retailers use video analytics to enhance their business processes and manage their inventory levels.
• On-premises deployment is estimated to bthe e largest revenue-generating segment because enterprises prefer their internal infrastructure for hosting video analytics software instead of outsourcing it to third parties due to security concerns

The Video Analytics Market – Segmentation
Video Analytics Market, By Type
• Software (On-premise and Cloud)
• Services

Video Analytics Market, By End-user
• BFSI
• Healthcare
• Retail & Logistics
• Critical Infrastructure
• Hospitality and Transportation
• Defense and Security
• Other End-user verticals (Manufacturing, etc.)

The Video Analytics Market –Regional Analysis
In 2020, North America held the top regional market position, valued at USD 735.5 million, as a result of the significant presence of major industry players. Currently, the United States is the country that uses video analytics the most. Strong economic growth in the nation fosters rapid technological advancement. Additionally, by embracing analytics, firms have been refocusing operations on security and safety. Due to changing client needs, there has been a movement from the traditional on-premise implementation of video analytics to cloud deployment.

The Video Analytics Market – Key Market players
The major players in the market are:
• Avigilon Corporation
• AXIS COMMUNICATIONS
• Agent Video Intelligence Ltd.
• Honeywell International Inc.
• AllGoVision Technologies Pvt. Ltd
• Hangzhou Hikvision Digital Technology Co., Ltd.
• Dahua Technology Co., Ltd.
• Huawei Technologies Co., Ltd.
• NEC Corporation
• BriefCam

Report scope
Global Video Analytics Market: Historical Years- 2018-2021
Global Video Analytics Market: Forecast Years- 2022-2030
Global Video Analytics Market 2022- USD 5.3 Billion
Global Video Analytics Market CAGR- 20.5%

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


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