The global video analytics market size is estimated to be USD 7.1 billion in 2022 and is projected to reach USD 20.3 billion by 2027 during the forecast period, at a CAGR of 23.4%. The increasing investments and focus of governing institutions on public safety is one of the key factors driving the market growth.
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By application, the intrusion management segment is expected to account for the largest market size during the forecast period
The intrusion management segment is expected to account for the largest market share among services. Intrusion management involves monitoring incidents, such as intrusions in outdoor areas and perimeters, by deploying intrusion detection systems. Intrusion systems integrated with video analytics offer accurate and automated surveillance. Suppose an intruder breaks a pre-defined security rule. In that case, the automated intrusion management system generates a real-time alarm and a video of the event. It sends it to the VMS, allowing the concerned authorities to deliver fast and precise responses.
By Deployment Model, the cloud segment is expected to grow at a higher CAGR during the forecast period
The cloud segment is expected to account for a higher CAGR growth during the forecast period. Cloud deployment is offered through the internet and is hosted on the vendor’s server. Cloud-based video analytics is delivered through Video Analytics-as-a-Service (VAaaS). On the cloud infrastructure, VAaaS provides improved accuracy, real-time monitoring and alerts, real-time operations, better utilization of staff members, multiple deployment types based on client requirements, cloud data availability, and upgradation functionality.
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Unique Features in the Video Analytics Market:
Monitoring and analysing video feeds in real-time is one of its unique features. This makes it possible to collect and analyse massive amounts of video data in real-time, which is invaluable in applications for security and surveillance where quick decisions are essential.
The identification and monitoring of objects is another crucial aspect of video analytics. These systems are useful in the security and retail sectors for spotting suspicious activity or monitoring consumer behaviour to gain insightful marketing data since they can recognise and track objects and people inside video footage.
The relevance of automated alerts produced by video analytics cannot be overstated. By using automated warnings based on established criteria, these systems can greatly reduce the requirement for ongoing human monitoring and guarantee an immediate response to urgent situations.
Additionally, traffic management relies heavily on video analytics. It can effectively control traffic flow by spotting violations, keeping an eye on congestion, and adjusting the timing of traffic signals, improving both overall traffic management and safety.
Additionally essential to video analytics solutions are privacy features. By providing functions like anonymization and redaction, which can conceal faces or sensitive information in real-time or after processing, they solve privacy issues. For public venues to comply with privacy laws, several qualities are necessary.
Major Highlights of the Video Analytics Market:
In the first place, it offers in-the-moment video stream monitoring and analysis, enabling quick reactions to urgent circumstances, particularly in the fields of security and public safety. This capacity improves overall safety and security by enabling quick response to security breaches or emergency situations.
The ability of video analytics systems to recognise and monitor individuals, objects, and their behaviours inside video footage is another crucial aspect. This is extremely helpful for spotting suspicious actions and analysing consumer behaviour for targeted marketing campaigns in security, access control, and retail environments.
Systems for video analytics are naturally scalable, allowing for both modest-sized deployments and substantial, intricate installations. This adaptability enables companies and organisations to efficiently modify their video analytics solutions to suit certain needs.
Solutions for video analytics incorporate privacy aspects, addressing concerns by offering alternatives such anonymization and redaction. By doing this, it is possible to protect people’s identities and sensitive information, adhere to privacy laws, and preserve the integrity of public areas.
Additionally, video analytics is essential for managing traffic since it can spot violations, keep track of congestion, and improve the timing of traffic signals. This is an important asset for transport systems and smart city efforts since it promotes safe and effective traffic flow on roads.
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Top Key Companies in the Video Analytics Market:
The key market players dominating the video analytics market include Avigilon (Canada), Axis Communications (Sweden), Cisco (US), Honeywell (US), IBM (US), AllGoVision (India), Genetec (Canada), IntelliVision (US), Gorilla Technology (Taiwan), and intuVision (US). These players have adopted various strategies, such as new product launches and enhancements, partnerships, collaborations, and acquisitions, to grow in the market.
Avigilon provides video analytics, network management, hardware and software, surveillance cameras, and access control solutions. In the video analytics market, Avigilon offers video management software and services with built-in cloud, facial recognition, access control unification, and attention interface technologies to bring the correct information to make appropriate business decisions. The company offers video management software, Avigilon Control Center (ACC), and Appearance Search and Unusual Motion Detection technologies. In October 2020, Avigilon launched its new H5 camera platform, including H5 Pro, H5A-Pan-Tilt-Zoom, and H5-A-corner camera. The integrated next-generation video analytics offers better object detection, usual activity detection, pandemic response technologies, and Avigilon appearance search technology to track critical events.
Axis Communications provides intelligent security solutions specializing in network videos, IP video surveillance, and IP cameras. In the video analytics market, Axis Communications offers several video analytics applications, such as the Axis Camera Application Platform (ACAP), an open analytics development platform. ACAP is an open platform that includes a wide range of Axis analytics solutions, from cameras and speakers to access control solutions. In February 2022, Axis Communications launched its Axis camera station to ensure hassle-free management of a single site with video-verified access control.
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