Selbyville, Delaware, June 16, 2021 (GLOBE NEWSWIRE) -- According to expert analysts and seasoned forecasters, worldwide video analytics market, valued USD 4235.82 million in 2020, is projected to register a year-over-year growth rate of 16.05% CAGR during 2021-2028, subsequently amassing a valuation of USD 11121.01 million by the end of the forecast period.
The market, as pert the report, is analyzed in terms of product deployment model, software types, application spectrum, and geographical ambit. All segments and sub-divisions are individually assessed to uncover the top revenue generation pockets for 2021-2028. Lastly, the report provides conclusive data on the competitive landscape by evaluating the major players, emerging contenders, and new entrants in the industry.
Surge in installations of surveillance cameras owing to rising security needs, and growing demand for public safety are fostering the industry growth. Moreover, increased application of video analytics in healthcare industry is expected to present new opportunities for growth in the upcoming years.
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Speaking of the factors hindering global video analytics market expansion, lack of awareness, privacy concerns, and high technology costs associated with the technology are negatively impacting product demand.
Regional overview:
North America
North America video analytics market is on track to grow substantially in the upcoming years, registering 13.41% CAGR during 2021-2028. United States and Canada govern the competitive dynamics in this region. Increasing deployment of surveillance at important sites like banks, railway stations, and others, along with spike in economic growth has necessitated the installation of advanced security systems and video analytics in Canada. Whereas, the industry in United States is largely driven by high demand for security in critical locations like airport.
In the United States, the increasing use of IP cameras has replaced analog cameras. These cameras are equipped with advanced face and object recognition software, which automatically mines surveillance footage and creates a giant searchable database. Moreover, the country’s political structure largely supports the adoption of video surveillance systems. For instance, the Department of Homeland Security offers billions of dollars as security grants to state agencies to install video surveillance cameras. The governmental support is estimated to augment the need for video analytics, driving the growth of the video analytics market within the US.
Cisco is a technology company having expertise in computer networking products. Its key products consist of switches, routers, security products, videoscape software, and cable modem, among others. Its products are categorized into infrastructure platforms, applications, security, and other products. The video analytics solutions are offered under the security category. Cisco is headquartered in the United States.
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Latin America
Latin America video analytics industry size is slated to expand at a CAGR of 19.92% through 2028. This can be ascribed to factors such as escalating demand for surveillance systems in the booming real estate sector, rising crime rates, followed by increasing government efforts towards public safety. Moreover, better accessibility to new technologies and telecommunication facilities in countries like Chile is supporting the regional market growth.
Furthermore, the growing demand for security systems, such as surveillance technology, among various end-user industries is estimated to support the market's evolution in Rest of Latin America. Chile is among the major economies with better access to new technologies and telecommunication facilities compared to other countries in the region. This advancement in technologies will support the adoption of video surveillance systems for public safety. Here, video analytics will help derive valuable data by analyzing the video, in turn, boosting the video analytics market's progression. Honeywell is a diversified technology and manufacturing company offering aerospace products and services, safety and security technologies for buildings, sensing, and other services. Its business segments include aerospace, home and building technologies, performance materials, and safety solutions. The company’s manufacturing, sales, and R&D activities are spread across multiple regions, including Latin America.
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Europe
Europe video analytics market progression is set to increase at 13.74% CAGR over the assessment period, attributable to growing concerns regarding terrorism, rising investment in enhancing security, and high interest in deployment of advanced technology systems by governments. Moreover, flourishing tourism industry in Spain and neighboring countries have strengthened the demand for video analytics solutions across the region.
In the region, Spain is among the prominent economies, generating a large amount of revenue through the tourism industry. The stable growth of the tourism industry majorly relies on security, which augments the adoption of surveillance systems to ensure public safety. The efficient security system for banks, government buildings, and embassies also increase the need for video surveillance. This growth in surveillance cameras in public areas is likely to augment the demand for video analytics solutions. Therefore, as stated above, such factors are expected to drive the expansion of the video analytics market in Spain on a growth path.
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Asia Pacific
Asia Pacific video analytics market growth is anticipated to multiply at a CAGR of 19.5% throughout 2021-2028. China is likely to experience a high demand for surveillance solutions in view of rapid economic growth and rising government emphasis on social security. Similar trends in other emerging economies is will boost the demand for video analytics in the region. In addition, growing tension between countries such as North Korea and South Korea have compelled governments to actively utilized security solutions to tighten internal security.
In Japan, the studied market is primarily driven by the growth in the adoption of video surveillance. Here, the growing penetration of IP surveillance systems across numerous verticals influences the demand for video analytics solutions. Further, the government is investing significantly to deploy security systems across public areas, such as airports, metros, and other crowded locations, owing to the surge in global terrorism. Therefore, government support, along with growing demand for video surveillance, are key factors widening the scope and growth of the Japanese video analytics market.
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Global Video Analytics Market Deployment Models (Revenue, USD Million, 2021-2028)
- Cloud
- On-premises
Global Video Analytics Market Software Types (Revenue, USD Million, 2021-2028)
Recognition Software
- Facial Recognition Software
- License Plate Recognition Software
Detection Software
- Object Detection Software
- Motion Detection Software
- Other Detection Software
Crowd Management Software
Global Video Analytics Market Application Spectrum (Revenue, USD Million, 2021-2028)
- Government
- Transportation & Logistics
- Commercial
- Others
Global Video Analytics Market Geographical Bifurcation (Revenue, USD Million, 2021-2028)
North America
- United States
- Canada
Latin America
- Brazil
- Mexico
- Rest of LATAM
Europe
- United Kingdom
- Russia
- Spain
- Italy
- France
- Germany
- Rest of Europe
Asia Pacific
- India
- China
- Japan
- South Korea
- Australia and New Zealand
- ASEAN Countries
- Rest of APAC
Middle East & Africa
- Saudi Arabia
- Israel
- South Africa
- United Arab Emirates
- Rest of MEA
Global Video Analytics Market Company Profiles
- Verint Systems, Inc.
- Mobotix AG
- IntelliVision
- IBM Corp.
- i2V Systems Pvt. Ltd.
- Huawei Technologies Co., Ltd.
- Honeywell International, Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Gorilla Technology Group, Inc.
- Genetec, Inc.
- Zhejiang Dahua Technology Co., Ltd.
- Cisco Systems, Inc.
- Robert Bosch GmbH
- Axis Communications AB
- ADT, Inc.
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