REDDING, Calif. , Sept. 13, 2022 /PRNewswire/ -- According to a new market research report titled, 'Video Analytics Market by Component (Software & Services), Application (Facial Recognition, People Counting, ANPR, Video Telematics), End-User (BFSI, Education, Healthcare, Retail, Manufacturing, Government) - Global Forecast to 2029,' the video analytics market is expected to grow at a CAGR of 21.0% during the forecast period 2022–2029 to reach $19.3 billion by 2029.
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Video analytics are software applications that automatically generate descriptions of what is happening in the video, which can be used to list persons, cars, and other objects detected in the video stream as well as their appearance and movements. This information can be used to take certain actions such as crowd dispersion, traffic diversion, and notifying the authority of any unlawful activity.
The video analytics technology provides round-the-clock surveillance of premises without physical monitoring, with higher efficiency than manual surveillance. The growing demand for maintaining security at the airports, metro stations, and other public places which may have a potential threat of terrorist attacks has been the major driving factor for video analytics adoption. However, its effectiveness, high cost of installation, and public privacy concerns are the major restraining factors slowing the growth of the market. Furthermore, an increasing number of smart city projects across the globe where video surveillance is of high importance is expected to create significant growth opportunities for the players operating in this market. The complexity of video processing tools, data drifting, and storage pose serious challenges to the growth of this market.
To provide an efficient analysis, Meticulous Research® has segmented the video analysis market based on component (software and services), deployment mode (cloud and on-premise), application (facial recognition, intrusion, & access control, object & pattern detection, people counting, crowding & flow management, automatic number plate recognition (ANPR) system, video telematics, and vehicle counting), end-use industry (BFSI, education, aerospace and defense, healthcare, manufacturing, retail, automotive, transportation & logistics, government, agriculture, and others), and geography (North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa ). The study also evaluates industry competitors and analyzes the market at the country level.
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Based on component, in 2022, the software segment is estimated to account for the largest share of the video analytics market. The large market share of the segment can be attributed to the growing adoption of video analytics software by various end-use industries. However, the services segment is expected to grow at the highest CAGR during the forecast period due to the growing demand for managed & professional services.
Based on deployment mode, in 2022, the cloud-based segment is estimated to account for the largest share of the video analytics market. The high growth of this segment is attributed to the benefits offered by cloud-based systems such as flexibility, quick & easy global real-time data access, scalability as per user demand, and technology upgradation with the latest firewall.
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Based on application, the people counting segment is estimated to account for the largest share of the market in 2022. During the COVID-19 pandemic, end-use industries such as healthcare, BFSI, education, retail, and governments widely adopted video analytics for people counting. It helps these industries maintain social distancing, safeguard premises, and monitor crowd density at their places. However, the video telematics segment is expected to grow at the highest CAGR during the forecast period.
Based on end-use industry, in 2022, the BFSI segment is expected to account for the largest market share. However, the healthcare segment is expected to become the fastest-growing market during the forecast period. The growing need for surveillance of hospital premises, maintaining social distancing, and keeping hospital premises safe are the major driving factors for the fast growth of this segment.
Based on geography, in 2022, North America is projected to account for the largest share of the market. However, the Asia-Pacific region is projected to have the fastest-growing CAGR during the forecast period due to the rapid adoption of emerging technologies in their planned smart city projects. Also, the healthcare, education, and manufacturing sectors are widely adopting video analytics to improve their efficiency and performance.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments by the leading participants in the video analytics market over the last few years. Some of the key players operating in the video analytics market include AllGoVision Technologies Pvt. Ltd. (India ), Axis Communications AB (Sweden ), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), IntelliVision (U.S.), Verint Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China ), Gorilla Technology Group, Inc. (R.O.C.), i2v Systems Pvt. Ltd. (India ), ADT, Inc. (U.S.), Agent Video Intelligence Ltd. (U.S.), IntuVision, Inc. (U.S.), Avigilon Corporation (Canada ), Stanley Convergent Security Solutions, Inc. (U.S.), Eagle Eye Networks (U.S.), and Milestone Systems A/S (Denmark ).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/video-analytics-market-5274
Video Analytics Market, by Component
Video Analytics Market, by Deployment Mode
Video Analytics Market, by Application
Automatic Number Plate Recognition (ANPR) System
Video Analytics Market, by End User
Others (Event Management, Hospitality, and Entertainment)
Video Analytics Market, by Geography:
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https://www.meticulousresearch.com/product/video-conferencing-market-5195
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