Emergence of edge technologies and integration of AI and cloud technologies drive lucrative opportunities

Global video analytics market

DUBLIN, April 4, 2024 (Globe Newswire) — By offering, application (intrusion management, incident detection, traffic monitoring), deployment model, type and vertical (critical infrastructure, government and defense, manufacturing) “Global Video Analytics Market” and Regions – Forecast to 2028” report added ResearchAndMarkets.com Recruitment.

The video analytics market size is expected to grow from USD 8.3 billion in 2023 to USD 22.6 billion by 2028, at a CAGR of 22.3%

This market study covers the video analytics market across segments. It aims to estimate the market size and growth potential of this market across different market segments such as products, applications, deployment models, types, industries, and regions. It includes a detailed competitive analysis of the key market players, their company profiles, key observations related to their products and business lines, recent developments, and key market strategies.

Rising security concerns and the need for proper surveillance in public spaces, critical infrastructure, and commercial establishments are driving the demand for the video analytics market. Misinformation and lack of trust are significant challenges for the growth of the video analytics market.

European countries are adopting video analytics as an integral part of their overall ICT strategy. These countries are using it to improve security, streamline operations, and gain valuable insights from visual data. For example, cities such as London and Amsterdam are investing heavily in ICT to deploy intelligent video analytics for public safety, traffic management, and event monitoring. By integrating these systems with security surveillance cameras, authorities can efficiently monitor public spaces and respond quickly to security incidents.

Europe has been the target of terrorist attacks in recent years, and more will occur in the coming years. To counter these attacks, European governments are deploying advanced security technologies such as video analytics. This region is estimated to have her second largest share after North America in the video analytics market in 2021. Countries such as the UK, Germany, and France play an important role in the European video analytics market, and the trend of adopting video analytics solutions is expected to grow in the coming years.

Major vendors offering video analytics software worldwide include Avigillion (Canada), Axis Communications (Sweden), Cisco (USA), Honeywell International Inc. (USA), IBM (USA), and AllGoVision Technologies (India). ), Genetec Inc. (Canada), IntelliVision (USA), Gorilla Technology (UK), Eagle Eye Networks (USA), ADT (USA), intuVision (USA), and Securitas AB (Sweden).

According to service offerings, the services sector is expected to grow at a higher CAGR during the forecast period.

With the enhancement of customer service and growing reputation in the market, video analysis services are becoming more and more important. With the increase in surveillance cameras, real-time data capture and video stream analysis have become complex tasks. Businesses require customized video analytics solutions for specific security purposes in specific locations. Training and consulting services help customers easily understand and use the software.

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Our services are essential to the design, development and implementation of video analysis systems according to customer requirements. Professional services are required to integrate video analytics software with existing hardware at customer facilities. Video analytics providers offer end-to-end services to ensure customer satisfaction and provide value for money. The Services segment includes professional and managed services such as security design, project management, business continuity planning, and implementation.

By industry, the critical infrastructure industry will hold the second-largest market share in 2023

Critical infrastructure refers to facilities such as oil and gas plants, nuclear power plants, chemical industry sites, and other hazardous locations. These sites can face several challenges, including limited network access, labor shortages, and high security risks, especially in remote locations. Video analytics enables continuous monitoring of critical infrastructure. With the growing demand for highly secure environments and cost-effective video surveillance systems, the adoption of video analytics for critical infrastructure security has increased significantly.

Continuous monitoring with cameras is required at critical infrastructure sites. With the introduction of high-quality video devices, increased internet bandwidth, and centralized monitoring of multiple cameras, video analytics software has become an effective solution for security purposes. Video analytics offers several benefits, including increased perimeter protection and operational efficiency, reduced operational costs, and reduced data storage needs. However, monitoring multiple cameras and detecting anomalies such as suspicious activity or abandoned objects requires significant effort.

Key attributes:

premium insights

• Increasing need for urban surveillance and implementation of smart city initiatives to facilitate markets

• Software sector will account for larger market share during the forecast period

• Intrusion management will account for the largest market share during the forecast period

• Server-based segment will account for larger market share during the forecast period

• On-premises segment will account for larger market share during the forecast period

• Banking, Financial Services and Insurance (Bfsi) industry to account for largest market share in 2023

• Asia-Pacific will emerge as the investment market of choice over the next five years

case study analysis

• Taitung County improves police operations and investigation efficiency with Brief Camera video analysis platform

• Sephora Beauty deploys Allgovision Video Analytics to provide real-time visitor statistics

• Genetec Security Center improves incident response, enhances guest experience and strengthens law enforcement at Lincoln Center

• Bharat Oman Refineries Limited overcomes oil and gas sector security challenges with Allgovision video analytics solution

• Enhanced video search capabilities powered by Education Institute Identiv

Market overview and industry trends

driver

• Increased investment and agency focus on public safety

• Need to leverage and explore unstructured video surveillance data in real time

• Surveillance cameras have significantly reduced crime rates

• Growing need to leverage BI and actionable insights for advanced operations

• Limitations of manual video analysis

• Government efforts to strengthen public safety infrastructure

• Video surveillance equipment cost savings and long-term ROI

• Demand for enhanced video surveillance

restraints

• Cyberattacks and data theft incidents are on the rise

• Government regulations related to CCTV surveillance

• Investing in existing legacy surveillance systems to prevent introduction of new advanced solutions

• Privacy concerns among the public

opportunity

• Using drone-based video analytics

• Emergence of edge technologies and devices increasing the use of video analytics

• Predictive information using video analytics

• Integrating video analytics with AI and cloud technology

• Rapid increase in demand for video analytics solutions in the non-government sector

• Expanding the use of facial recognition

assignment

• High initial costs for investment, installation, and maintenance

• Interoperability complexity

• bad weather

• Connection issues in isolated and remote locations

• Misinformation and lack of credibility

technical analysis

key technology

adjacent technology

Company Profile

main players

• Avigilon

• axis communications

• Cisco

• honeywell

• IBM

• algovision

• Genetec

• Intellivision

• gorilla technology

• eagle eye networks

• addition

• intuvision

• Securitas

other players

Small and medium-sized enterprises/start-up companies

• drishti

• Natix

• deep north

• Kuroni

• myovision

• Operate

• Calypsa

• Cosite AI

• Archures

• Kawamo

• Cognitz

For more information on this report, please visit https://www.researchandmarkets.com/r/c0juzq.

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