Market Overview
Video Analytics, also referred as the intelligent video analytics, is a software used for monitoring video streams in real-time. It can facilitate analysis of historical data for identifying patterns, trends and incidents and are also able to generate automatic alerts. The technology is utilized to increase the physical security and enhance the productivity of public safety operations. The global video analytics & intelligent video surveillance market is thriving on the back of increasing development of smart cities and high demand for image recognition applications. Additionally, rising concerns for safety and security of the public and for reducing the crime rates through time alerts about any unusual activities is also anticipated to drive the growth of the global video analytics & intelligent video surveillance market.
The global video analytics & intelligent video surveillance market was valued at USD 28.13 billion in the year 2018 and is anticipated to reach USD 103.83 billion by 2027 by achieving a CAGR of 15.14% during the forecast period 2019-2027. Further the worldwide market of video analytics & intelligent video surveillance is anticipated to achieve a Y-o-Y growth rate of 14.16% in 2027 as compared to the previous year.
Regional Growth Highlights during 2017-2027
The global video analytics & intelligent video surveillance market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America video analytics & intelligent video surveillance market is anticipated to hold the largest market share of around 32.10% in the year 2027 by achieving a CAGR of 14.14% during the forecast period. Additionally, Asia Pacific is anticipated to gain significant market share by achieving a CAGR of 17.02% during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Application
The global video analytics & intelligent video surveillance market is segmented by application into crowd management and people count, intrusion detection system, traffic monitoring and incident detection, out of which, crowd management and people count segment is anticipated to hold the largest market share of around 39.53% in the year 2027 by achieving a CAGR of 13.79% during the forecast period. Additionally, the crowd management and people count segment in the worldwide market of video analytics & intelligent video surveillance is anticipated to achieve a Y-o-Y growth rate of 12.80% in 2027 as compared to the previous year.
Moreover, the intrusion detection system segment in the global video analytics & intelligent video surveillance market is expected to witness tremendous growth in the upcoming years by achieving a CAGR of 14.62% during the forecast period on the back of increasing deployment of such systems at airports, seaports and railways for the detection of suspicious behavior and activities. These systems work with the smart fence configuration which enables in capturing intruders and thereby help to mitigate security threats.
Market Drivers & Challenges
Growth Indicators
Growing Adoption of Video Analytics & Intelligent Video Surveillance in Retail
Video analytics helps in gathering valuable non-security data including counting shoppers at entrances and analyzing consumer behavior. Rising demand in the retail industry for the analysis of consumer buying behavior and conversion of total footfall count is anticipated to drive the growth of the global video analytics & intelligent video surveillance market during the forecast period. Apparently, development in the features of video analytics in traffic management coupled with technological advancements, for instance, electronic article surveillance and alarm producers amongst others, all such factors are also anticipated to contribute significantly towards the growth of the global video analytics & intelligent video surveillance market.
Rise in Demand for IP Based Security System
Shifting trend for video-based security and surveillance from physical security on the back of increased safety, improved time and cost efficiency coupled with numerous benefits associated with the video analytics & intelligent video surveillance systems in the video surveillance industry is anticipated to drive the growth of the global video analytics & intelligent video surveillance market. IP based security cameras are designed to provide continuous data stream and helps in gaining better insights and analysis in the surveillance system. Rising deployment of internet of things (IoT) in video analytics, along with the growing deployment of IP based security systems in smart cities, all of these factors are anticipated to contribute significantly towards the growth of the global video analytics & intelligent video surveillance market during the forecast period.
Barriers
Threat to Cybersecurity
All the systems associated with the video analytics & intelligent video surveillance market are inter-connected by internet which possess a threat to cyber security. Increasing occurrences of cyber threats around the globe is projected to impact negatively towards the growth of the global video analytics & intelligent video surveillance market during the forecast period.
Competitive Landscape
Some of the affluent industry leaders in the global video analytics & intelligent video surveillance market are Honeywell International Inc., Bosch Security Systems, Inc., Cisco, ADT LLC dba ADT Security Services, Agent Video Intelligence Ltd., Textron Systems, Siemens, and Thales Group.
Besides this, companies are also making various efforts to expand their business of video analytics & intelligent video surveillance market to meet increased demands and stay ahead in competition. Additionally, companies are also focusing on technical advances by investing heavily in R&D and thereby develop a secured inter-connected security system.
