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Video Analytics Market: Key Drivers, Trends, and Strategic Developments
Meticulous Research®, a leading global market research company, has published a report titled, "Video Analytics Market by Component (Software and Services), Application (Facial Recognition, People Counting, ANPR, Video Telematics), and End-use Industry (BFSI, Education, Healthcare, Retail, Manufacturing, Government)—Global Forecast to 2029."According to the report, the global video analytics market is projected to reach $19.3 billion by 2029, with a robust CAGR of 21% during the forecast period of 2022–2029. The growing concern for public and property security is driving governments worldwide to adopt advanced video analytics technologies to enhance surveillance efficiency.
The COVID-19 pandemic has further accelerated the demand for video analytics software, particularly for face mask recognition and social distancing monitoring. Healthcare facilities have also increasingly adopted these solutions to manage operations more effectively. Additionally, the development of smart cities worldwide, which prioritize security and surveillance, is expected to fuel market growth in the coming years.
Advancements in artificial intelligence (AI), deep learning, and machine learning have significantly enhanced the accuracy of video analytics, improving operational efficiency across various industries. The growing adoption of computer vision technology has also spurred demand for real-time video analytics and facial recognition systems, particularly in military units, law enforcement, and corporate enterprises, enabling quick and decisive actions.
To capitalize on the market’s growth, key players are expanding their presence through investments, technological upgrades, and strategic initiatives. For instance, in June 2021, AllGoVision Technologies Pvt. Ltd. introduced an advanced queue management solution at GMR Hyderabad International Airport in India. This AI-powered solution enhances passenger safety by monitoring queue counts and waiting times.
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Market Segmentation and Insights
The video analytics market is segmented by component, application, deployment mode, end-use industry, and geography. The report also provides a comprehensive analysis of industry competitors and evaluates the market on a country-level basis.
- Component: The market is divided into software and services. The software segment is expected to hold the largest market share due to its widespread adoption during the lockdown across healthcare, government, and education sectors. Video analytics software minimizes issues related to object identification, face/mask recognition, and remote monitoring.
- Application: The market is segmented into facial recognition, intrusion & access control, object & pattern detection, people counting, crowding & flow management, automatic number plate recognition (ANPR), video telematics, and vehicle counting. The people counting segment is expected to lead the market, driven by the need for social distancing during the pandemic. However, video telematics is poised to be the fastest-growing segment, driven by its applications in driver behavior monitoring, fleet management, and accident cost reduction.
- Deployment Mode: The market is categorized into on-premise and cloud-based solutions. The cloud-based deployment segment is expected to dominate the market, offering advantages such as easy deployment, cost-effectiveness, scalability, and enhanced cybersecurity. The cloud-based segment is also projected to grow at the fastest CAGR during the forecast period.
- End-use Industry: The market is segmented into BFSI, education, healthcare, government, aerospace & defense, manufacturing, retail, automotive, transportation & logistics, and agriculture. The BFSI sector is expected to hold the largest market share, with widespread adoption of video analytics for crowd management, facial recognition, and access control. However, the healthcare sector is expected to grow at the fastest pace, benefiting from enhanced security, situational awareness, and operational efficiency.
Regional Analysis
The report covers major regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to lead the market due to the widespread adoption of video analytics across industries like healthcare, government, retail, and manufacturing. However, the Asia-Pacific region is anticipated to register the highest CAGR during the forecast period, driven by the rapid development of smart cities in countries such as China, India, South Korea, Singapore, and Japan. This growth is supported by the increasing demand for video analytics in surveillance and security applications.
Quick Buy – Video Analytics Market – Global Opportunity Analysis and Industry Forecast (2022-2029), Research Report: https://www.meticulousresearch.com/Checkout/74534023
Key Industry Players
Leading companies 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).
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