The global Video Analytics Market is expected to grow from USD 4.9 billion in 2020 to USD 11.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. Factors that are expected to drive the growth of the video analytics market are increased investments and focus of governing institutions on public safety, need to utilize and examine unstructured video surveillance data in real time, a significant drop in crime rate due to surveillance cameras, growing need among enterprises to leverage Business Intelligence (BI) and actionable insights for advanced operations, limitations of manual video analysis, government initiatives in emerging technologies to enhance the public safety infrastructure, reduced cost of video surveillance equipment and long-term Return on Investment (RoI), and demand for enhanced video surveillance.
Software segment to hold a larger market size during the forecast period
Video analytics software is an important part of video surveillance systems. Businesses of all kinds make use of video analytics software to ensure the safety of their employees and the surrounding premises. It enables organizations to capture and analyze critical data and make business decisions using the intelligently analyzed data provided by the video analytics software. The software has evolved significantly and changed the face of video surveillance, which was initially carried out by guards or other watchdogs who monitored the Closed Circuit Television (CCTV) recordings of raw footage and acted accordingly.
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On-premises segment to hold a larger market size during the forecast period
On-premises is a type of delivery model where the software or solution is installed and operated from the customers’ in-house server and computing infrastructure. The cost of installing on-premises solutions is included in the Capital Expenditure (CAPEX) of the company. This approach is mostly adopted for applications that involve the processing of sensitive and confidential data volumes. These data volumes include internal and external surveillance footage and video feeds of business operations that contain confidential information and crucial insights.
The video analytics market comprises major players, such as Avigilon (Canada), Cisco (US), Axis Communications (Sweden), Agent VI (US), AllGoVision (India), Aventura Systems (US), Genetec (Canada), i2V (India), IntelliVision (US), intuVision (US), PureTech Systems (US), Qognify (US), Honeywell (US), IBM (US), iOmniscient (Australia), BriefCam (US), Digital Barriers (UK), IPSOTEK (UK), Gorilla Technology (Taiwan), DELOPT (India), Viseum (UK), KiwiSecurity (Austria), Intelligent Security Systems (US), Verint (US), Hikvision (China), Huawei (China), Dahua (China), Senstar (Canada), Identiv (US), and Bosch Security (Germany). The study includes an in-depth competitive analysis of these key players in the video analytics market with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and agreements; have been the most dominating strategies adopted by the major players from 2018 to 2020, which helped them strengthen their offerings and broaden their customer base.
Avigilon (Canada) has a strong foothold in the video analytics market with robust offerings. Avigilon is a provider of video analytics, network video management hardware and software, and surveillance cameras along with access control solutions. In the video analytics market, it offers the video management software, Avigilon Control Center (ACC), along with Appearance Search and Unusual Motion Detection technologies.
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Axis Communication (Sweden) is another major vendor in the video analytics market. It provides intelligent security solutions with specialization in network videos, Internet Protocol (IP) video surveillance, security cameras, and IP cameras. In the video analytics market, Axis Communications offers a number of video analytics applications, such as the Axis Camera Application Platform (ACAP), an open analytics development platform. The company also provides product support and learning services for its stakeholders.
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