Strong growth in sight for video analytics market

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According to a new report published by Marketsandmarkets, 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 Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.

Video analytics software now plays a vital role

Video analytics software plays a vital role in video surveillance systems. Nowadays, businesses of all types are using this software to ensure the safety of their employees and premises. It enables organisations to collect and analyse crucial data, helping them make informed decisions based on the intelligently analysed data provided by the software. The software has come a long way, revolutionising video surveillance. In many cases, the software has eliminated the need for manual intervention and continuous human monitoring. During emergencies, video analytics also provides real-time alerts. Video analytics software has many features and capabilities designed to extract valuable insights and information from video data across various industries, such as security and surveillance, retail, healthcare, and transportation. The software has eliminated the drawbacks of traditional video surveillance systems by offering capabilities that are instrumental in detecting abnormalities and criminal activities, ensuring optimum operational efficiency.

Intrusion management helps improve security infrastructure

Intrusion management refers to monitoring outdoor areas and perimeters to detect intrusion incidents by deploying intrusion detection systems. These systems are essential in improving the security infrastructure at public places and critical infrastructure such as airport perimeters, rail yards, bridges, refineries, chemical plants, data centres, and other outdoor assets. Video analytics also enables such systems to analyse security breaches over large areas, pinpointing targets in real-time. Pan-tilt-zoom (PTZ) cameras help pursue detected intruders. Thermal sensors-coupled cameras integrated with video analytics and PTZ tracking sensors enable the detection of unauthorised entities with higher accuracy and lower costs.

Asia Pacific expected to see fastest growth

Video analytics software has gained significant popularity in the Asia Pacific, according to the research, due to technological advancements, increasing security concerns, and a growing emphasis on smart city initiatives. Major cities in China, such as Beijing and Shanghai, have integrated video analytics into their surveillance networks for crowd monitoring, traffic management, and public safety. Facial recognition systems are deployed in public spaces. The region recognises the importance of video analytics for ensuring security, streamlining operations, and harnessing the power of visual data. Therefore, it is crucial to Asia Pacific's continued growth and development.

Multiple uses aside from security

Video analytics technology is becoming increasingly popular in various regions across the globe. In India, this technology is used in transportation hubs and urban areas to improve security measures and optimise traffic flow. The demand for intelligent surveillance solutions has risen due to rapid urbanisation, population growth, and increasing security concerns. In expanding smart cities like Singapore, Shanghai, and Tokyo, the deployment of video analytics has become crucial for advanced traffic management, public safety, and efficient urban planning. Furthermore, the retail sector in Japan and China has also recognised the need for video analytics to gain deeper customer insights, optimise store layouts, and improve operational efficiency.

Major players

Some of the key players operating in the video analytics market and named within the research are – Avigilon, Axis Communications, Cisco, Honeywell, IBM, Allgovision,Genetec, Intellivision, Gorilla Technology, and Eagle Eye Networks.  


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