SecurityWorldMarket

16/09/2021

Video analytics market to touch almost $15 billion by 2026

Northbrook, Il (USA)

A video analytics market report with Covid-19 impact, and including a global forecast to 2026 has been published by Marketsandmarkets, and the analysis expects this sector to grow at a CAGR of 20.4% during the forecast period, to reach USD 14.9 billion by 2026 from USD 5.9 billion in 2021.

There are a myriad of factors that the researchers expect to drive the growth of the market include increasing investments and focus of governing institutions on public safety, the need to utilise and examine unstructured video surveillance data in real time, a significant drop in crime rates due to surveillance cameras, a growing need among enterprises to leverage BI and actionable insights for advanced operations, limitation of manual video analysis, government initiatives in adopting emerging technologies to enhance the public safety infrastructure, reduced cost of video surveillance equipment and long term RoI and demand for enhanced video surveillance.

Strong growth in edge-based analytics 

Based on the type, the market is segmented into two categories edge based and server based video analytics. It is the edge-based segment that is expected to grow at a higher CAGR during the forecast period. Edge-based video analytics evolves with the emergence of new powerful in-built chipsets in cameras that offer higher computational capabilities at the edge. Such systems inform operators on a wide range of real-time video or audio events requiring attention and providing more sophisticated analytics, such as queue management and heat maps that offer new opportunities for business and traffic intelligence.

Advancements in deep learning and its integration with the edge system are also expected to drive the adoption in the coming years. Deep learning takes ML to another level based on neural network principles that impersonate the complexity of the human brain. Earlier, the functionality was mainly available at server-side processes, which would require videos to be decompressed and processed. Edge-based devices need external inputs to learn from before proving as a useful tool to recognise known objects and behaviours.

On-premises vs cloud analytics

The video analytics market is segmented by deployment type into on-premises and cloud segment. The on-premises segment accounts for a higher share of the video analytics market during the forecast period according to the analysis. 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. In the on-premises deployment, companies have to install the required hardware parts, such as OS, storage devices, servers, cameras, and routers, as well as video analytics software. Several large organisations are deploying on-premises video analytics due to privacy and security concerns related to confidential data.

Transportation and logistics strongest vertical

Transport and logistics is one of the fastest-growing verticals during the forecast period. Video surveillance has become an important part of the transportation and logistics vertical. The various benefits of video analytics for the transportation and logistics vertical are the elimination of overcrowding, behaviour analysis, enhanced safety measures, incident recording, and detection of blind spots. Video analytics can contribute to the enhancement and betterment of this vertical for commuters while providing improved safety benefits. The various features offered by video analytics, such as facial recognition, object tracking, unidentified object detection, cargo and train carriage recognition, and intelligent traffic monitoring, can help transportation and logistics companies prevent disasters and detect emerging threats, which may lead to infrastructure destruction or vehicle crashing, resulting in the loss of life.

Geographical spread

The video analytics market in the APAC countries is expected to witness exponential growth, mainly because of the rising awareness about the potential security threats to individuals, and the growing manufacturing industry. The rapid growth in mobile device manufacturing has considerably reduced the cost of camera components, thereby making it cheaper for SMEs and private individuals to install surveillance cameras. In addition, the rapid GDP growth in APAC countries has resulted in infrastructure modernisation projects, such as smart city projects and mass public transit systems, which have increased the demand for video analytics. The Yinchuan city in China, for example, is cited as one of the most advanced smart cities in APAC, with almost all infrastructure integrated into a unified system. Singapore is also moving toward the goal of becoming a smart nation, which would lead to an increased demand for efficient video analytics.

The video analytics report comprises many major providers, such as Avigilon, Axis Communications, Cisco, Honeywell, Agent Vi, Genetec, Intellivision, Hikvision, Dahua, Iomniscient, Huawei, Intelligent Security Systems, Verint, NEC, Briefcam, Bosch, Senstar, Qognify, and Ipsotek to name just a few of those included in the study. The report includes an in-depth competitive analysis of key players in the video analytics market with their company profiles, recent developments, Covid-19 developments, and key market strategies.


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