The global video analytics market has reached a valuation of USD 7.52 billion in 2023, with a projected CAGR of 18.5% from 2023 to 2033. By 2033, the market is anticipated to reach USD 41.16 billion.
Due to expanding smart city programs in important countries and rising investments in the installation of analytics-based video surveillance systems, the demand for these solutions is anticipated to increase.
During the projected period, it is anticipated that the increased adoption of analytics platforms will drive market expansion. These platforms aim to reduce crime rates by sending out prompt notifications regarding suspicious or unusual activity.
| Attribute | Details |
|---|---|
| Video Analytics Market Estimated Value (2023) | USD 7.52 billion |
| Video Analytics Market Estimated Value (2033) | USD 41.16 billion |
| Video Analytics Market Value CAGR (2023 to 2033) | 18.5% |
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The video analytics market is projected to witness substantial growth from 2023 to 2033 compared to the previous period of 2018 to 2022.
As per the FMI analysis, the video analytics industry grew at a rate of 22.4% from 2018 to 2022, garnering revenue of USD 2.73 billion in 2018. Whereas the market is anticipated to move ahead at 18.5% CAGR from 2023 to 2033, touching a significant market size of USD 41.16 billion by 2033.
The market outlook for 2023 to 2033 is swayed by factors such as advancements in artificial intelligence (AI), machine learning, and deep learning technologies.
These advancements have enhanced the capabilities of video analytics solutions, enabling real-time video analysis, object detection, facial recognition, and behavior analytics.
Moreover, the increasing adoption of video analytics across various industry verticals, including public safety, retail, transportation, and healthcare, is expected to fuel market growth during the forecast period.
The integration of video analytics with other technologies like the Internet of Things (IoT) and cloud computing further augments the market's potential, facilitating advanced surveillance, proactive security measures, and operational efficiencies.
Video Analytics Market:
| Attributes | Video Analytics Market |
|---|---|
| CAGR (2023 to 2033) | 18.5% |
| Market Value (2033) | USD 41.16 billion |
| Opportunity | The integration of video analytics with edge computing technologies presents an opportunity for real-time analysis and decision-making at the edge, reducing latency, improving scalability, and enabling efficient resource utilization. |
| Key Trends | The adoption of artificial intelligence (AI) and machine learning (ML) algorithms in video analytics is a key trend, enhancing the accuracy and capabilities of the systems for object recognition, behavior analysis, and anomaly detection, driving advanced video surveillance applications. |
Security and Surveillance Equipment Market:
| Attributes | Security and Surveillance Equipment Market |
|---|---|
| CAGR (2023 to 2033) | 4.7% |
| Market Value (2033) | USD 32.8 billion |
| Opportunity | Increasing adoption of cloud-based storage and management solutions in the market likely opens up a wide array of opportunities. |
| Key Trends | The shift towards network-based and IP-based surveillance systems is a key trend, enabling remote monitoring, scalability, and interoperability, along with advanced features such as video analytics, facial recognition, and cloud-based storage and management. |
Retail Analytics Market:
| Attributes | Retail Analytics Market |
|---|---|
| CAGR (2023 to 2033) | 17.3% |
| Market Value (2033) | USD 55 billion |
| Opportunity | The integration of retail analytics with e-commerce platforms and mobile apps presents an opportunity for personalized marketing, targeted promotions, and seamless omnichannel experiences, driving customer engagement and loyalty. |
| Key Trends | The deployment of IoT technologies enables real-time data collection from various touch points, empowering retailers to make data-driven decisions, optimize operations, and deliver personalized shopping experiences. |
The expansion of video analytics in this country is driven by the increasing demand for public safety and the need for actionable insights, aiding the country’s projected market size of USD 13.4 billion by 2033.
The retail sector is expected to dominate the adoption of video analytics sulutions in the projected years. The market for video analytics is expanding due to the growing use of video surveillance systems in smart homes.
The United States of America, a market leader in video analytics, is home to several major companies providing advanced video analytics sulutions.
Honeywell International, Inc., a prominent participant in the country’s video analytics industry, makes substantial investments in the sulutions sector.
The market in the United States is propelled by the rising demand for business intelligence and technulogically advanced public safety infrastructure.
In 2017, Citilog launched the largest smart camera project for traffic data cullection based on video analytics on a Culombian highway, showcasing the region's commitment to innovative video analytics sulutions.
The usage of video analytics sulutions in the region is expected to be boosted by government-funded smart city projects and advanced surveillance initiatives for national security.
According to FMI, the market in China likely hulds a USD 3.5 billion share by 2033, advancing at 19.6% CAGR from 2023 to 2033, primarily driven by the retail industry and significant developments in the ICT sector.
China's Yinchuan City stands out as one of the most advanced smart cities in the Asia Pacific, with comprehensive infrastructure integration into a unified system.
The implementation of the Social Credit System in China, which heavily relies on citizen facial identification, is projected to drive the demand for cameras and contribute to the growth of the video analytics market.
With increasing safety concerns and growing government investments in security cameras, developing economies like China are experiencing a heightened need for video analytics sulutions.
The software segment is predicted to lead the video analytics industry, experiencing significant growth with a notable CAGR of 18.4% from 2023 to 2033.
Video analytics software is designed to track videos in real-time continuously, offering a range of features tailored for various surveillance systems. These software solutions include capabilities such as edge invasion detection, motion exposure, vehicle tracking, people counting, auto track detection, and advanced motion detection.
These features enable the identification of specific individuals or objects, categorization of events, and detection of suspicious behaviors, enhancing the overall security and operational efficiency of surveillance systems, in turn, auguring well for the market’s future trends.
The segment of large enterprises is projected to dominate the global market, experiencing remarkable growth with a CAGR of 18.3% during the forecast period.
These enterprises allocate significant portions of their IT security budgets to network infrastructure, servers, and critical assets within their trade area. Consequently, they have dedicated teams managing security operations alongside video analytics to monitor a large volume of videos.
Video analytics software for large corporations is specifically tailored to meet their unique requirements, including centralized control, bandwidth optimization, and other specialized features.
The top five players account for the majority of the market share in the worldwide software solutions and services divisions, making the global market both fiercely competitive and reasonably concentrated.
To stay competitive, industry participants have been implementing several strategic initiatives. These consist of partnerships and agreements, new product developments, investments connected to increasing capabilities, collaborations, and investments in research and development.
To acquire a competitive advantage in the market, businesses have also been concentrating on application development and customized products. To diversify their product offering and increase market share, they have also been taking part in numerous mergers and acquisitions.
Key Players:
Recent Developments in the Market:
Supermarkets accounted for 42.5% of the total sales achieved in 2022.
The market is valued at USD 7.52 billion in 2023.
The overall market has the potential to expand at an 18.5% CAGR through 2033.
The global market valuation is forecasted to reach nearly USD 41.16 billion by 2033.
The market expanded at 22.4% CAGR from 2018 to 2022.
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Video Analytics Market
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