Video analytics is a technique that uses a unique algorithm to evaluate a digital signal to perform a security-related function. It provides security to key infrastructures based on a robust method of recognizing and detecting intruders, creating an alarm upon detection of a specific sort of activity. The healthcare sector has begun to appreciate the benefits of video analytics. Foot traffic past a closed drugstore, for example, may be deemed typical in the evening. However, loitering around the drugstore entrance might indicate a break-in is imminent. A fence-climbing alarm is another example of applied video analytics.
According to The Insight Partners the Video analytics Market size was valued at US$ 6,624.9 million in 2022 and is projected to reach US$ 21996.0 million by 2028; The video analytics market size is expected to grow at a CAGR of 22.1% from 2022 to 2028.
Video management system
IP-based surveillance systems, high-resolution IP cameras, and network video recorders are increasingly used in video management systems. An increase in IP infrastructure, a rise in information density, and a demand for remote access are encouraging developments in IP-based security solutions. As a result, companies in the video analytics market are expanding their product portfolios to include IP-based security cameras with integrated video analytics functions.
For example, in October 2020, Bosch released “IP 3000i Cameras” with a built-in video analytics system. The integration of IP-based security cameras with video analytics enables remote access, smart data capture, blocked emergency exit or queue notifications, intrusion detection, crowd management, and facial recognition. IP-based security cameras are used in retail spaces for behavior analytics and demographics. Thus, the need for video analytics solutions is growing with the elevating deployment of IP-based security cameras across various sectors in the video analytics market.
The digitalization of CCTV sonyliv.com/activate has enhanced the effectiveness and capabilities of surveillance imaging systems for security purposes. Such enhanced CCTV systems combined with automation and intelligence are deployed as strong and responsive management tools. A strong gadget has been devised by some manufacturers for detecting intruders by applying computer processing capabilities to CCTV photos. CCTV systems are also being integrated with other access control and surveillance technologies to establish an efficient multifunctional system for asset security.
The top five companies in the market Dahua Technology Co. LTD, Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International Inc, Huawei Technology, NEC Corporation. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry.
Key Findings of Study:
The global video analytics market analysis, based on geography, is segmented into five major regions, including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North American countries are frontrunners in terms of the presence of security providers and the prevalence of security breaches worldwide, indicating huge potential for the growth of the video analytics market in the region. Moreover, its reputation for rapidly adopting advanced technologies complements the market growth. In recent years, governments reinforced their security-related efforts in response to rising worries about safeguarding essential infrastructure and national borders. The US and Canada are the major countries in North America. Protecting vital infrastructure is the most important economic and national security concern for these two countries’ administrations, contributing to the video analytics market growth in North America.
Growing Adoption of IP-Based Security Systems is Public Safety Applications
IP-based surveillance systems, high-resolution IP cameras, and network video recorders are increasingly used in video management systems. For example, in October 2020, Bosch released “IP 3000i Cameras” with a built-in video analytics system. The integration of IP-based security cameras with video analytics enables remote access, smart data capture, blocked emergency exit or queue notifications, intrusion detection, crowd management, and facial recognition. IP-based security cameras are used in retail spaces for behavior analytics and demographics. Thus, the need for video analytics solutions is growing with the elevating deployment of IP-based security cameras across various sectors.
The COVID-19 pandemic impacted almost every major industry, including education, logistics & supply chain, healthcare, BFSI, retail, and manufacturing. Its spread to practically every corner of the world in the second quarter of 2020 compelled governments to impose restrictions on different commercial and social activities. Several governments begun to use video analytics to monitor the situation and ensure public safety.
