Global AI Video Analytics Market - Growth, Trends, covid19 impact, and Forecast (2022-2027)

Global AI Video Analytics Market is Segmented by End Users (Retail, Government, and Defense (including public safety), Critical Infrastructure, Transportation, Healthcare, Consumers), and Geography.

Market Snapshot

Global AI Video Analytics Market
Study Period: 2020-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 22.5 %

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Market Overview

The global AI Video Analytics Market is expected to register a CAGR of 22.5% during the forecast period (2022 - 2027). Increasing adoption of the AI-based video surveillance system and facial recognition tools equipped with artificial intelligence (AI) and machine learning (ML) capabilities are capable of detecting faces through face masks and checking the temperature of individuals through a thermal screening process at commercial offices, airports, and warehouses are expected to propel the global facial recognition market growth during the forecast period.

  • In the past few years, there has been a drastic increase in demand for security because of the increasing crime rate, terrorism, thefts, financial crimes, traffic rules breach, and instore crimes; to tackle these mishappenings, cameras are widely utilized for video surveillance by analysts, security operators, and investigators. This administration technique generates a large amount of video data of the areas where it is placed. Due to this, it has become difficult to monitor a large amount of data for professionals. To tackle this problem, security agencies are shifting towards AI-based video surveillance as they can analyze a large amount of data in a short time.
  • Facial recognition technology is used to identify an individual's identity through their facial features. This method can efficiently verify people by viewing videos and photos in real-time. These systems use biometrics to map the facial features by analyzing a video or photograph of the person. It then compares the information in the stored database to find a match. Facial recognition is a vital system adopted by commercial offices and governments to verify a person. For instance, Airports across the globe use the method to identify any passenger's true identity. The Customs and Border Protection personnel screen the passengers are traveling on international flights matching their facial features to authenticate the passenger's true identity.
  • Advanced CCTV 360 security cameras, outdoor PTZ cameras, and video surveillance systems capture data without any break or interruption, which is 24*7. This generates a lot of data to monitor, which is nearly impossible with human capabilities, so scientists and engineers have developed an AI-based surveillance system that can work without interruption. These systems are designed efficiently to provide enhanced safety and security using this technology when adopted by several companies.
  • The pandemic coronavirus COVID-19 has resulted in lockdown, global standstill, supply chain disruption, etc., across the globe forcing people to remain in the confines of their home space. Considering this, the companies shifted their focus on contactless biometric technology while maintaining privacy and security. This approach will boost the demand for AI Video Analytics Market amid the ensuing global chaos in the forthcoming years.
  • The high installation cost of the database infrastructure, video surveillance system, scarcity of talented technology-driven workforce, and increasing concern regarding data privacy and security issues are some major factors restraining the market. However, low-quality IP cameras and the increasing use of high-speed internet connectivity are expected to gain AI in the video analytics market.

Scope of the Report

Artificial intelligence for video analytics and surveillance leverages AI and ML algorithms that analyze the audio and images from video surveillance cameras to recognize humans, vehicles, objects, attributes, and events.​ This represents a sub-set of Video Analytics where AI-based capabilities are leveraged for implementing edge & centralized use-cases.

Global AI Video Analytics Market is Segmented by End Users (Retail, Government, and Defense (including public safety), Critical Infrastructure, Transportation, Healthcare, Consumers), and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).

By End User
Retail
Government and Defense (includes public safety)
Critical Infrastructure
Transportation
Healthcare
Consumers
Others (Education and Hospitality)
By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Market Trends

BFSI Sector Holds Major Market Share

  • AI-based video analytics enhances the overall customer experience inside the bank. Powerful and versatile video AI solutions can also obtain various customer activity analytics, such as a detailed customer journey map in the bank analyzing metrics such as the amount of time spent waiting to withdraw cash from an ATM, the amount of time a customer waited in a queue to get service, or during what parts of the journey the customer had positive emotions, can all be tracked.
  • For future applications, Facial recognition authentication is a reliable method in ATM vestibules if the customer has forgotten to bring their ATM card or identity proof but wants to validate their bank account information. This facial recognition technology can authenticate or validate their bank account information if the customer faces the Video AI-enabled camera. For Instance, in November 2021, Verint, Inc. launched AI-driven Real-time Agent Assist capabilities. These capabilities included a new work assist function and sentiment analysis, which offered brands a robust tool to help employees perform tasks and increase overall customer experience.
  • In Japan, the studied market is primarily driven by AI video surveillance based on AI/ML algorithms. The growing penetration of IP surveillance systems across numerous verticals influences the demand for video analytics solutions. Further, the government is investing significantly to deploy security systems across public areas, such as metros, airports, and other crowded locations, owing to the surge in global terrorism.
  • The banking sector generates a high volume of data that can be divided into structured and unstructured forms. Through AI, machines are expected to operate independently with only minor human interaction. There are two types of data: structured( name, address, etc.) and unstructured( emails, images, audio, video, and sensor data). The unstructured data need AI-based algorithms to analyze to make meaningful use of the data.
global AI video Analytrics Market ( 2022- 2027)

Asia Pacific Market will be the Fastest Growing Market

  • The Asia-Pacific is one of the most significant regions to deploy AI-based Video surveillance systems to curb crimes and generate real-time data to integrate into the system. Being one of the hubs for the IT sector, the Ai base surveillance has helped the region attract many businesses worldwide for investment, thus generating revenues and attracting FDI, creating safe business opportunities for the residents.
  • China is one of the largest country video surveillance markets. The country has built a vast surveillance network that utilizes cameras powered by facial recognition software, including cameras installed on buildings, streets, and lamp posts that can identify individual faces. For instance, In July 2021, Dahua Technology launched its Cooper-I Series XVR, which offers AI functions, including SMD (Smart Motion Detection) Plus and AI Coding. These advanced features are enabled by default and eliminate extra configuration, making the installation process significantly easier and faster.
  • The infrastructure development in India and China has increased the need for video surveillance. With the government focused on security and public safety, the reduction in the overall cost of the CCTV security system package due to the decline in prices of video cameras enhances the demand for video analytics solutions in India, South Korea, and China, to a large extent.
  • India's Union Budget noted the country depends heavily on technology. It was made evident with the fiscal budget 2021 India believes AI-based video surveillance and AI/Ml technology will help shape technology in India. India Finance Minister Nirmala Sitharaman said during the Fiscal budget 2021-2022 that The Ministry of Corporate Affairs (MCA) 's revamped portal version 3.0, MCA 21, will use data analytics, AI, and machine learning to make regulatory filings easier for businesses. This will make MCA-21 a 'single point of information and promote ease of doing business, re-adjudication, and online compliance monitoring, among others.
Global AI Video Analytics Market - (2022-2027

Competitive Landscape

The market is fragmented owing to the presence of large vendors in the global market. The key players are involved in various strategies such as acquisitions and partnerships to improve their market share and enhance their profitability in the market.

  • In June 2022, LiveView Technologies (LVT), a provider of intelligent safety and security ecosystems, announced it had raised USD 50 million in Series B funding in collaboration with Sorenson Capital, a growth investment firm. The company’s recurring revenue has grown by 133% in the last year and averaged over 100% in the last five years. Sorenson was joined by The Larry H. Miller Group and previous investment partners, Lead Edge Capital and Pelion Venture Partners.
  • In June 2022, IOTAS acquired ADT delivering a fully-connected smart home experience for apartment residents that integrates multiple devices on a single app. it will be voice-controlled and provides automated intelligence. IOTAS counts Amazon, Honeywell, Google, Yale, Z-Wave, and Salto, among its partners.
  • In November 2021, Verint, Inc. announced AI-driven Real-time Agent Assist capabilities. These capabilities included sentiment analysis and a new work assist function, which offered brands a robust tool to help employees and raise customer satisfaction and loyalty.
  • In August 2021, Talisma, a leading digital customer engagement platform, announced its partnership with Active.Ai, a renowned Singapore-based Fintech company, to use conversational AI chatbots to enhance the customer experience in BFSI sectors.

Recent Development

  • In June 2022, Bosch GMBH introduced the MIC IP Fusion 9000i camera features a 9mm lens to provide the ability to increase the level of security in perimeter detection applications designed for short-range perimeter security. The new camera from Bosch expands the company’s line of solutions, and the product Bosch explains that the MIC IP Fusion 9000i camera can deliver up to a full 360° coverage in 30 seconds.
  • In June 2022, Vicon Industries extended its three-year warranty to five years for its IP camera products on orders accepted on or after May 1, 2022. Anticipating global supply chain disruptions, Vicon says it actively sought to support its customers by investing in stock Vicon currently provides a select line of NDAA-compliant cameras, all in stock, compatible with most platforms.
  • In June 2022, RGB Spectrum, a manufacturer of video and audio systems for government and commercial applications, announced its new line of Zio 4000 Video Wall Processor, providing the necessary functions to serve as a full-function solution with advanced networking capabilities. The product is offered as an integrated solution or standalone video wall solution that incorporates the company’s enterprise-grade A/V-over-IP distribution platform.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. LWAN MARKET INSIGHT

    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

      1. 4.2.1 Modules and other hardware vendors, platform vendors, network provider, integrators, end-users etc.)

    3. 4.3 Industry Attractiveness -Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of Impact of COVID-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Need for enhanced public safety and security

      2. 5.1.2 Rising adoption of technologies such as facial recognition and object identification

      3. 5.1.3 Rapid increase in data flow due to integration of IoT sensors and devices

    2. 5.2 Market Challenges

      1. 5.2.1 Lack of skilled workforce to develop and integrate algorithms​

      2. 5.2.2 Rising cyber attacks

  6. 6. MARKET SEGMENTATION

    1. 6.1 By End User

      1. 6.1.1 Retail

      2. 6.1.2 Government and Defense (includes public safety)

      3. 6.1.3 Critical Infrastructure

      4. 6.1.4 Transportation

      5. 6.1.5 Healthcare

      6. 6.1.6 Consumers

      7. 6.1.7 Others (Education and Hospitality)

    2. 6.2 By Region

      1. 6.2.1 North America

      2. 6.2.2 Europe

      3. 6.2.3 Asia-Pacific

      4. 6.2.4 Latin America

      5. 6.2.5 Middle East & Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Axis Communication

      2. 7.1.2 Panasonic holDINGS

      3. 7.1.3 Bosch gmbh

      4. 7.1.4 Hikvision

      5. 7.1.5 IndigoVision

      6. 7.1.6 Intellivision

      7. 7.1.7 Avigilon

      8. 7.1.8 AxxonSoft

      9. 7.1.9 Dahua

      10. 7.1.10 NEC Corporation

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Global AI Video Analytics Market market is studied from 2020 - 2027.

The Global AI Video Analytics Market is growing at a CAGR of 22.5% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

IndigoVision, Robert Bosch GmbH, AxxonSoft, Axis Communications AB, Panasonic Holdings Corporation are the major companies operating in Global AI Video Analytics Market.

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