Video Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Global Video Analytics Market was valued at USD 1528.1 million in 2020 and expected to reach USD 4142.7 million by 2026 and grow at a CAGR of 24.5% over the forecast period (2021 - 2026). Analytics has enabled various end-users in the usage of specific data insights into actionable intelligence for numerous functions. The ideas could be used in monitoring the queues in retail outlets and hospitals, generate heat maps, etc. The surveillance and retail industries are expected to drive the market positively during the forecast period.

• The video-analytics are being deployed in the city, retail, vehicle, and worksite settings and used to acquire insights for decision making. The video surveillance sector uses it for analyzing threats, recognizing, mitigating, and monitoring purposes. China is investing heavily in the capabilities of facial recognition. According to Tsinghua University, China's market size is expected to reach CNY 34 billion in biometric recognition technologies.
• Video analytics is being deployed to produce customer movement heatmaps and store planning and is also widely adopted to tackle organized retail crime. Inpixon, a company that engages in indoor positioning and data analytics, collaborated with the National Anti-Organized Retail Crime Association (NAORCA Worldwide) to fight against retail crime.
• The retail industry is increasingly adopting video analytics and emerging as one of the prominent markets. The growing retail market is also driving the demand; according to the US Census Bureau, the whole retail and food services sales in the US during the year 2018 stood at USD 6.02 trillion.
• The growth in the development of smart cities is one of the significant reasons for driving the market. Due to the number of smart cities growth, the demand for video surveillance and connected devices across city buildings is expected to increase. According to Consumer Technology Association, spending on smart cities worldwide is expected to reach USD 34.35 billion by 2020.
• As per information provided by Tencent, the number of surveillance cameras installed in China during the year 2017 was valued at 176 million units, and it is expected to reach 626 million units by 2021. Besides, South Korea's Ministry of the Interior and Safety stated that the number of CCTV cameras deployed in public places during fiscal 2018 stood at 1,032,879 units. Such developments are spearheading the demand in the region.
• Moreover, government surveillance is rising globally, owing to the COVID-19 outbreak. From Israel to South Korea to China, governments worldwide are using technology to track the COVID-19 outbreak as they race to stem its spread. They use a combination of location data, video camera footage, and credit card information, to track COVID-19 in their countries. It is increasingly essential for complex investigative procedures, particularly in coronavirus emergency, to analyze mass video data in real-time situation awareness rapidly.

Scope of the Report

Video analytics is a software that is used for monitoring video streams in near real-time. While monitoring the videos, the software identifies attributes, events, or patterns of specific behavior via video analysis of monitored environments. The software can generate automatic alerts and can facilitate forensic analysis of historical data to identify trends, patterns, and incidents. The software enables users to analyze, organize, and share any insight gained from the data to make smarter, better decisions.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Retail Industry is expected to Hold Major Share

• Nowadays, in retail stores, a lot of information is being captured in the form of videos used for loss prevention, theft analysis, and post-analysis when a mishap occurs. Real-time video analytics can unravel various insights from videos captured in stores and help in improving store operations and customer experience.
• The retail sector is focusing on deploying innovative solutions to increase security and customer experience as well, for which a few of them are implementing facial recognition technology. From security to advertisements, a multitude of applications of face recognition is being used in retail. From sending customized ads to identified shoppers to identify gender, age, customer count, and capturing glance time on products, the applications are endless.
• The global ad spending is increasing at a steady pace, and in 2019 it stood at USD 563.02 billion, according to GroupM. A significant share of the spending is on gaining consumer insights to target the consumer segment. This is where video analytics finds a prime opportunity, where video analytics can be used for heat mapping, customer services, and reduce retail shrinkage. The growth opportunities in this space are ample for the technology's growth.
• For instance, the US prominent retailer Walmart has affirmed that it utilizes image recognition cameras at registration to identify theft. Having used the innovation as of now in more than 1,000 stores, the organization has also invested in ensuring its customers and associates' safety. Companies, such as Identiv Inc., have a dedicated product portfolio known as 3VR Retail Optimization Analytics that engages in Demographics, Queue Line, People Counting, and Dwell Time Analytics.
• In 2019, Kroger, one of the largest retailers, partnered with Microsoft to transform its stores and operations to personalize the shopping experience and improve associate productivity. The company adopted solutions, like Microsoft Azure-powered video analytics, to help store associates recognize and address out-of-stocks to ensure customers can locate items on their list.
• The implementation of checkout-free stores is gaining traction driven by an array of cameras and sensors, tracking customers' movements, and items taken from the shelves and processing the data using computer vision and machine learning to determine whom to bill for what. In November 2019, Amazon Go announced its intent to expand as the checkout-free shopping is starting to catch on across the retail landscape.

To understand key trends, Download Sample Report