Video Analytics Market - Growth, Trends, Forecasts (2020 - 2025)

The Video Analytics Market is segmented by Type ( Software (On-premise and Cloud), Services), End User (BFSI, Healthcare, Retail & Logistics, Critical Infrastructure, Hospitality and Transportation, Defense and Security, Manufacturing), and Geography.

Market Snapshot

Study Period:

2020-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

24.5 %

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Market Overview

The Global Video Analytics Market was valued at USD 1528.1 million in 2019, and it is expected to reach USD 4142.7 million by 2025, registering a CAGR of 24.5% during the period of 2020-2025. 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.

Type
Software (On-premise and Cloud)
Services
By End User
BFSI
Healthcare
Retail & Logistics
Critical Infrastructure
Hospitality and Transportation​
Defense and Security
Other End-user verticals (Manufacturing, etc.)
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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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.

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North America is expected to hold major share

  • North America is one of the most significant regions for the video analytics market. The region, especially the United States, is one of the major innovators and investors of the technology. Apart from that, high adoption among end-user industries and regional government involvement in video surveillance infrastructure development further fuels the adoption of video analytics solutions in North America.
  • The region has high adoption of CCTV cameras in various surveillance settings, from street corners to university campuses and even private homes. Most of these sites have multiple cameras, each generating a high volume of footage. In the United States alone, there are about more than 70 million surveillance cameras installed, which works out to 4.6 people per installed camera. The country has a high level of penetration of surveillance cameras, with the adoption is most common among private-sector retail and commercial establishments, such as hotels, restaurants, and office complexes.
  • Post 9/11, the massive advancement in IP cameras and their implementation across the region also developed the space for the market studied growth in the last decade. Most regional municipal law enforcement is leveraging video analytics for real-time response and post-event investigation, and cities are also using the data for urban planning and traffic optimization. Many of the American cities have been aggressive in putting in surveillance infrastructure, including Detroit, which recently installed cameras to monitor public housing residents. After a man was fatally shot in St. Paul in 2019, the police department tested out new video technology.
  • Police in New York, Atlanta, and New Orleans now use video analytics-enabled cameras to improve investigations. Baltimore police department has also conducted secret aerial surveillance of residents for several years. The regional market is also witnessing the integration of deep learning, AI, and neural networking into the product offering, increasing accuracy, and lowering overall solution cost.
  • The region is also witnessing an increasing adoption of smart home security cameras, which may further expand the scope of the market studied. Hence, AI-based video analytics are further enhancing efficiencies, offering many non-security-related insights for businesses, especially in smart city applications. For instance, Amazon uses computer vision and deep learning as part of an experiment in a test store in Seattle.

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Competitive Landscape

The market is quite fragmented and moves towards consolidated market format, owing to the presence of large vendors who can spend on the R & D to improve the offerings. The companies are including Artificial Intelligence and machine learning to enhance their offerings. The major companies include Axis Communications AB, Avigilon Corporation (Motorola Solutions), Cisco Systems Inc., IBM Corporation, and Aventura Technologies Inc. Some of the key developments in the market are:

  • March 2020 - Motorola Solutions introduced the newest addition to its video security and analytics portfolio, Avigilon Control Center (ACC) 7.6. ACC 7.6 is the company’s latest video management software release, enabling various enterprise customers to efficiently monitor their facilities through new AI-powered facial recognition features and analytics.
  • October 2019 - Canon and Agent Video Intelligence formed a partnership to launch the first AI-powered cloud-based video analytics service in Singapore. The collaboration with Agent Vi will enhance Canon’s suite of visual network solutions, offering businesses seamless connectivity with maximum productivity and reduced cost.

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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. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Emphasis among Enterprises on Obtaining Actionable Insights

      2. 4.2.2 Technological Advancements coupled with High Investments in City Surveillance

    3. 4.3 Market Challenges

      1. 4.3.1 Cost, Operational, and Privacy Issues Related to Video Analytics and Surveillance

    4. 4.4 Market Opportunities

    5. 4.5 Key Case Studies and Implementation Use-cases

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.6.1 Bargaining Power of Suppliers

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Threat of New Entrants

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of COVID-19 on the Video Analytics Industry

  5. 5. TECHNOLOGY SNAPSHOT

  6. 6. MARKET SEGMENTATION

    1. 6.1 Type

      1. 6.1.1 Software (On-premise and Cloud)

      2. 6.1.2 Services

    2. 6.2 By End User

      1. 6.2.1 BFSI

      2. 6.2.2 Healthcare

      3. 6.2.3 Retail & Logistics

      4. 6.2.4 Critical Infrastructure

      5. 6.2.5 Hospitality and Transportation​

      6. 6.2.6 Defense and Security

      7. 6.2.7 Other End-user verticals (Manufacturing, etc.)

    3. 6.3 Geography

      1. 6.3.1 North America

      2. 6.3.2 Europe

      3. 6.3.3 Asia-Pacific

      4. 6.3.4 Latin America

      5. 6.3.5 Middle East & Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Axis Communications AB

      2. 7.1.2 Avigilon Corporation (Motorola Solutions)

      3. 7.1.3 Cisco Systems Inc.

      4. 7.1.4 Identiv Inc.

      5. 7.1.5 Aventura Technologies Inc.

      6. 7.1.6 Genetec Inc.

      7. 7.1.7 Honeywell International Inc.

      8. 7.1.8 Agent Video Intelligence Ltd

      9. 7.1.9 Objectvideo Labs LLC

      10. 7.1.10 Qognify Limited

      11. 7.1.11 NEC Corporation

      12. 7.1.12 Herta Security SL

      13. 7.1.13 Verint Systems Inc.

      14. 7.1.14 ISS Inc.

      15. 7.1.15 International Business Machines Corporation

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

  10. 9. FUTURE OF THE MARKET

** Subject to Availability

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