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.
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.
Due to the COVID-19 pandemic, security and surveillance concerns resurfaced in North America. Governments relied on video analytics technologies to keep an eye on the situation. Although businesses reopened in 2021, business administration departments still feel a need for continuous monitoring to ensure adherence to hygiene and social measures, such as maintaining social distancing measures, avoiding indoor crowding, and keeping an eye on staff for medical symptoms. In March 2021, Honeywell International, Inc. (US) announced its collaboration with the Airport Innovation Lab at San Diego International Airport (SAN) to evaluate the application of advanced video analytics technology to improve airport health and safety in the video analytics market. The Honeywell Pro-Watch Video Management System (VMS) uses cameras to determine whether airport occupants adhere to social distance and mask-wearing mandates, using deep learning, artificial intelligence, and video analytics. The advanced analytics system offers superior precision, filters, and notifies non-compliance instances to the airport authorities under the specified operating conditions.
Get Sample PDF: https://www.theinsightpartners.com/sample/TIPTE100000276/
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.
In Europe, communication networks have grown drastically in recent years, fueling the adoption of video surveillance systems. The introduction of advanced technologies, such as video analytics, are boosting the deployment of IP surveillance technology in European countries. Terrorist activities have also underlined the need for stronger security in large cities, resulting in the need for advanced video surveillance systems. Furthermore, the rising demand for the creation of smart cities and the growing volume of unstructured video data being generated contribute to the development of the video analytics market in Europe. In response to these demands, the market players have begun to offer customized, sophisticated video analytics solutions.
Based on type, the Video Analytics Market is segmented into surface and subsurface. The market for the surface segment is growing considerably as it is highly preferred and practiced across areas where waterlogging and other problems are prevalent. Moreover, surface drip irrigation systems offer higher water distribution uniformity (in the root zone) compared to subsurface irrigation. The high cost-efficiency of surface drip irrigation is another important factor driving its popularity across several developed and developing economies.
The raw material suppliers are crucial stakeholders in the ecosystem of the Video Analytics Market. Netafim, Jain irrigation, Lindsay Corp, Rain Bird Industries, and Hunter industries are among the key manufacturers of drip irrigation systems. Major end users of these systems include agriculture, greenhouse, and others. Chinadrip Irrigation Equipment Co., Ltd.; Hunter Industries; Irritec S.P.A; Jain Irrigation Systems Ltd.; Lindsay Corporation; Microjet; Netafim; Rain Bird Corporation; Rivulis; and The Toro Company are among the major players in the Video Analytics Market.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi