The global video analytics market is anticipated to grow at an exponential CAGR of 24.7% during the forecast period (2022-2028). The on-premises video analytics industry is anticipated to hold the highest market share during the forecast period. The attributable factor for the growth of the segment is the fact that this solution is being used by large organizations with a large number of cameras that are generating tons of gigabytes (GB) of footage daily. This will be altogether several terabytes (TB) of data collection. Sending such a large amount of data to the cloud for processing will be overwhelming and there will be bottlenecks of network bandwidth causing a high latency rate, which is not ideal for security. Several large organizations are deploying on-premises video analytics because of privacy and security concerns related to confidential data. Further, unit shipment of analog cameras in 2020 was higher as compared to IP network cameras which also represents that the demand for on-premise video analytics was high.
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The integration of AI in surveillance technology is increasing dramatically attributed to its ability to correctly identify, classify and process real events, actions, people, and vehicles. Video surveillance systems have increased public and goods security. Recently announced (August 2021), Singapore Police Force (SPF) is aiming to increase the number of cameras from 90,000 to 200,000 by 2030. This surveillance camera network covers locations such as housing estates, neighborhood centers, car parks, and public transport infrastructure which increase city surveillance and decrease crimes. With a land area of little over 700 square kilometers (270 square miles) and about 5.7 million people, Singapore is one of the safest countries in the world, according to a 2019 Gallup poll, however, it is vulnerable to crimes and other concerns such as parking congestion. According to SPF, the deployment of cameras has reduced crimes such as unlicensed money lending-related harassment cases, including burglary, car theft, and damage to property by more than half from 2015 to 2020.
Market Coverage
Segment Covered-
Regions Covered-
Competitive Landscape-IBM Corp., Cisco Systems Inc. Agent Video Intelligence Ltd.. among others.
Key questions addressed by the report
oDeviation from the pre-COVID-19 forecast
oMost affected region and segment
Global Video Analytics Market Report Segment
By Deployment
By Application
Global Video Analytics Market Report Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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