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Video Content Analytics Market Overview
Video Content Analytics Market Size was valued at USD 5.2 Billion in 2022. The Video Content Analytics market industry is projected to grow from USD 6.6 Billion in 2023 to USD 27.8 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.91% during the forecast period (2023 - 2030).
Increasing demand for video surveillance, advancements in AI and machine learning, the growth of IoT, the need for better customer experiences, and cost savings and operational efficiency are the factors driving growth of this market.
Figure 1: Video Content Analytics Market Size, 2023-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Video Content Analytics Market Trends
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Increasing Video Surveillance Proliferate Demand Of Video Content Analytics.
Video content analytics driven by video surveillance refers to the use of advanced software algorithms and machine learning techniques to analyze the content of video footage captured by surveillance cameras. This technology allows for the automated detection and tracking of objects, people, and events in real-time, enabling organizations to monitor and respond to potential security threats more effectively.
Some of the key applications of video content analytics driven by video surveillance include
Object detection and tracking: Video content analytics can be used to automatically detect and track objects such as vehicles, people, and animals in real-time, enabling organizations to monitor activity and respond to potential security threats.
Facial recognition: Video content analytics can be used to identify and track individuals by analyzing their facial features, allowing for the creation of watchlists and the detection of potential security threats.
Crowd monitoring: Video content analytics can be used to monitor crowd behavior and detect potential safety concerns such as overcrowding, violence, or emergency situations.
License plate recognition: Video content analytics can be used to read and recognize license plates, allowing for the automated monitoring of vehicle traffic and the detection of potential security threats.
Behavior analysis: Video content analytics can be used to analyze individual and group behavior, detecting potential suspicious activities, and alerting security personnel to respond.
Overall, video content analytics driven by video surveillance has the potential to enhance security and safety in a variety of settings, including transportation hubs, retail stores, industrial facilities, and public spaces.
Rising Ecommerce Platform Numbers to Support Growth
Video Content Analytics Market Segment InsightVideo Content Analytics by Component Type Insights
Based on component type, the Video Content Analytics market segmentation includes software, solutions, and services. The software segment accounted for the largest share of this market and is also anticipated to grow at a CAGR of 21.65% through the forecast period. This was attributed to the growing necessity to keep an eye on buildings or other facilities for potential physical threats or shady activity. In addition, the demand for video analytics software is fueled by aspects like accurate picture analysis, real-time processing, multiple visual inputs, and improved accuracy. Also, the end-use industries' increasing adoption of video analytics software is a major factor in this segment's substantial market share.
Organizations can use video analytics software to collect, process, and use insightfully studied data to make business choices. Further manual intervention and ongoing human supervision have been rendered unnecessary. Real-time notifications for emergencies are also provided by video analytics software.
Figure 2: Video Content Analytics Market, by Component Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
On the other side, the services segment is also anticipated to grow with a CAGR of 24.81% over the forecast period. The market for video analytics is predicted to have the second-largest proportion in the service sector. This market includes managed services such as architecture guidance, system administration, and operations, reporting, performance testing and tuning, system monitoring, alerting, and others, along with professional services such as advisory services, implementation services, featured services, optimization services, training and support, technical services, and others.
February 2023: - Leading content analytics platform Chartbeat has acquired Tubular Labs, a social video measurement and intelligence software platform, and Lineup Systems, a software platform for managing advertising and subscription revenue. The deal's financial details weren't made public.
February 2023 - Dogetti is a brand-new meme currency project that wants to compete favorably with other well-established token initiatives by launching at the top of the meme coin market. A system for exchanging tokens from other projects for DETI tokens on the Dogetti platform, based on the ERC-20 standard, is one of its novelties.
Video Content Analytics by Deployment Insights
Based on deployment type, the Video Content Analytics market segmentation includes On-Premises and On-Cloud. The cloud segment accounted for the largest share of this market of 60.3% in 2022 and is estimated to propel market growth at a CAGR of 24.6% over the forecast period. This segment's rapid market expansion may be attributed to its systems' flexibility, quick and simple access to real-time data on a worldwide scale, scalability to meet user demand, and technological advancement with the newest firewall. Throughout the projected period, the cloud segment is anticipated to increase at the fastest rate.
In the next few years, it's anticipated that cloud deployment will surpass on-premises deployment because it provides remote access to the application and service provider capabilities. Cloud-based video analytics solutions may function as a complementary technology paradigm by offering flexible network access to a common pool of reconfigurable computing resources at a low cost to the management.
Moreover, the on-premises category is also expected to grow considerably through the forecast period. Additionally, this tendency is anticipated to continue during the projected period for this category. This is attributable to the on-premise deployment model's popularity in sectors like banking, financial services & insurance (BFSI), education, and healthcare, which are susceptible to cyber-attacks or data breaches because of the sensitive information they handle.
Due to the internet cloud, just IP cameras are required to run, view, and record the videos. On their Laptop or mobile device, users can access any recorded footage from the past as well as the live view of cameras from anywhere. Their only requirement is an internet connection.
Video Content Analytics Vertical Insights
Based on vertical type, the Video Content Analytics market is segmented into BFSI, retail, healthcare, transportation and logistics, government, manufacturing, hospitality and entertainment, and others. The BFSI segment with a share of 35.6% in 2022 accounted for the largest share of this market and is also anticipated to grow at a CAGR of 23.8% through the forecast period. The BFSI industry has implemented video analytics for face & mask detection, bank security & surveillance, building surveillance, and tracking of customer behavior. But during the anticipated time, the healthcare sector is anticipated to grow the fastest. The main factors influencing the rapid expansion of this market are the expanding demands for hospital monitoring, preserving social distance, and maintaining hospital premises safety.
On the other side, the government segment is expected to grow at a CAGR of 21.5% through the forecast period. Every nation is extremely concerned with the government vertical, which encompasses border security and city surveillance. Controlling traffic on highways or motorways, tracking data from distant locations, managing crowd movement, detecting motion to identify over-speeding vehicles, facial recognition by law enforcement officials, and detecting camera tampering are all uses of video analytics in city surveillance. In terms of border security, it aids governments in protecting their frontiers from smuggling, terrorist attacks, and unlawful immigration.
Furthermore, facial recognition is becoming more popular in the video analytics industry due to the rising demand for security and non-security applications. By comparing facial characteristics from a video feed that has been saved in the database, facial recognition makes it possible to authenticate and identify people using their biometrics.
Video Content Analytics Regional Insights
By region, this market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The North American region dominates this market with a significant share of 40.9% in 2023 and is also estimated to witness some more growth with a CAGR of 21.76% during the forecast period. The largest market share is anticipated to belong to North America during the forecast era. The demand for Video Content Analytics solutions in the United States and Canada is anticipated to rise because of the introduction of new technologies and the existence of significant players like IBM Corporation, Honeywell International Inc., Cisco Systems, Motorola Solutions, and others. End consumers in the United States and Canada are actively pursuing the adoption of video analytics combined with cutting-edge technologies.
On the other side, the Asia-Pacific is also projected to become the second-largest region across the globe at a CAGR of 26.77% from 2023 to 2030. Government-funded smart city initiatives and sophisticated monitoring initiatives for national security are just a few things that are expected to increase the use of video analytics in the area. In addition to the significant developments anticipated in the ICT sector over the coming years, the retail industry is driving market growth in nations like China and India.
Figure 3: VIDEO CONTENT ANALYTICS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for video analytics is increasing across a variety of industries, including banking, financial services, retail, airports, manufacturing, and others, due to the automation of video tracking and management. Also, the market is anticipated to rise during the forecast period due to the demand for IP-based security cameras and an increase in concerns about the safety and security of people and their possessions. However, it is projected that the market's growth will be constrained by the rise in the frequency of false alerts during inclement weather or poor lighting conditions, as well as the high cost of initial installation.
Video Content Analytics Key Market Players & Competitive Insights
Major players in the video content analytics market, including, Axis Communications, Avigilon Corporation, Cisco Systems Inc., IBM Corporation, Honeywell International Inc., Agent Video Intelligence Ltd., Genetec Inc., and others, are focusing on developing their business strategies.
The market's growth is predicted to be accelerated by the rising adoption of cloud computing and Video Content Analytics, as well as various strategic alliances and investments among regional businesses. Due primarily to the participation of numerous technology suppliers, the United States controls the majority of the market in the region and generates a sizeable portion of overall income.
Key Companies in the Video Content Analytics market include
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Genetec Inc.
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Agent Video Intelligence Ltd.
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Cisco Systems Inc.
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Honeywell International Inc.
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Aventura Technologies Inc.
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intuVision Inc.
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PureTech Systems Inc.
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KiwiSecurity Software GmbH
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Gorilla Technology Group
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Bosch Security
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HikVision Digital
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MOBOTIX AG
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Ipsotek Ltd
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VCA Technology Ltd
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Intel
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NLogic
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Tubular Labs
Video Content Analytics Industry Developments
April 2024:
TrackIt, an AWS Advanced Tier Services Partner with a specialization in Media & Entertainment, unveils Trackflix in April 2024. This comprehensive solution empowers users to efficiently configure and initiate their personal video streaming service libraries. In response to the changing demands of content creators seeking to establish their own video-on-demand (VOD) and live-streaming platforms, TrackIt has developed a solution that equips small and medium-sized enterprises (SMEs) with enterprise-grade capabilities. Regardless of the magnitude of their operations, the application guarantees users consistent and predictable performance by scaling automatically and without interruption.
The viewing experience provided by the customizable Amazon IVS Low Latency Player is superior to that of platforms that utilize proprietary video players. In addition, the Trackflix library comprises a Content Management System (CMS) that provides sophisticated functionalities to effectively manage and arrange video assets. What's more, the analytics capabilities of the platform have the potential to transform the way in which businesses comprehend user behavior. Trackflix's capability to offer comprehensive insights into audience engagement and preferences revolutionizes the streaming industry, extending its utility beyond the realm of content management.
September 2023:
YouTube, which is owned by Google, announced in September 2023 that it would unveil YouTube Create, an AI-powered video editing application that would enable users to create and share videos on the platform. YouTube Create will include automatic narration, transitions, captioning, and precision editing and trimming, the company announced in a blog post. Additionally, 'Dream Screen', a new feature that would enable users to insert an AI-generated image or video into their videos by simply typing an idea into the chat window, would be put to the test. Users could, for instance, enter "I want to be in Paris" and the application would display an image or video of themselves in the French capital that resembles reality.
A generative AI function within the application will assist users in generating video topic ideas and outlines in accordance with audience preferences and prevalent topics.In addition, the application will incorporate an AI-driven music recommendation system that enables users to provide a written synopsis of their video and receive suggestions for suitable audio tracks to incorporate. YouTube added that users will also be able to have their videos automatically translate into foreign languages.
Video Content Analytics Market Segmentation
Video Content Analytics Component Outlook
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Software
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Solution
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Services
Video Content Analytics Deployment Outlook
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On-Premises
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On-Cloud
Video Content Analytics Verticals Outlook
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BFSI
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Retail
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Healthcare
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Transportation
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Logistics
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Government
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Manufacturing
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Hospitality
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Entertainment
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Others
Video Content Analytics Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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