The global Video Analytics Market size is estimated to be USD 7.1 billion in 2022 and is projected to reach USD 20.3 billion by 2027 during the forecast period, at a CAGR of 23.4%. The increasing investments and focus of governing institutions on public safety is one of the key factors driving the market growth.
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By application, the intrusion management segment is expected to account for the largest market size during the forecast period
The intrusion management segment is expected to account for the largest market share among services. Intrusion management involves monitoring incidents, such as intrusions in outdoor areas and perimeters, by deploying intrusion detection systems. Intrusion systems integrated with video analytics offer accurate and automated surveillance. Suppose an intruder breaks a pre-defined security rule. In that case, the automated intrusion management system generates a real-time alarm and a video of the event. It sends it to the VMS, allowing the concerned authorities to deliver fast and precise responses.
By Deployment Model, the cloud segment is expected to grow at a higher CAGR during the forecast period
The cloud segment is expected to account for a higher CAGR growth during the forecast period. Cloud deployment is offered through the internet and is hosted on the vendor’s server. Cloud-based video analytics is delivered through Video Analytics-as-a-Service (VAaaS). On the cloud infrastructure, VAaaS provides improved accuracy, real-time monitoring and alerts, real-time operations, better utilization of staff members, multiple deployment types based on client requirements, cloud data availability, and upgradation functionality.
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The key market players dominating the video analytics market include Avigilon (Canada), Axis Communications (Sweden), Cisco (US), Honeywell (US), IBM (US), AllGoVision (India), Genetec (Canada), IntelliVision (US), Gorilla Technology (Taiwan), and intuVision (US). These players have adopted various strategies, such as new product launches and enhancements, partnerships, collaborations, and acquisitions, to grow in the market.
Avigilon provides video analytics, network management, hardware and software, surveillance cameras, and access control solutions. In the video analytics market, Avigilon offers video management software and services with built-in cloud, facial recognition, access control unification, and attention interface technologies to bring the correct information to make appropriate business decisions. The company offers video management software, Avigilon Control Center (ACC), and Appearance Search and Unusual Motion Detection technologies. In October 2020, Avigilon launched its new H5 camera platform, including H5 Pro, H5A-Pan-Tilt-Zoom, and H5-A-corner camera. The integrated next-generation video analytics offers better object detection, usual activity detection, pandemic response technologies, and Avigilon appearance search technology to track critical events.
Axis Communications provides intelligent security solutions specializing in network videos, IP video surveillance, and IP cameras. In the video analytics market, Axis Communications offers several video analytics applications, such as the Axis Camera Application Platform (ACAP), an open analytics development platform. ACAP is an open platform that includes a wide range of Axis analytics solutions, from cameras and speakers to access control solutions. In February 2022, Axis Communications launched its Axis camera station to ensure hassle-free management of a single site with video-verified access control.
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