As per the current market research conducted by the CMI Team, the global Intelligent Video Analytics System Market is expected to record a CAGR of 21.4% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 10.1 Billion. By 2032, the valuation is anticipated to reach USD 57.1 Billion.
Intelligent Video Analytics System Market: Growth Factors and Dynamics
- Urbanization and Smart Cities: The shift towards urbanization and the evolution of smart cities are driving the demand for Intelligent Video Analytic Systems. These systems are pivotal in bolstering urban security, optimizing traffic management, and enhancing overall urban living standards, especially in densely populated areas. As more cities invest in becoming “smart,” the demand for video analytics solutions continues to rise.
- Rising Security Concerns: The increasing security threats and the growing need for advanced surveillance solutions are fundamental drivers behind the expansion of the Intelligent Video Analytics System Market. Businesses, governments, and organizations are increasingly turning to real-time video analysis to elevate their security measures and bolster their capacity to respond effectively to security incidents.
- Advancements in Artificial Intelligence (AI): AI and machine learning technologies are improving video analytics, enabling systems to identify and respond to complex events, such as anomalies or potential security breaches, with greater accuracy.
- IoT Integration: The integration of Intelligent Video Analytics with the Internet of Things (IoT) is a significant trend. This allows for the monitoring and analysis of video data from various IoT devices, further enhancing security and operational efficiency.
- Industry-Specific Applications: The market is experiencing growth due to industry-specific applications. Sectors like retail, healthcare, and transportation are implementing video analytics for various purposes, such as customer insights, patient monitoring, and traffic management.
- Cost-Efficiency: The use of Intelligent Video Analytic Systems can reduce the cost of human monitoring and enhance operational efficiency. This cost-efficiency is a driving factor for its adoption across industries.
- Real-Time Decision Making: The ability of Intelligent Video Analytic Systems to provide real-time insights and decision-making support is a significant growth factor. This capability is essential for sectors like law enforcement, where rapid responses to security incidents are crucial.
- Integration with Existing Infrastructure: Many businesses and organizations are adopting video analytics that can seamlessly integrate with their existing surveillance infrastructure, reducing the need for a complete system overhaul. This ease of integration is driving market growth as it appeals to cost-conscious customers.
- Growing Concerns about Public Safety: The increasing concerns about public safety, driven by events such as natural disasters, accidents, and acts of violence, are propelling the demand for Intelligent Video Analytic Systems. These systems offer enhanced monitoring and real-time threat detection, helping authorities and organizations respond more effectively to safety-related incidents.
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Intelligent Video Analytics System Market: Partnership and Acquisitions
- In 2021, Senstar Corporation collaborated with IPVideo Corporation to integrate its Senstar Symphony Common Operating Platform into the HALO IoT Smart Sensor. This integration simplifies alert notifications for HALO users when Symphony data detects abnormal levels or ranges related to vaping, chemicals, gunshots, air quality, and health.
- In 2021, IBM acquired myInvenio, an Italian process mining software company, enhancing its AI-powered automation capabilities for business automation. This acquisition expands IBM’s offerings, providing customers with a comprehensive suite of tools for process optimization and automation.
- In 2020, Cisco Systems, Inc. acquired Modcam, a video analytics company, with expectations of bolstering the analytical capabilities of Cisco Meraki MV smart cameras. This integration will provide users with micro-level data insights, enhancing their monitoring and decision-making capabilities.
Intelligent Video Analytics System Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Intelligent Video Analytic System Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Delay in Implementation: The pandemic led to delays in the implementation of video analytic projects as many businesses and organizations shifted their priorities and budgets to address immediate health and safety concerns.
- Reduced Capital Expenditure: Economic uncertainties during the pandemic caused some organizations to reduce capital expenditure, affecting investments in advanced video analytic systems.
- Resurgence of Security Concerns: The pandemic underscored the need for advanced security and surveillance solutions, resulting in a resurgence of interest in intelligent video analytics for public health monitoring, social distancing enforcement, and overall security enhancement.
- Remote Monitoring: The adoption of remote monitoring solutions using video analytics increased, allowing businesses to maintain security and operational continuity during lockdowns and social distancing measures.
- Integration with Health and Safety Protocols: Intelligent video analytics are increasingly integrated into health and safety protocols for monitoring mask compliance, social distancing, and temperature checks, making them an integral part of pandemic management.
- Emphasis on Operational Efficiency: Organizations are leveraging video analytics to enhance operational efficiency, which is critical in post-pandemic recovery. These systems are used for crowd management, occupancy tracking, and optimizing resource allocation.
- Customized Solutions for Health Compliance: The post-COVID market has seen a surge in the development of customized video analytic solutions to ensure health compliance, including the tracking of mask-wearing and social distancing in public spaces, workplaces, and transportation hubs.
- Hybrid Work Environments: The adoption of video analytics in monitoring and securing hybrid work environments (a mix of remote and on-site work) has increased. These systems assist in ensuring the safety and security of both remote and in-office employees, contributing to the recovery of the market.
List of the prominent players in the Intelligent Video Analytics System Market:
- IBM Corporation
- Cisco Systems Inc.
- Honeywell International Inc.
- Axis Communications AB
- Genetec Inc.
- Bosch Security Systems
- Avigilon Corporation
- Agent Video Intelligence Ltd.
- ObjectVideo Inc.
- Qognify Ltd.
- VCA Technology Ltd.
- Verint Systems Inc.
- BriefCam Ltd.
- PureTech Systems Inc.
- iOmniscient Pty Ltd.
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