Intelligent Video Analytics Systems Market Size, Share, Growth, And Industry Analysis, By Type (Camera-based Systems & Server-based Systems), By Application (BFSI Sector, Government, Industrial Sector, Retail Sector, Transportation, & Others) Regional Insights and Forecast to 2031

Updated On: 15 April 2024

INTELLIGENT VIDEO ANALYTICS SYSTEMS MARKET REPORT OVERVIEW

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The global Intelligent Video Analytics Systems market size was valued at USD 2934.8 million in 2022 and will reach USD 9548.85 million by 2031, at CAGR of 14.0% during the forecast period. 

Intelligent Video Analytics (IVA) systems leverage advanced technologies such as artificial intelligence, computer vision, and machine learning to analyze and interpret video data. These systems enable automated monitoring, analysis, and understanding of video content, providing valuable insights and actionable information. IVA systems are used in various industries and applications, including security and surveillance, retail, healthcare, transportation, and more. 

The market for Intelligent Video Analytics (IVA) systems has been growing steadily, driven by advancements in technology, increased demand for surveillance and security solutions, and the expansion of applications in various industries.

COVID-19 Impact: Market Faced a Rise in Demand Due to Increased Demand for Security Solutions During the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the Intelligent Video Analytics Systems market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The heightened focus on public health and safety during the pandemic has led to increased demand for intelligent video analytics in security and surveillance applications. Organizations, businesses, and public spaces have sought advanced video analytics systems to monitor and enforce health and safety protocols.

Latest Trends

"Integration of Integration with IoT (Internet of Things) to Bring Efficiency in the Market"

The Intelligent Video Analytics Systems market is as dynamic as any other market. Integration with IoT devices has become more prevalent, allowing for a more comprehensive approach to data analysis. Video analytics systems can be combined with data from other sensors and devices to provide a holistic view of a given environment.

Intelligent Video Analytics Systems Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into camera-based systems and server-based systems.

In terms of services, server-based systems is the largest segment. Server-based systems are a key component in Intelligent Video Analytics Systems (IVAS). These systems leverage server infrastructure to process and analyze video data, enabling advanced functionalities such as real-time analytics, object detection, behavior analysis, and more. 

• By Application Analysis

Based on application, the market can be divided into BFSI sector, government, industrial sector, retail sector, transportation, and others.

In terms of services, the retail sector is the largest segment. Intelligent Video Analytics Systems (IVAS) have found widespread applications in the retail sector, offering a range of capabilities that contribute to enhanced customer experience, operational efficiency, and overall store management.

Driving Factors

"The Growing Security Concerns have Increased Demand in the Market"

Increasing concerns about security and the need for advanced surveillance solutions to protect assets, infrastructure, and people drive the demand for Intelligent Video Analytics Systems. These systems enhance security measures by providing real-time monitoring and threat detection. Intelligent Video Analytics Systems are crucial for real-time threat detection and prevention. As security concerns increase, organizations and authorities seek advanced solutions that can monitor and analyze video data to identify potential security threats, criminal activities, or suspicious behavior. The need for enhanced surveillance in public spaces, critical infrastructure, transportation hubs, and commercial establishments has risen due to heightened security concerns. IVAS provides the capability to monitor large areas efficiently, enabling a proactive approach to security.

"The Smart City Initiatives have Influenced the Demand in the Market"

The global push towards creating smart cities, with an emphasis on leveraging technology for improved urban living, has fueled the demand for Intelligent Video Analytics. Video analytics plays a crucial role in areas such as traffic management, public safety, and infrastructure monitoring within smart city frameworks. Smart city initiatives drive the demand for Intelligent Video Analytics Systems (IVAS) by leveraging advanced technologies to enhance urban living, improve efficiency, and address various challenges. In this way this factor resulted in Intelligent Video Analytics Systems market growth.

Restraining Factors

"High Initial Costs lead to a Declining Trend in the Market "

The deployment of Intelligent Video Analytics Systems often involves significant upfront costs, including the purchase of hardware, software, and the integration of the system with existing infrastructure. High initial investment costs can be a deterrent for some organizations. As a consequence, it can result in the decline of demand in the market.

Intelligent Video Analytics Systems Market Regional Insights

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"North America Region Dominates the Market owing to Strong Presence of Key Industry Players"

North America has the largest Intelligent Video Analytics Systems market share as it has been at the forefront of technological innovation. The region has a robust ecosystem of technology companies, research institutions, and startups focused on artificial intelligence, computer vision, and video analytics. This culture of innovation contributes to the development and adoption of advanced Intelligent Video Analytics Systems. Many major companies in the video analytics industry, including those specializing in artificial intelligence and computer vision, are headquartered or have a significant presence in North America. These companies contribute to the development and promotion of cutting-edge technologies in the IVAS market. Heightened security concerns in North America, driven by factors such as terrorism threats, urban crime, and the need for public safety, have led to increased investments in advanced surveillance and security technologies. Intelligent Video Analytics Systems play a crucial role in addressing these security challenges.

Key Industry Players

"Key Players Focus on Research & Development and Collaborations For Market Expansion"

Key players in the Intelligent Video Analytics Systems (IVAS) market are typically companies that are at the forefront of developing, manufacturing, and providing advanced video analytics solutions. These companies play a crucial role in shaping the industry, driving innovation, and meeting the diverse needs of customers across various sectors. Key players invest significantly in research and development to stay at the cutting edge of technology. They work on advancing algorithms, enhancing machine learning models, and improving the overall capabilities of Intelligent Video Analytics Systems.

This involves staying abreast of the latest developments in artificial intelligence, computer vision, and related fields. Companies in the IVAS market often engage in strategic partnerships and collaborations with other technology providers, system integrators, and industry stakeholders. These partnerships can enhance product offerings, expand market reach, and foster the development of comprehensive solutions. Many key players aim for global market expansion. This involves establishing a presence in different regions, adapting products to local requirements, and navigating the regulatory landscape of various countries.

List of Market Players Profile

• Panasonic
• Verint Systems
• Objectvideo, Inc.
• Advantech
• Infinova

INDUSTRIAL DEVELOPMENT

October 2022: Intelligent Video Analytics V2.5 is an enhanced version of intelligent video analytics system which has cognitive video capabilities. It comes with both fixed and moving cameras and several other new and better features.

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.