Video surveillance in banking plays a major role in carrying out safety-related operations. Public and private video surveillance systems assist in reducing crime rates and safeguarding premises areas by identifying number plates and determining faces. Moreover, video recording has become an integral tool in law procedures as it can be used for gathering evidence. Most businesses are also implementing video analytics to re-design their plans based on derived insights and are updating their product offerings based on induced consumer behavior patterns.
Increase in adoption of high-resolution cameras and the rise in demand for real-time event detection is boosting the growth of global video analytics in banking market. In addition, increase in the use of digital transformation technology positively impacts growth of the video analytics in banking market. However, government regulations related to CCTV surveillance & high cost, and increasing security concerns are hampering the video analytics in banking market growth. On the contrary, rising Innovations in the banking industry are expected to offer remunerative opportunities for expansion of the video analytics in banking market during the forecast period.
The video analytics in banking market is segmented on the basis of by component, deployment mode, application, and region. On the basis of component, the market is categorized into solution and service. On the basis of deployment mode, the market is fragmented into on-premise, and cloud. By application, it is classified into security and fraud detection, customer behavior analysis, queue management, ATM monitoring, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the video analytics in banking market are Axis Communications AB, AllGoVision Technologies Pvt. Ltd, bosch sicherheitssysteme gmbh, Wipro Limited, Eagle Eye Networks, Inc., IBM Corporation, Zhejiang Dahua Technology Co., Ltd, Grekkom Technologies, Senstar Corporation Inc., and Avigilon Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Increase in adoption of high-resolution cameras and the rise in demand for real-time event detection is boosting the growth of global video analytics in banking market. In addition, increase in the use of digital transformation technology positively impacts growth of the video analytics in banking market. However, government regulations related to CCTV surveillance & high cost, and increasing security concerns are hampering the video analytics in banking market growth. On the contrary, rising Innovations in the banking industry are expected to offer remunerative opportunities for expansion of the video analytics in banking market during the forecast period.
The video analytics in banking market is segmented on the basis of by component, deployment mode, application, and region. On the basis of component, the market is categorized into solution and service. On the basis of deployment mode, the market is fragmented into on-premise, and cloud. By application, it is classified into security and fraud detection, customer behavior analysis, queue management, ATM monitoring, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the video analytics in banking market are Axis Communications AB, AllGoVision Technologies Pvt. Ltd, bosch sicherheitssysteme gmbh, Wipro Limited, Eagle Eye Networks, Inc., IBM Corporation, Zhejiang Dahua Technology Co., Ltd, Grekkom Technologies, Senstar Corporation Inc., and Avigilon Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global video analytics in banking market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global video analytics in banking market trend is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Component
- Software
- Service
By Deployment Mode
- On-premise
- Cloud
By Application
- Others
- Security and Fraud Detection
- Customer Behavior Analysis
- Queue Management
- ATM Monitoring
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- AllGoVision Technologies Pvt. Ltd
- Avigilon Corporation
- Axis Communications AB
- Bosch Sicherheitssysteme GmbH
- Eagle Eye Networks, Inc.
- Grekkom Technologies
- IBM Corporation
- Senstar Corporation Inc.
- Wipro Limited
- Zhejiang Dahua Technology Co., Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VIDEO ANALYTICS IN BANKING MARKET, BY COMPONENT
CHAPTER 5: VIDEO ANALYTICS IN BANKING MARKET, BY DEPLOYMENT MODE
CHAPTER 6: VIDEO ANALYTICS IN BANKING MARKET, BY APPLICATION
CHAPTER 7: VIDEO ANALYTICS IN BANKING MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the video analytics in banking market was valued at $1.4 billion in 2022, and is estimated to reach $12.1 billion by 2032, growing at a CAGR of 24.7% from 2023 to 2032.Video analytics software enables banks and financial institutions to increase safety and situational awareness by harnessing their existing surveillance networks to enable security to respond to events as they unfold as well as search and filter video to accelerate post-event investigations. By aggregating video-generated data, finance organizations can extend the value of video to operational and marketing business units, with visibility into behavioral trends and footfall across bank branches in order to drive data-driven decision-making around optimizing customer service, building layouts, and security protocols.
Key factors driving the growth of the video analytics in banking market include increase in adoption of high-resolution cameras and the rise in demand for real-time event detection is boosting the growth of global video analytics in banking market. Increase in demand for real-time event detection may assist in analyzing live or recorded video streams to detect, classify and track behavior patterns and predefined objects, which may become key market driving factors. In addition, with the growth in demand for video analytics in banking solutions, various companies have established strategic alliances to increase their solutions offerings in real-time event detection solutions. For instance, in September 2021, DataCenter Inc. (DCI) partnered with DataVisor to empower community banks with real-time AI-powered fraud solutions and prevention capabilities and may capture more fraud, earlier, while enabling a secure and frictionless customer experience. Moreover, real-time analytics with high-performance capabilities may transform standard surveillance networks used in intelligent detection and alert systems for vehicles, static objects, and people. Furthermore, each organization such as private, public, and government organization deploys network links with varying bandwidths between cloud and IP cameras to compute large-scale videos for improved analytics. Real-time event detection has aided in reducing crimes, thefts, and other criminal activities while improving the overall social settings and international trade climate. Therefore, these are the factors driving the growth of the market.
The market also offers growth opportunities to the key players in the market. BFSI companies are increasing investment in machine learning and AI solutions to transform financial institutes’ management for providing enhanced services to the end users and to automate the necessary solutions. In addition, with rising complexity and competition in the BFSI market, the demand for industry-specific solutions increased to meet the goals of the companies and AI-powered video analytics tools are helping banks and other industries to enhance their security and upsurge their revenue opportunity, which is driving the growth of the market.
Furthermore, AI and business intelligence can assist financial institutes at various stages of risk management process ranging from identifying risk exposure, measuring, estimating, to assessing its effects. Moreover, increasing investments in AI and other technologies offer the potential to analyze video content in real-time, extract metadata, send out alerts, and provide actionable intelligence to security personnel or other systems, offering a far more streamlined and personalized customer experience, which is enhancing the growth of the market. In addition, major financial institutes such as Bank of America, JPMorgan, and Morgan Stanley, are investing heavily in HD security cameras, data mining, machine learning (ML), statistics, and AI technologies to develop video analytics solutions to detect flags such as money laundering techniques and for other fraud cases, which in turn is expected to provide lucrative opportunity for the growth of the market.
The video analytics in banking market is segmented on the basis of component, deployment mode, application, and region. On the basis of component, the market is categorized into solution and service. On the basis of deployment mode, the market is fragmented into on-premise, and cloud. By application, it is classified into security and fraud detection, customer behavior analysis, queue management, ATM monitoring, and others. Region wise, it is analyzed across North America (the U. S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include Axis Communications AB, AllGoVision Technologies Pvt. Ltd, bosch sicherheitssysteme gmbh, Wipro Limited, Eagle Eye Networks, Inc., IBM Corporation, Zhejiang Dahua Technology Co., Ltd, Grekkom Technologies, Senstar Corporation Inc., and Avigilon Corporation. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in October 2021, Senstar (Senstar Technologies' Company) launched a new sensor fusion engine which synthesizes data from multiple sensors to generate actionable information. The Senstar sensor fusion engine accesses low-level data to intelligently characterize potential risks and data synthesis that enables the system to achieve levels of performance that exceed those of the individual sensors.
Key Market Insights
By component, the software segment was the highest revenue contributor to the market, and is estimated to reach $7.44 billion by 2032, with a CAGR of 23.7%. However, the service segment is estimated to be the fastest growing segment with the CAGR of 26.5% during the forecast period.By application, the security and fraud detection segment dominated the global market, and is estimated to reach $2.94 billion by 2032, with a CAGR of 19.6%. However, the customer behavior analysis segment is expected to be the fastest growing segment with the CAGR 28.9% during the Video analytics in banking Market Forecast.
Based on region, North America was the highest revenue contributor, accounting for $514.74 million in 2022, and is estimated to reach $3.22 billion by 2032, with a CAGR of 20.5%.
Companies Mentioned
- AllGoVision Technologies Pvt. Ltd
- Avigilon Corporation
- Axis Communications AB
- Bosch Sicherheitssysteme GmbH
- Eagle Eye Networks, Inc.
- Grekkom Technologies
- IBM Corporation
- Senstar Corporation Inc.
- Wipro Limited
- Zhejiang Dahua Technology Co., Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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