Intelligent Video Analytics Systems Global Market Report 2024

The intelligent video analytics market size has grown rapidly in recent years. It will grow from $3.54 billion in 2023 to $4.07 billion in 2024 at a compound annual growth rate (CAGR) of 15%. The growth in the historic period can be attributed to increased data storage capacities, integration of edge computing, response to global health crises, and expansion of smart home and IoT technologies.

The intelligent video analytics market size is expected to see rapid growth in the next few years. It will grow to $7.17 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The forecasted growth in the upcoming period can be attributed to several factors, including the increasing prevalence of threats and incidents, urbanization and the implementation of smart city initiatives, the adoption of retail analytics, integration with IoT devices, and the growing demand for business intelligence. Major trends expected during this period include human-centric analytics, the use of explainable AI in video analytics, the application of deep learning for complex tasks, the customization and modularization of solutions, and the implementation of real-time anomaly detection.

The increasing demand for surveillance and security solutions is expected to drive the growth of the intelligent video analytics market. Surveillance and security solutions encompass a range of technologies and strategies designed to monitor and protect people, property, and information. Intelligent video analytics plays a crucial role in these solutions by using advanced algorithms and artificial intelligence to extract meaningful insights from video data, enhancing the overall effectiveness of surveillance and security measures. For example, Buddi Limited, a UK-based technology company, signed a £6 million contract with the UK government in August 2022 to use facial recognition smartwatches to monitor immigrants convicted of a criminal offense in the UK. This contract indicates a growing trend in the use of surveillance and security solutions through intelligent video analytics. As a result, the increased demand for surveillance and security solutions is propelling the growth of the intelligent video analytics market.

Major companies in the intelligent video analytics market are innovating with technologies such as artificial intelligence-based video analytics to maintain their competitive edge. These applications use machine learning and deep learning algorithms to analyze video data and derive actionable insights and conclusions. For example, in September 2022, Dallmeier Electronic GmbH & Co. KG, a Germany-based company specializing in video security technology solutions, launched Sedor AI, an artificial intelligence-based video analytics solution for maritime applications. Sedor AI is designed to identify vessels on unobstructed water surfaces, even in challenging environmental conditions such as waves and water reflections. The software complies with legal requirements such as the ISPS (International Ship and Port Facility Security) Code, assisting port operators and refineries in preventing illegal entry and related risks such as piracy and terrorist attacks.

In April 2023, Alarm.com, a US-based cloud-based services provider for smart home security and automation, acquired Vintra Inc. for an undisclosed amount. This acquisition is intended to enhance Alarm.com's position as a leader in video analytics and further develop its AI program. Vintra Inc., based in the US, is a video analytics company that offers AI models.

Major companies operating in the intelligent video analytics systems market report are Robert Bosch GmbH, Motorola Solutions Inc., Teledyne FLIR LLC, Hexagon AB, Advantech Co. Ltd., Axis Communications AB, Verint Systems Inc., Ambarella Inc., Genetec Inc., Cybernet Systems Corporation, Panasonic Corporation, International Business Machines Corporation, Evolv Technologies Holdings Inc., Infinova, Honeywell International Inc., Toyon Research Corporation, Intelligent Security Systems Corporation, Vivotek Inc., NetraDyne, Gorilla Technology Inc., Aventura Technologies Inc., AllGoVision Technologies Pvt. Ltd., Spot AI Inc., Irisity AB, Clarifai Inc., PureTech Systems Inc., Uncanny Vision Solutions Private Limited, Agent Vi Ltd., Objectvideo Inc., Aralia Systems Ltd.

North America was the largest region in the intelligence video analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the intelligent video analytics systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the intelligent video analytics systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Intelligent Video Analytics (IVA) systems involve the real-time or post-processing analysis of video data using artificial intelligence (AI) and computer vision techniques. These systems enhance surveillance capabilities by performing complex functions such as object detection, tracking, recognition, behavior analysis, and anomaly detection.

IVA systems can be broadly classified into camera-based and server-based systems. Camera-based systems utilize cameras or video cameras as the primary input source to collect visual data. This data is then processed and analyzed by intelligent algorithms to extract meaningful insights. Camera-based IVA systems encompass both hardware and software components and find applications in various sectors such as banking, financial services, and insurance (BFSI), government, industrial, retail, transportation, and others.

The intelligent video analytics market research report is one of a series of new reports that provides intelligent video analytics market statistics, including intelligent video system industry global market size, regional shares, competitors with intelligent video analytics market share, detailed intelligent video analytics market segments, market trends, and opportunities, and any further data you may need to thrive in the intelligent video analytics industry. This intelligent video analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The intelligent video analytics market includes revenues earned by entities by various systems, such as cloud-based applications and on-premises analytics, to provide global situational awareness and deep data processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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