Report : Asia Pacific Video Analytics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solution and Service), Deployment (On Premise and Cloud Based), Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others), and Vertical (BFSI, Education, Hospitality and Entertainment, Manufacturing, Defense and Border Security, Retail, Transportation and Logistics, and Others)
At 23.8% CAGR, the Asia Pacific Video Analytics Market is speculated to be worth US$ 5,564.99 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific video analytics market was valued at US$ 1,543.61million in 2022 and is expected to reach US$ 5,564.99 million by 2028, registering an annual growth rate of 23.8% from 2022 to 2028. Expanding adoption of IP-based security systems is public safety applications and improvement demand for teal-time monitoring.
Major companies in the video analytics market are continuously improving their offerings to gain a competitive advantage and meet the changing needs of end users. As a result, they are combining modern technologies such as artificial intelligence, deep learning, and machine learning with video analytics software. Furthermore, powerful AI-based video analytics solutions provided by video analytics market players provide an autonomous way to monitor and improve video content analysis in real time. Sprint, for instance, released "Curiosity Smart Video Analytics" in August 2019, combining technologies from Hitachi Vantara and Ericsson. Furthermore, the integration of these advanced technologies in video analytics can result in a considerable increase in accuracy, as well as a significant reduction in false alarms, which has been a weakness of video analytics in surveillance. Machine learning may also assist in the proper classification of photos and various objects. Thus, the integration of advanced technologies is likely to introduce new trends in the video analytics market during the forecast period. This is expected to drive the market during the forecast period.
On the contrary, consideration about cybersecurity hurdles the growth of Asia Pacific video analytics market.
- Based on Component, the Asia Pacific video analytics market is divided into solution and service. The solution video analytics segment held 73.5% market share in 2022, amassing US$ 1,135.26 million. It is projected to garner US$ 4,181.15 million by 2028 to expand at 24.3 % CAGR during 2022–2028.
- Based on Deployment, the Asia Pacific video analytics market is categorized into on premise and cloud based. The cloud-based segment held 66.3% market share in 2022, amassing US$ 1,023.69 million. It is projected to garner US$ 3,773.64 million by 2028 to expand at 24.3% CAGR during 2022–2028.
- Based on Application, the Asia Pacific video analytics market is categorized into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. The crowd management segment held 28.6% market share in 2022, amassing US$ 441.88 million. It is projected to garner US$ 1,655.38 million by 2028 to expand at 24.6% CAGR during 2022–2028.
- Based on Vertical, the Asia Pacific video analytics market is categorized into BFSI, education, hospitality and entertainment, manufacturing, defense and border security, retail, transportation and logistics, and others. The defense and border security segment held 25.2% market share in 2022, amassing US$ 388.39 million. It is projected to garner US$ 1487.17 million by 2028 to expand at 25.1% CAGR during 2022–2028
- Based on country, the Asia Pacific video analytics market has been categorized into the China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. Our regional analysis states that China captured 31.6% market share in 2022. It was assessed at US$ 487.78 million in 2022 and is likely to hit US$ 1803.06 million by 2028, exhibiting a CAGR of 24.3% during the forecast period.
Key players dominating the Asia Pacific Video analytics market are Avigilon Corporation; AXIS COMMUNICATIONS; Agent Video Intelligence Ltd.; Honeywell International Inc.; AllGoVision Technologies Pvt. Ltd.; Hangzhou Hikvision Digital Technologies Co., Ltd.; Huawei Technologies Co., Ltd.; NEC Corporation; and BriefCam, among others.
- In Oct 2020, Avigilon Introduces New Ecommerce Platform and Partner Portal.
- In Mar 2019, Axis introduces the new addition to its door station line.
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