Report : Europe 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 21.2% CAGR, the Europe Video Analytics Market is speculated to be worth US$ 6,268.86 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe video analytics market was valued at US$ 1,982.62 million in 2022 and is expected to reach US$ 6,268.86 million by 2028, registering an annual growth rate of 21.2% from 2022 to 2028. Increasing adoption of IP-based security systems is public safety applications and growing demand for teal-time monitoring.
The rising availability of cameras with high resolutions, such as 4K or 8K, allows businesses to perform more precise and sophisticated video analyses. High resolutions aid in the correct identification and analysis of objects/people in crowds, triggering alerts when circumstances are ticked. These high-resolution cameras are also capable of filtering and searching videos and extracting insights from video information. Owing to high resolution, improved vision angle, sustainability, and technology compatibility, high-definition (HD) cameras are increasingly being used in the security business. Furthermore, higher pixel characteristics provide superior digital zoom capabilities to improve long-range vision, thereby favoring the detailed analysis of the behavior of people, crowds, and vehicles. This is expected to drive the market during the forecast period.
On the contrary, consideration regarding cybersecurity hurdles the growth of Europe video analytics market.
- Based on Component, the Europe video analytics market is divided into solution and service. The solution video analytics segment held 76.1% market share in 2022, amassing US$ 1,508.53 million. It is projected to garner US$ 4,849.56million by 2028 to expand at 21.5% CAGR during 2022–2028.
- Based on Deployment, the Europe video analytics market is categorized into on premise and cloud based. The cloud-based segment held 64.0% market share in 2022, amassing US$ 1268.61 million. It is projected to garner US$ 4,136.17 million by 2028 to expand at 21.8% CAGR during 2022–2028.
- Based on Application, the Europe video analytics market is categorized into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. The crowd management segment held 31.2% market share in 2022, amassing US$ 617.84 million. It is projected to garner US$ 2,062.25 million by 2028 to expand at 22.2% CAGR during 2022–2028.
- Based on Vertical, the Europe 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 24.4% market share in 2022, amassing US$ 482.79 million. It is projected to garner US$ 1626.69 million by 2028 to expand at 22.4% CAGR during 2022–2028
- Based on country, the Europe video analytics market has been categorized into the Germany, UK, France, Italy, Russia, and Rest of Europe. Our regional analysis states that UK captured 30.5% market share in 2022. It was assessed at US$ 605.23 million in 2022 and is likely to hit US$ 2064.96 million by 2028, exhibiting a CAGR of 22.7% during the forecast period.
Key players dominating the Europe 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 2021, Agent Vi Partners with Axis to Offer Video Surveillance Solutions.
- In Sep 2020, Honeywell Deploys Video Analytics and AI to Help Building Owners Comply with Social Distancing and Mask Guidelines.
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