Report : North America 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 22.3% CAGR, the North America Video Analytics Market is speculated to be worth US$ 8820.40 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America video analytics market was valued at US$ 2,630.10 million in 2022 and is expected to reach US$ 8,820.40 million by 2028, registering an annual growth rate of 16.8% from 2022 to 2028. Growing adoption of IP-based security systems is public safety applications and increasing demand for teal-time monitoring.
IP-based surveillance systems, high-resolution IP cameras, and network video recorders are increasingly being used in video management systems. An increase in IP infrastructure, a rise in tele density, and a demand for remote access are the factors encouraging developments in IP-based security solutions. As a result, companies in the video analytics market are expanding their product portfolios to include IP-based security cameras with integrated video analytics functions. For example, in October 2020, Bosch released "IP 3000i Cameras" with a built-in video analytics system. The integration of IP-based security cameras with video analytics enables remote access, smart data capture, blocked emergency exit or queue notifications, intrusion detection, crowd management, and facial recognition. IP-based security cameras are used in retail spaces for behavior analytics and demographics. Thus, the need for video analytics solutions is growing with the elevating deployment of IP-based security cameras across various sectors. Because it is prone to a variety of mishaps and crimes, the public transportation industry is seeing significant government investments in public safety. According to Axis Communications' poll, 97 percent of respondents from 30 nations have security cameras installed in their vehicles. In addition, various institutes and businesses are collaborating to develop innovative solutions. This is expected to drive the market during the forecast period.
On the contrary, concerns regarding cybersecurity hurdles the growth of North America video analytics market.
- Based on Component, the North America video analytics market is divided into solution and service. The solution video analytics segment held 78.8% market share in 2022, amassing US$ 2,073.02 million. It is projected to garner US$ 7,157.39 million by 2028 to expand at 22.9% CAGR during 2022–2028.
- Based on Deployment, the North America video analytics market is categorized into on premise and cloud based. The cloud-based segment held 55.8% market share in 2022, amassing US$ 1,467.84 million. It is projected to garner US$ 5,106.56 million by 2028 to expand at 23.1% CAGR during 2022–2028.
- Based on Application, the North America video analytics market is categorized into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. The crowd management segment held 27.9% market share in 2022, amassing US$ 733.37 million. It is projected to garner US$ 2,578.17 million by 2028 to expand at 23.3% CAGR during 2022–2028.
- Based on Vertical, the North America 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 25.9% market share in 2022, amassing US$ 682.19 million. It is projected to garner US$ 2428.88 million by 2028 to expand at 23.6% CAGR during 2022–2028
- Based on country, the North America video analytics market has been categorized into the US, Canada, and Mexico. Our regional analysis states that US captured 84.3% market share in 2022. It was assessed at US$ 2,216.65 million in 2022 and is likely to hit US$ 7,532.62 million by 2028, exhibiting a CAGR of 22.6% during the forecast period.
Key players dominating the North America Video analytics market are Avigilon Corporation; AXIS COMMUNICATIONS; Agent Video Intelligence Ltd.; Honeywell International Inc.; AllGoVision Technologies Pvt. Ltd.; Dahua Technology Co., Ltd; Hangzhou Hikvision Digital Technologies Co., Ltd.; Huawei Technologies Co., Ltd.; NEC Corporation; and BriefCam, among others.
- In May 2021, Dahua Technology Unveils Upgraded WizMind to Enhance AI Experience.
- In Mar 2022, Huawei Thailand receives prestigious Prime Minister Award as Digital International Corporation of the Year.
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