Report : South 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 19.9% CAGR, the South America Video Analytics Market is speculated to be worth US$ 527.90 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America video analytics market was valued at US$ 177.42 million in 2022 and is expected to reach US$ 527.90 million by 2028, registering an annual growth rate of 18.7% from 2022 to 2028. Growing adoption of IP-based security systems is public safety applications and increasing demand for teal-time monitoring.
With advancements in AI engines, video data can now be used as a basis for predictive analytics. It can also be used for anticipating future market trends, patterns, and behaviors, making surveillance systems more intelligent and capable of making judgments. According to current video analytics trends, the video analytics technology has only scratched the surface of its potential and application. Advanced video content analytics is likely to be implemented at a much higher rate with the surge in demand for IoT and cybersecurity demand. The combination of powerful video content analytics and cybersecurity solutions is expected to open new opportunities for the market players. In addition, in many procedures, mobile cameras can be used in conjunction with video analytics software, which indicates the potential for the development of smartphone apps for video analytics. The growing use of video analytics systems presents considerable prospects for software and hardware makers, as well as service providers. To capitalize on new prospects, business models must be revisited and reshaped to meet current demands. Given the early stages and high potential of developing technologies like emotion AI, stakeholders must develop unique industrial use cases and find ways to stimulate early adoption. This is expected to drive the market during the forecast period.
On the contrary, concerns regarding cybersecurity hurdles the growth of South America video analytics market.
- Based on Component, the South America video analytics market is divided into solution and service. The solution video analytics segment held 75.2% market share in 2022, amassing US$ 133.35 million. It is projected to garner US$ 408.01 million by 2028 to expand at 20.5% CAGR during 2022–2028.
- Based on Deployment, the South America video analytics market is categorized into on premise and cloud based. The cloud-based segment held 58.3% market share in 2022, amassing US$ 103.36 million. It is projected to garner US$ 319.78 million by 2028 to expand at 20.7% CAGR during 2022–2028.
- Based on Application, the South 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 25.7% market share in 2022, amassing US$ 45.66 million. It is projected to garner US$ 142.98 million by 2028 to expand at 21.0% CAGR during 2022–2028.
- Based on Vertical, the South 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 27.1% market share in 2022, amassing US$ 48.00 million. It is projected to garner US$ 151.05 million by 2028 to expand at 21.1% CAGR during 2022–2028.
- Based on country, the South America video analytics market has been categorized into the Brazil, Argentina, and Rest of South America. Our regional analysis states that Brazil captured 70.7% market share in 2022. It was assessed at US$ 125.43 million in 2022 and is likely to hit US$ 384.81 million by 2028, exhibiting a CAGR of 20.5% during the forecast period.
Key players dominating the South America 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 Aug 2021, HIKCENTRAL PROFESSIONAL PLATFORM DELIVERS CENTRALIZED VIDEO AND ACCESS CONTROL SYSTEM MANAGEMENT AND ANALYSIS.
- In Mar 2022, Huawei Thailand receives prestigious Prime Minister Award as Digital International Corporation of the Year.
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