Video Analytics Market to Generate Revenue of $20.7 Billion by 2028 | Cisco, IBM and Honeywell are Holding More than 38% Market Share
Global video analytics market was valued at USD 5.12 billion in 2021, and it is expected to reach a value of USD 20.7 billion by 2028, at a CAGR of 21.05% over the forecast period (2022-2028).
Global video analytics market is flourishing and growing at an exponential rate. With the proliferation of smart devices such smartphones and IoT, we are being inundated with data that can be used to generate insights into various video activities. The growth prospects of the video analytics market are attributed to the increasing trend of online video viewership, as well as the growing demand for video intelligence and ad platforms that can track and monitor viewer behavior across multiple devices.
By the end of 2024, on average, each smartphone user is projected to consume at least 21GB data per month, which is at least 4 times higher than the amount consumed in 2018. This is further expected to support by rapidly growing number of smartphone subscriptions, which is set to increase by 45%, reaching a total of 7.2 billion. In addition, video streaming services are becoming increasingly popular in developed countries.
According to a report by the SkyQuest on video analytics market, 47% of adults in the US use some type of streaming service, higher than any other country surveyed. This is largely due to the growth of video platforms such as Facebook, Instagram, TikTok, YouTube, Amazon Prime, Hulu, HBO, and Netflix, which are all witnessing expansive growth in their viewership base. In fact, mobile video traffic currently accounts for more than 55% of all internet traffic and is expected to reach 75% by 2028 with the advent of high-speed internet connectivity and 5G mobile services around the globe.
As per SkyQuest findings on global video analytics market, video analytics are being used for a variety of purposes including measurement and attribution, marketing research, media planning and targeting, and brand optimization. In addition to providing valuable insights, video analytics solutions make it possible to remediate any problems that may have arisen during the course of the viewer’s experience. By understanding what resonates with viewers, businesses can create more effective content while also reducing advertising costs.
Marketing Technology News: SocialPayMe Launches First NFT Marketplace On Blockchain For Influencers, Brands, and Followers
Businesses are Seizing Every Opportunity to Get Hands on Consumer Insights
There are a number of reasons why video analytics market is booming. First, there are now more digital cameras that capture video than ever before, which means there’s an ever-growing reservoir of video data that can be used for analysis. As businesses become more aware of the importance of consumer insights, they are turning to video analytics as a way to gather data about their customers. By using video analytics, businesses can track how customers interact with their products or services, and identify areas where they may need improvement.
In addition, SkyQuest has identified some of the benefits that businesses reap from video analytics include the ability to improve customer service, create better marketing campaigns, and optimize product offerings. By understanding how customers interact with their products, businesses can make informed decisions about how they should market their products or develop new products.
In order to get the most out of video analytics market, businesses need to have a clear understanding of how it works. by understanding what data is being collected and how it can be used, businesses can maximize the benefits that video analytics provide.
Analyst at SkyQuest has also stated that video analytics solutions are being deployed by various organizations to optimize and automate their video content consumption process. Furthermore, it has been observed that business-to-business (B2B) organizations are significantly leading the adoption of video analytics solutions due to their requirement for acquiring actionable insights from large volumes of video data.
However, some challenges faced by the video analytics market include lack of standardization in data collection methods and low adoption rates among end users. Moreover, deployment costs associated with video analytics solutions are also limiting their use among smaller organizations.
SkyQuest report on video analytics market provides a detailed market analysis, market forecast, leading players, their competitive landscape, and market share, among others.
Marketing Technology News: MarTech Interview With Dean Coclin, Sr. Director, Business Development at DigiCert
SkyQuest Study Reveals Cisco, IBM, and Honeywell are Holding More than 38% of Video Analytics Market
The top three largest players in the global video analytics market are Cisco, IBM, and Honeywell. These three companies are accounted for more than 38% of the market share in 2021 and are projected to hold the dominance in the years to come. Cisco has emerged as the leading player in the video analytics market, followed by IBM and Honeywell.
These companies are mainly competing against each other for customers in the industrial and security markets. Video analytics market is lucrative, and the companies that dominate it will have a large advantage over their competitors. SkyQuest Study suggests that Cisco, IBM, and Honeywell are able to innovate new products and services quickly, which help keep their customers happy and maintain their clienteles.
On the other hand, Facebook has been concentrating on building its own video analytic platform, While Google and Amazon are investing in creating or acquiring other video analytic tools such as Nielsen’s Watchtime product, Datalogix’s Vevo Insights product, and BrightRoll’s TubeMogul product respectively.
SkyQuest’s further analysis reveals that North America dominates the global video analytics market with a share of 59% followed by Europe at 24% and Asia Pacific at 17%, respectively. This is majorly attributed to increasing deployment of smart cameras and sensors, increasing adoption of video analytics solutions in various industries, and developments in artificial intelligence (AI) and machine learning algorithms. This isn’t surprising – as more and more businesses recognize the value of video data; vendors are rushing to develop new tools and services to help them make better informed decisions about how to use it in the global video analytics market.
SkyQuest has published a report on global video analytics market. The report provides a detailed market analysis, market segmentation, company profiles, SWOT analysis, pricing analysis, consumer behavior, and competitive landscape. The report would help the market participant in gaining valuable insights about market forecast, market dynamics, growth and marketing strategies of competitors, among other.
Marketing Technology News: How Marketers Can Contribute To Their Company’s Sustainability Goals
Top Players in Global Video Analytics Market
- Cisco Systems, Inc. (U.S.)
- Avigilon Corporation (Motorola Solutions, Inc.) (U.S.)
- Honeywell International Inc. (U.S.)
- Huawei Technologies Co Ltd. (China)
- IBM Corporation (U.S.)
- Robert Bosch GmbH (Germany)
- Canon Inc. (Axis Communications AB) (Japan)
- Genetec Inc. (Canada)
- AllGoVision Technologies Pvt Ltd. (India)
- IntuVision Inc. (U.S.)