Canada Video Analytics in Banking Market Size, Share, and COVID-19 Impact Analysis, By Component (Software and Service), By Deployment Mode (On-premise and Cloud), By Application (Security and Fraud Detection, Customer Behaviour Analysis, Queue Management, and ATM Monitoring), and Canada Video Analytics in Banking Market Insights, Industry Trend, Forecasts to 2033.

Canada Video Analytics in Banking Market Insights Forecasts to 2033

• The Canada Video Analytics in Banking Market is Growing at a CAGR of 24.77% from 2023 to 2033
• The Canada Video Analytics in Banking Market Size is Expected to Reach a Significant Share by 2033

The Canada Video Analytics in Banking Market is anticipated to reach a significant share by 2033, growing at a CAGR of 24.77% from 2023 to 2033

Market Overview

Canada video analytics in banking market refers to the integration of video surveillance systems with advanced analytics to enhance security, operational efficiency, and customer experience within financial institutions. Leveraging AI, machine learning, and facial recognition technologies, banks use video analytics to monitor customer behaviours, detect fraud, optimize branch layouts, and streamline service delivery. These systems help in real-time monitoring of high-risk areas like ATMs and branches, improving both physical security and customer interactions. The market presents significant opportunities, particularly in enhancing fraud detection, customer behaviour analysis, and queue management. As the banking sector increasingly moves toward digitization, video analytics provides banks with actionable insights that drive business decisions, improve resource allocation, and offer personalized services to customers. Additionally, the adoption of these systems can lead to cost savings by optimizing branch operations and staffing levels based on traffic patterns.

Report Coverage

This research report categorizes the market for the Canada video analytics in banking market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada video analytics in banking market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada video analytics in banking market.

Driving Factors

Video analytics allows real-time monitoring of branch activities, identifying suspicious behavior, and preventing criminal activities, such as ATM fraud or unauthorized access. Another driving factor is the demand for operational efficiency; banks are leveraging video analytics to optimize branch operations, improve staffing levels based on customer traffic patterns, and reduce wait times.

Restraining Factors

Challenges such as privacy concerns, regulatory compliance, and the high initial investment for advanced technology remain.

Market Segmentation

The Canada video analytics in banking market share is classified into component, deployment mode, and application.

• The software segment accounted for the major share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The Canada video analytics in banking market is segmented by component into software and service. Among these, the software segment accounted for the major share in 2023 and is expected to grow at a significant CAGR during the forecast period. The growth is driven by the increasing adoption of AI-powered video analytics solutions that provide banks with real-time insights, enhanced fraud detection capabilities, and improved customer experience management. Software solutions that incorporate features like facial recognition, behavior analysis, and predictive analytics are in high demand as financial institutions seek to optimize their operations and ensure better security.

• The on-premise segment accounted for the leading revenue share in 2023 and is expected to grow at a remarkable CAGR during the forecast period.

The Canada video analytics in banking market is segmented by deployment mode into on-premise and cloud. Among these, the on-premise segment accounted for the leading revenue share in 2023 and is expected to grow at a remarkable CAGR during the forecast period. The growth is primarily due to the security-sensitive nature of the banking industry, where many financial institutions prefer to keep their video analytics systems within their own infrastructure. On-premise solutions offer greater control over data security and compliance, ensuring that sensitive customer information is protected in line with regulatory requirements.

• The security and fraud detection segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The Canada video analytics in banking market is segmented by application into security and fraud detection, customer behaviour analysis, queue management, and ATM monitoring. Among these, the security and fraud detection segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The growth is driven by the increasing need for enhanced security measures in the banking sector to combat rising financial crimes such as fraud and identity theft. Video analytics plays a key role in identifying suspicious activities, monitoring customer interactions, and detecting anomalies in real time.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada video analytics in banking market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Wipro Limited
• AllGoVision Technologies Pvt. Ltd
• IBM Corporation
• Senstar Corporation Inc.
• Bosch Sicherheitssysteme GmbH
• Zhejiang Dahua Technology Co., Ltd
• Avigilon Corporation
• Axis Communications AB
• Grekkom Technologies
• Eagle Eye Networks, Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2024, Genetec launched an updated version of its Security Center software, which combines video surveillance with machine learning-driven analytics. The new features include crowd density monitoring and real-time incident alerts designed to help banks better manage both security and customer interactions. The upgrade also includes the ability to track customer movements in the branch, providing insights into customer preferences and pain points.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada video analytics in banking market based on the below-mentioned segments

Canada Video Analytics in Banking Market, By Component

• Software
• Service

Canada Video Analytics in Banking Market, By Deployment Mode

• On-premise
• Cloud

Canada Video Analytics in Banking Market, By Application

• Security and Fraud Detection
• Customer Behaviour Analysis
• Queue Management
• ATM Monitoring