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Video Analytics Market is anticipated to reach US$ 18.3 Bn by 2028, Likely to Grow with a CAGR of 20.6 % During the Forecast Period.
Video analytics could be a computerized processing and automatic analysis of the video content generated, collected, or monitored during video surveillance. An oversized volume of video data is produced through video surveillance in industries, city surveillance, and through social media and sites, and it also requires many spaces for storage. Video analytics automates video surveillance process by delivering high-end benefits to users with reduced cost and efficient service delivery.
Growing demand for industrial automation drives video analytics across various industries such as financial services, banking, retail, manufacturing, airports, and others. Furthermore, the rise in demand for IP-based security systems and infrastructure, and an increase in concern over safety and security to life also as assets, are expected to fuel the video analytics market growth during the forecast period
By Component, the Software Segment is expected to Register Highest CAGR during the Forecast Period.
The demand for video analytics software is being compelled by its capability to be combined with the originally deployed analog, megapixel cameras within formations, or IP, thereby removing the requirement for the deployment of extra hardware. The main features offered by video analytics software include people counting, tamper detection, motion detection, ALPR, and auto-track detection. Vendors provide advanced video analytics solutions and services with a choice to tailor the offerings supported specific business requirements. This leads to enhanced productivity of organizations and better delivery of results to clients.
By Deployment, the On-Premises Segment is expected to register the Highest Market Share during the Forecast Period.
In the case of on-premises deployment, video analytics is implemented behind an organization’s firewall with a server-based or an edge-based architecture for various application areas. Many organizations are deploying on-premises video analytics, due to privacy and security concerns over confidential data. A serious advantage of installing on-premises deployment of video analytics is that the businesses can customize and modify the hardware supported their requirements and security purpose.
By End User, Critical Infrastructure Vertical is projected to hold the key share in Global Video Analytics Market in 2019
Critical infrastructure covers oil and gas plants, nuclear facilities, industry, and other hazardous locations. In line with an increasing demand for a highly secure environment and therefore the proliferation of cost-effective video surveillance, the demand for video analytics in critical infrastructure security has been increasing significantly. Many other benefits of the video analytics market for critical infrastructure contain better-quality perimeter protection and operating efficiencies, compact OPEX, and reduced need for data space for storing.
The Video Analytics market in North America held a Significant Market Share in 2018.
In terms of region, the Video Analytics market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to carry the most important market size within the global video analytics market in 2018, and APAC is projected to be the fastest-growing region during the forecast period. North America is a developed market in terms of technology implementation, due to numerous factors, like advanced IT infrastructure, standards regulation, presence of the many enterprises, and therefore the accessibility of proficient technical expertise. The US and Canada are expected to contribute significantly to the expansion of the market in North America.
Key providers of Video Analytics are focusing on expanding by forming strategic alliances with peers in order to establish themselves as distinguished players in the global Video Analytics market. Key industry players such as Aventura Technologies, Inc., Quognify, AllGoVision Technologies Pvt. Ltd, Axis Communications AB, Honeywell International, Inc., Cisco Systems, Inc., IBM Corporation, PureTech Systems, Inc., Intellivision, Verint Systems, Inc., among others.
- On Cloud
- Incident Detection
- Intrusion Management
- People/Crowd Counting
- Traffic Monitoring
- Automatic Number Plate Recognition
- Facial Recognition
- City Surveillance
- Critical Infrastructure
- Hospitality and Entertainment
- Defense and Border Security
- Retail and Consumer Goods
- Traffic Management
- Others (Healthcare and Life Sciences, and Construction)
- North America
- Latin America
- Asia- Pacific (APAC)
- The Middle East and Africa (MEA)