According to a recent report published by Allied Market Research, titled,"Video Analytics Market by Component, Deployment, Organization Size, and Applications: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global video analytics market was valued at $3,107.00 million in 2017 and is projected to reach $14,443.00 million by 2025, growing at a CAGR of 21.4% from 2018 to 2025.
Global video analytics market trends include increase in demand for industrial automation, which is driving the demand for video analytics across numerous industries such as, BFSI, retail, airports, manufacturing, and others. Also, the demand for IP-based security systems and infrastructure, and growth in concerns over safety and security to life as well as assets are the factors fueling the market during the forecast period. Moreover, rise in requirement for business intelligence and insights are expected to provide major opportunities for the market growth in near future. However, increase in number of false alarms during bad weather or poor lightning conditions and the high cost of initial installment are anticipated to hamper the market growth.
Furthermore, rise in requirement of business intelligence and insights, and increase in need of edge-based analytics to recognize and profile applications are the major factors expected to provide opportunities for the market growth in the upcoming years.
Based on component, the software segment dominated the overall video analytics market size in 2017 and is expected to remain dominant during the forecast period. Also, the services segment is expected to exhibit significant growth rate due to increase in adoption of digital technologies across the various industries and need to provide enhanced as well as better services.
North America dominated the overall video analytics market in 2017 and is expected to remain dominant during the forecast period, due to growth in demand for public safety and increase in needs of actionable insights. For instance, the U.S. government is heavily investing in video analytics technology to develop smart city solutions such as waste management sensors, smart logistics, vehicle fleet communication, and broadband infrastructure. Furthermore, Asia-Pacific is expected to exhibit the highest growth rate throughout the forecast period.
Key Findings of the Video Analytics Market:
- Based on deployment type, the cloud segment is expected to exhibit significant growth rate in the global video analytics market size during the forecast period. The growth of this segment is mainly attributed to low investment, ease of use, and low maintenance cost.
- Based on organization size, the large enterprises segment generated the highest revenue for video analytics market share in 2017, the growth in need to safeguard data along with rise in awareness of security events boosts the growth of the video analytics market across large enterprises. For instance, several video analytics industry players such as IBM Corporation, Cisco Systems, Inc., and Verint Systems, Inc., are offering solutions to cater to the need of video analysis for various user types, including small & medium enterprises (SMEs) and large enterprises.
- Based on application, the retail sector dominated the overall video analytics market in 2017 and is expected to exhibit significant growth during the forecast period. The growth of this sector is mainly attributed to the increase in need to monitor consumer behavior, buying criteria, the pattern of product selection, and time spending on particular sections in the retail industry. In addition, growth in requirement of solutions for customer engagement, queue management, loss prevention, and store optimization is also driving the need of video analytics in the retail industry.
Some of the key players in the video analytics market that are profiled in the report include AllGoVision Technologies Pvt. Ltd, Aventura Technologies, Inc., Axis Communications AB, Cisco Systems, Inc., Honeywell International, Inc., IBM Corporation, Intellivision, PureTech Systems, Inc., Verint Systems, Inc., Quognify, and others.