Video Analytics Market Overview:
Global Video Analytics Market was valued at $2,745 million in 2016, and is estimated to reach $13,381 million by 2023, growing at a CAGR of 25.7% from 2017 to 2023. Video analytics enables the industries to detect the anomalies automatically and track the system on a real-time basis. Video analytics provides facial recognition, object identification, object detection, and perimeter intrusion detection. The global video analytics market is expected to witness significant growth rate, due to the rise in smart cities expenditure by governments of various developed and developing regions, including North America, Europe, and Asia-Pacific.
The European video analytics market is expected to register the highest CAGR during the forecast period. Global vendors are investing heavily in the video analytics market to improve the overall video analytics solution offering to ensure efficient and effective video management system. Developing countries such as China, India, Japan, and Australia invest heavily in building smart cities, which offers lucrative opportunities for video analytics market players. Moreover, increase in terrorist activities and recent initiatives by the European government related to video surveillance in public area are the key drivers for the growth of European video analytics market.
Increase in demand for retail analytics and vehicle plate recognition, and surge in crime & terrorism fuel the demand of video analytics market across North America and Europe. However, LAMEA is expected to account the least market share in the global video analytics market as compared to other regions, due to slow ICT expenditure and high investment on travel & tourism. Furthermore, Middle East and Africa are expected to gain traction, but the growth is expected to be stable during the forecast period.
Video Analytics Market Segmentation
The global video analytics market is segmented on the basis of component, application, deployment model, industry vertical, and geography. On the basis of component, it is bifurcated into software and services. On the basis of application, it is categorized into facial recognition & detection, incident detection, perimeter intrusion detection, crowd detection & management, traffic & parking management, and others. The deployment models included are cloud and on-premises. On the basis of industry vertical, it is divided into transportation, BFSI, retail, government, manufacturing, energy & utilities, critical infrastructure, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the report are 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., and Quognify. The report discusses the key strategies adopted by the companies and the detailed analysis of the current trends, upcoming opportunities, and restraints in the global video analytics market in addition to their impacts.
Top Impacting Factors
Increase in Demand for IP-Based Security Systems
Enterprises globally focus on the optimal use of resources and improvement in productivity, which is expected to boost the video analytics market growth in future.
Growth in Concern Over Public Safety & Security
There is an increase in the adoption of cloud, computing services, connected devices, and video surveillance by the government organizations to build smart cities and combat crime & terrorism.
Increase in Volume of Unstructured Video Data
Cameras, unmanned aerial vehicles (UAVs), and drones are utilized to capture a large volume of the video data. Industries such as manufacturing, transportation, BFSI, and others are using video surveillance systems to track and monitor the production processes.
High Initial Investment Cost on Systems & Infrastructure
Traditionally, companies use analog-based security systems that require different hardware for storage and installation. Edge-based video analytics minimizes video processing in the back end and reduces the video processing timing.
Growth in Requirement of Business Intelligence and Insights
The need for behavior analysis, situation awareness, and crowd management is expected to drive the video analytics market in the future.
- In-depth analysis of the global video analytics market and its dynamics is provided to understand the market scenario.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on the prevailing opportunities.
- Porters five forces analysis examines the competitive structure o and provides a clear understanding of the factors that influence the global video analytics market entry and expansion.
- A detailed analysis of the geographical segments enables the identification of profitable segments for market players.
- Comprehensive analysis of the trends, sub-segments, and key revenue pockets is provided.
Video Analytics Market Key Segments:
- Facial Recognition & Detection
- Incident Detection
- Perimeter Intrusion Detection
- Crowd Detection & Management
- Traffic & Parking Management
By Deployment Model
By Industry Vertical
- Energy & Utilities
- Critical Infrastructure
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East