Global Video Analytics market 2019 – 2025 analysis examined in new market research report
Global Video Analytics Market is valued to reach USD 8.5 Billion by 2026, and is expected to grow at CAGR of 21.2% from 2020-2026. Rise in requirement of business intelligence, demand for intelligent video surveillance and application of video analytics for reducing crime rates through timely alerts about suspicious or unusual activities are key factors driving the market.
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Surveillance cameras are extensively deployed in public and private institution and facilities considering significant potential for safety and security. But surveillance becomes a limited practice in case of monitoring of large geographical areas and hence surveillance imagery is a term used for forensic science mass storing and data mining. This is a new paradigm shift in network camera and video analytics field since it offers high productivity and highly advanced site-wide security.
Network cameras are rapidly undergoing modifications and alterations to offer more functionality to video management services users and vendors. Advantages in using video analytics include higher quality resolution and high frame rates. Characteristics of network cameras such as enhanced capacity for data transfer, enlarged network identity, higher bit rate, high resolution and on cam analysis and storage are some of the direct features of video analytics. For instance, network cameras predominate government and institutional facilities in terms of surveillance. Moreover, network cameras have also established commercial sectors such as retail, manufacturing plants and healthcare for pervasive surveillance.
Video Analytics Market Trends, Drivers and Opportunities:
Video analytics market is driven by growing demand for high-resolution cameras and inclination of small and medium enterprises towards video monitoring and analytics. IP-based cameras are gaining a traction in the video analytics market owing to ease of internet availability and high connectivity. Images offered through high-resolution cameras are of good quality that can be accessed remotely. In addition, technological advancements is much likely to trigger advancements in the video analytics market. Moreover, the minimum costs of ownership and the need for high resolution and rising demand from non-security applications supported by government investments are some of the major drivers. Also, embedded edge-based video analytics is likely to propel market growth in the forecast period. However, the requirement for high bandwidth and deficiency of data privacy are summed up as restraining factors in the market.
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GLOBAL VIDEO ANALYTICS MARKET 2020-2026 SEGMENTATION
Video Analytics Market Segment Insights:
By Component:
Based on component, the video analytics market can be segmented into software and services. Software component dominated in 2018 owing to technological developments and surge in demand for analytics software.
By Application:
Based on application, the segmentation comprises retail, healthcare, BFSI, transportation & logistics, mining and manufacturing. BFSI is further segmented into security and safety management, queue monitoring, staff management, sales and marketing management, access control management, customer behavior analysis and intrusion detection. The retail sector dominated the application segment due to rise in need to monitor consumer behavior, and consumer spends in the retail industry.
By Organization:
Based on organization size, the market segmentation comprises small, medium and large enterprises. Medium enterprises accounted for a dominant share in 2018 and continue to retain a dominant position throughout the forecast span. Use of advanced technology in video analytics is driving the growth of the segment.
By Type:
Based on deployment type, the video analytics market can be segmented as on-premise and cloud. Cloud deployment is dominant in the deployment category due to popularity of cloud solutions.
By Geography:
Based on geographical segmentation, the video analytics market can be segmented as North America, South America, Europe, Asia Pacific, Middle East and Africa. North America held the largest share in the global market owing to technological presence and large-scale installation of security cameras. In addition, video analytics software is a social need in the U.S. attributing to surging demand for high safety in civil areas.
Asia Pacific holds a substantial share in the global market due to the growing significance of civil safety, need for risk assessment and rise in terrorism related activities. Immense need for video surveillance in civil and government areas is gaining traction attributing to protection of assets and growing concern for life security.
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Competitive Landscape:
Some of the key players in the video analytics market are Axis Communications AB, AllGoVision Technologies Pvt Ltd, IBM Corporation, PureTech Systems Inc., Quognify, Verint Systems, Cisco Systems Inc., Aventura Technologies Inc., Mergers and acquisitions, product launch, trends and analysis pertaining to strategic collaborations are some of the growth strategies adopted by key players in order to strengthen their geographical presence and market position and augment their revenue share.
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