Video Analytics Market by Component, by Application, by Organization, by Type, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

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.