The global video analytics market is eminently competitive and highly fragmented due to the presence of many global leaders and small scale leaders, says an approaching Transparency Market Research (TMR) report. Some of the global players in the market include Vigilon Corp, VCA Technology Ltd., Genetec Inc., IntelliVision, United Technologies Corp. These players are focusing on providing innovative product line at a better price. They are also adopting new strategies such as mergers and acquisitions, and collaborations to capture the competitive edge in the global video analytics market.
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Increasing concern over security at commercial places is likely to boost the global video analytics market during the forecast period. The global video analytics market is projected to grow at a grand rate of CAGR 20.60% over a period 2015 and 2023. The global video analytics market was estimated at US$ 1.7 bn and it is anticipated to be valued at US$ 9.15 bn by the end of 2023.
In terms of geography, the global video analytics market is expected to be the dominant region during the forecast period. The growth can be attributed to growing investment of research and development activities and presence of several players in the region. Asia Pacific is also expected to emerge a strong region in the upcoming years. The growth in the Asia Pacific region is due to increasing support and contribution from India, China, Australia, and South Korea. On the basis op application the global video analytics market is segmented into people recognition, video indexing, license plate recognition, incident detection, object recognition, and others. Of these, the global video analytics market is predicted to be dominated by the people recognition application segment.
Public Security to Bolster Growth in Global Video Analytics Market
With rising population in urban sector, the movement of number of people at public places is ever increasing. To keep a track of movement of people and avoid any untoward incidences at public spaces such as schools, offices, colleges, bus stands, and railway stations, etc., is expected to bolster the demand for video analytic tools. Video analytics tools have an enormous capacity to count the number of people moving in such places. Hence, the global video analytics market is expected to expand at an impressive rate in the upcoming years.
Moreover, sectors such as hospitals, airports, defence and military bases, amusement parks are also expected increase the demand for video analytics. It is mainly due to avoid terrorists’ activities and hijack and provide safe and secure environment in the each country across the globe. Thus, the global video analytical market is projected to expand at a substantial rate.
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Technological Progression to Promote Global Video Analytics Market
Growing concern over pubic safety and government’s expenditure on research and development activities are projected to increase the demand for video analytics. Additionally, technologically advanced features as compared to manual surveillance and growing importance of advanced video surveillance at all public places are gaining traction across the globe. Hence, the global video analytics market is anticipated to grow at a grand way in the upcoming years.
High installation cost and people seeking privacy are projected to hamper the growth in the global video analytics market. Irrespective of the constraints, the global video analytics is expected to surge due to ever growing technological advancements and increasing demand for video surveillance.
This review is based upon the TMR report titled, “Video Analytics Market (Application - Video Indexing, People Recognition, License Plate Recognition, Object Recognition, Incident Detection, and Others; End-use Industry - Residential, Commercial and Industrial, Urban Security and Public Safety, Healthcare, Defense and Border Security, Transportation and Logistics, Retail, and Others)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
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