According to a report published by Grand View Research, Inc.; the video analytics market is expected to reach a valuation of around USD 9.4 billion by 2025.
Growing concerns related to safety and security of the public and technological advancements can propel the market over the forecast period (2014 to 2025).
Rising demand for intelligent security surveillance systems to estimate the trends and deriving patterns is the crucial factor for the market growth. These systems are intended to improve reliability, accuracy, and cost-effectiveness. These systems can be used to get insights on patterns related to consumer behavior, traffic movements, and others like frequency of football at a user-defined area. Furthermore, video recording plays an important role in law procedures to gather evidence. Furthermore, these solutions are extensively used in the retail sector to estimate display effectiveness, gender bifurcation, and attractiveness of shelf space.
Full Research Report On Video Analytics Market Analysis:
Worldwide video analytics market can be segmented on the basis of type, deployment, application, end-use, and region.
Based on type, the market can be classified into software and services.
The services segment is anticipated to exhibit the highest CAGR of 24.0% during 2017 to 2025 due to increasing demand for installation of video analytics solutions.
As per deployment, the market can be categorized into cloud and on premises. The Cloud segment is expected to be the fastest growing segment and projected to display a CAGR of 24% during the forecast period. Cloud-based solutions are considered as highly scalable and can support large number of cameras by providing real-time analyses. Thus, the consumers are increasingly shifting towards the cloud applications.
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On the basis of end-use, the market can be split into BFSI, city, critical infrastructure, education, government, retail, transportation, and others.
The retail segment is expected to gain the highest CAGR of 25.6% during the projected period. Growing applications such as people counting, customer preference pattern analysis, product placement and store layout, and display and promotion effectiveness are driving the growth of this segment.
As per application, the market can be fragmented into crowd management, facial recognition, license plate recognition, intrusion detection, motion detection, and others.
Facial recognition is the fastest growing segment and expected to expand with a CAGR of 25.9% during 2017 to 2025. This growth can be credited to increasing use of facial recognition solutions for surveillance at events, malls, public transport, airports, among others.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa (MEA).
In 2016, North America dominated the market and valued at USD 736.6 million due to existence of the major companies in the region. Presently, the U.S. the world’s biggest consumer of video analytics. Factors such as increasing technological advancements and strong economic growth is driving the market in this country. Also, organizations in this region are adopting these solutions to improve the safety and security. Consumes in this region are increasingly chaining their preference for cloud deployment over on-premise deployments.
Asia Pacific has reported as the second largest market in terms of revenue due to robust economic growth in countries including China, Indonesia, India. These countries are extensively investing for the development of intelligent security surveillance systems in order to provide safety of their citizens. Growing implementation of industry solutions, primarily in countries including China, Japan, and India, along with high adoption of cloud-based technologies, is likely to drive the market.
Prominent players operating in the market include Cisco Systems Inc.; Agent Video Intelligence Ltd.; Honeywell International Inc.; Aventura Technologies Inc.; and Bosch Security Systems GmbH.
The market is extremely competitive and mainly dominated by the established companies in the market. The participants in the market are undertaking several strategies to gain traction in the market such as mergers and acquisitions, new product developments and partnerships and agreements. Companies are also making high investments to carried out R&D. The players are also concentrating on the development of customized products to stay ahead in the market.
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