Video Analytics Market Booming at CAGR of 25.7% by Size, Revenue and Trend in 2018

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.

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The video analytics market provides solutions that are implemented across public places such as a stadium, local markets, and at the time of events such as music concerts, sports tournaments, and business campaigns for better management of crowd, traffic & parking management, facial recognition, and object detection.

The traffic & parking management and others, including motion detection, object recognition, and camera tampering detection, segments are expected to be the major revenue contributors to the global video analytics market, due to increase in investment in building smart cities and need for surveillance in transportation industry to increase public safety & security. Moreover, the retail segment has witnessed high adoption of video analytics across various regions, owing to the associated benefits of advanced business insights related to customer engagement.

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North America was the highest revenue contributor to the global video analytics market in 2016, accounting for around 61.26% share, owing to high investment on smart cities initiative, and high requirement for behavior analysis, identification, and situational awareness. In addition, video analytics market in the European countries is projected to grow at the highest CAGR of 26.6% during the forecast period, owing to rise in demand for public safety & security. In addition, industry participants have focused on strengthening their product portfolio to ensure competence and effectiveness of video analytics in other emerging markets such as Latin America, and the Middle East, and Africa.

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