Why experts say the video analytics market had gone way too far: Allied Market Research
Increase in the demand for industrial automation along with rise in demand for IP based security systems and infrastructure drive the market of video analytics across various industries such as financial services, airports, banking, retail, manufacturing, and others. In addition, increase in concern over safety and security to life and assets fuel the video analytics market during the forecast period.
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The global video analytics market contributed $3.107 billion in 2017 and is estimated to garner $14.443 billion by 2025, growing at a CAGR of 21.4% from 2018 to 2025.
Software segment dominated the overall video analytics market share in 2017. Based on the component, this segment is expected to remain dominating during the forecast period. However, the service segment is estimated to exhibit significant growth rate due to the increase in adoption of digital technologies across different industries and need to provide enhanced and better services.
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The video analytics market is driven by increasing demand for IP-based security systems, growing concern over public safety & security, and increasing volume of unstructured video data. On the other hand, the high cost of initial installment and an increase in the number of false alarms during bad weather or poor lighting conditions hamper the growth of the market. However, increase in need of edge-based analytics and recognizing & profiling applications, and rise in requirement of business intelligence and insights are the major factors expected to provide opportunities for the market growth.
The key players included in the report are Quognify, AllGoVision Technologies Pvt. Ltd, Verint Systems, Inc., Aventura Technologies, Inc., PureTech Systems, Inc., Axis Communications AB, IBM Corporation, Intellivision, Cisco Systems, Inc., and Honeywell International, Inc.
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The cloud segment is expected to exhibit significant growth rate in the global video analytics market. This is due to less maintenance cost, ease of use, and low investment. The large enterprise's segment contributed the highest revenue for the global video analytics market share in 2017. This was due to rise in awareness of security events and an increase in need to safeguard data.
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