Video analytics market expected to garner $20.80 billion by 2027 at 22.7% CAGR | AllGoVision Technologies Pvt. Ltd, Aventura Technologies, Inc., Axis Communications AB, Cisco Systems, Inc.

Rise in requirement of business intelligence and insights, and increase in need of edge-based analytics to recognize and profile application are the major factors expected to provide opportunities for the video analytics market growth in the upcoming years.

The video analytics market in Asia-Pacific is projected to grow at a significant rate during the forecast period, owing to increase in internet penetration, rise in proliferation of video cameras for surveillance as well as security reasons, increasing investment on smart city projects and strong economic growth in emerging economies.

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By component, the software segment held the largest share in 2019, accounting for more than two-thirds of the global video analytics market, owing to growth in need to monitor the premises or any facility from any kind of physical threats or suspicious activities and demand for precise image analysis, real-time processing, multiple visual inputs, and enhanced accuracy. However, the services segment is expected to register the highest CAGR of 25.6% during the forecast period, as these services help organizations in project consultation, configuration, installation, security monitoring, and other essential security services.

By region, the global video analytics market across North America held the largest share in 2019, accounting for around two-fifths of the market, due to growth in demand for business intelligence and an increase in demand for technologically enhanced public safety infrastructure. However, the market across Asia-Pacific is expected to register the highest CAGR of 25.6% during the forecast period, owing to increased demand for video analytics due to increase in safety concerns, rise in investment by the government for surveillance cameras, and smart city initiatives in the developing countries.

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By application, the BFSI segment is anticipated to register the highest CAGR of 24.4% during the forecast period, owing to need to protect the massive amount of sensitive data, increase in fraudulent activities such as fake currency, ATM cloning, and difficulties with remote and isolated locations. However, the retail segment held the largest share in 2019, contributing to more than one-fourth of the global video analytics market, due to increase in need to monitor consumer behavior, buying criteria, the pattern of product selection, and time spending on particular sections.

Some of the key players in the video analytics market that are profiled in the report include AllGoVision Technologies Pvt. Ltd, Aventura Technologies, Inc., Axis Communications AB, Cisco Systems, Inc., Honeywell International, Inc., IBM Corporation, Intellivision, PureTech Systems, Inc., Verint Systems, Inc., Quognify, and others.

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Covid-19 scenario:

The outbreak of the Covid-19 has greatly affected the global video analytics market.

• The shift to work from home with the help of digital collaborative tools would increase demand for high technologies such as cloud computing and video analytics.
• However, the threat of recession and discretionary income reduction would decrease the overall spending of organizations.

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