Video Analytics Market 2021 Latest Advancements, Growth and Business Outlook 2021-2026

MarketInsightsReports has published a report entitled Global Video Analytics Market Research Report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances and various strategies implemented by the main current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.

The Global Video Analytics Market was valued at USD 1528.1 million in 2020 and expected to reach USD 4142.7 million by 2026 and grow at a CAGR of 24.5% over the forecast period (2021 - 2026).

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Key Players:

Axis Communications AB, Avigilon Corporation (Motorola Solutions), Cisco Systems Inc., Identiv Inc., Aventura Technologies Inc., Genetec Inc., Honeywell International Inc., Agent Video Intelligence Ltd, Objectvideo Labs LLC, Qognify Limited, NEC Corporation, Herta Security SL, Verint Systems Inc., ISS Inc., International Business Machines Corporation and others.

Key Market Trends

Retail Industry is expected to Hold Major Share

- Nowadays, in retail stores, a lot of information is being captured in the form of videos used for loss prevention, theft analysis, and post-analysis when a mishap occurs. Real-time video analytics can unravel various insights from videos captured in stores and help in improving store operations and customer experience.
- The retail sector is focusing on deploying innovative solutions to increase security and customer experience as well, for which a few of them are implementing facial recognition technology. From security to advertisements, a multitude of applications of face recognition is being used in retail. From sending customized ads to identified shoppers to identify gender, age, customer count, and capturing glance time on products, the applications are endless.
- The global ad spending is increasing at a steady pace, and in 2019 it stood at USD 563.02 billion, according to GroupM. A significant share of the spending is on gaining consumer insights to target the consumer segment. This is where video analytics finds a prime opportunity, where video analytics can be used for heat mapping, customer services, and reduce retail shrinkage. The growth opportunities in this space are ample for the technology's growth.
- For instance, the US prominent retailer Walmart has affirmed that it utilizes image recognition cameras at registration to identify theft. Having used the innovation as of now in more than 1,000 stores, the organization has also invested in ensuring its customers and associates' safety. Companies, such as Identiv Inc., have a dedicated product portfolio known as 3VR Retail Optimization Analytics that engages in Demographics, Queue Line, People Counting, and Dwell Time Analytics.
- In 2019, Kroger, one of the largest retailers, partnered with Microsoft to transform its stores and operations to personalize the shopping experience and improve associate productivity. The company adopted solutions, like Microsoft Azure-powered video analytics, to help store associates recognize and address out-of-stocks to ensure customers can locate items on their list.
- The implementation of checkout-free stores is gaining traction driven by an array of cameras and sensors, tracking customers' movements, and items taken from the shelves and processing the data using computer vision and machine learning to determine whom to bill for what. In November 2019, Amazon Go announced its intent to expand as the checkout-free shopping is starting to catch on across the retail landscape.

North America is expected to hold major share

- North America is one of the most significant regions for the video analytics market. The region, especially the United States, is one of the major innovators and investors of the technology. Apart from that, high adoption among end-user industries and regional government involvement in video surveillance infrastructure development further fuels the adoption of video analytics solutions in North America.
- The region has high adoption of CCTV cameras in various surveillance settings, from street corners to university campuses and even private homes. Most of these sites have multiple cameras, each generating a high volume of footage. In the United States alone, there are about more than 70 million surveillance cameras installed, which works out to 4.6 people per installed camera. The country has a high level of penetration of surveillance cameras, with the adoption is most common among private-sector retail and commercial establishments, such as hotels, restaurants, and office complexes.
- Post 9/11, the massive advancement in IP cameras and their implementation across the region also developed the space for the market studied growth in the last decade. Most regional municipal law enforcement is leveraging video analytics for real-time response and post-event investigation, and cities are also using the data for urban planning and traffic optimization. Many of the American cities have been aggressive in putting in surveillance infrastructure, including Detroit, which recently installed cameras to monitor public housing residents. After a man was fatally shot in St. Paul in 2019, the police department tested out new video technology.
- Police in New York, Atlanta, and New Orleans now use video analytics-enabled cameras to improve investigations. Baltimore police department has also conducted secret aerial surveillance of residents for several years. The regional market is also witnessing the integration of deep learning, AI, and neural networking into the product offering, increasing accuracy, and lowering overall solution cost.
- The region is also witnessing an increasing adoption of smart home security cameras, which may further expand the scope of the market studied. Hence, AI-based video analytics are further enhancing efficiencies, offering many non-security-related insights for businesses, especially in smart city applications. For instance, Amazon uses computer vision and deep learning as part of an experiment in a test store in Seattle.

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https://www.marketinsightsreports.com/reports/02082591598/video-analytics-market-growth-trends-covid-19-impact-and-forecasts-2021-2026?Mode=68

Important Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Video Analytics Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Video Analytics Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.

Finally, the Video Analytics Market report is the believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure, and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.

Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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This release was published on openPR.