Global Video Analytics Market to Project Substantial Growth Owing to Increasing Smart Cities

According to the estimations put forth by Inkwood Research, the Global Video Analytics Market is predicted to grow with a CAGR of 16.70% in terms of revenue during the forecasting years of 2021-2028.

"Browse 67 Market Data Tables and 52 Figures spread over 185 Pages, along with an in-depth TOC on the Global Video Analytics Market Forecast 2021-2028."

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Video analytics is characterized as the computerized processing and automated analysis of video content, that is generated, monitored, and collected during video surveillance. The system helps organizations detect movements and characteristics of vehicles as well as people, while overlooking irrelevant activities. Video analytics provides effective workforce utilization, and enhanced productivity, while enabling businesses to streamline their operational processes. It also minimizes the overall cost of video storage and generates automatic alerts, during threats and abnormalities.

Increase in Smart Cities to Propel Market Growth
According to a study conducted by the United Nations, the world is estimated to have 43 megacities with over 10 million inhabitants in developing regions, by 2030. Moreover, it is also projected that the pace of urbanization will be the fastest across lower-middle-income and low-income nations, over the upcoming years. As a result, comprehensive strategies must be developed with immense care, in order to sustainably regulate urban development.

Smart city initiatives have often been regarded as the best strategy to overcome the myriad challenges presented by the urban population's growth. Besides, the initiatives also help achieve the global goals of sustainable development. Since advanced transportation systems are among the key pillars of smart city developments, video analytics demonstrates significant assistance, thereby aiding the growth of smart cities.

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Detection Software is the Dominating Software Types
The approach of implementing algorithms, to extract information from video surveillance systems is developing as an emerging trend, across the video analytics market. The detection software segment, as a video analytics capability, is primarily used for security purposes including, the government, and homeland security and defense, in addition to retail stores for protecting their assets. The chief forms of detection software entail, object detection, intrusion detection, and motion detection.

Asia-Pacific to be the Leading Region by 2028
Several countries across the Asia-Pacific have adopted video analytics solutions, on account of the rising proliferation of video cameras for security and surveillance reasons, the augmenting internet penetration, and the robust economic development, especially in developing nations. Moreover, the Asia-Pacific observes high investments by governments in the avenue of video analytics, for building smart cities.

The demand for video analytics services is fairly high across the global market, since prominent institutional and infrastructural spaces necessitate them. Therefore, the competition is expected to remain intense during the forecasted period due to the market's lucrative nature.

Some of the leading players operating in the market are, Cisco, Honeywell International Inc, Bosch GmbH, etc.

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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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