The Global Video Analytics Market is Projected to Advance at CAGR of 16.05% by 2028

Triton Market Research presents the Global Video Analytics Market sectioned by Application (Transport & Logistics, Government, Commercial, Other Applications), Deployment (Cloud, On-premises), Software Types (Recognition Software [License Plate Recognition Software, Facial Recognition Software], Crowd Management Software, Detection Software [Object Detection Software, Motion Detection Software, Other Detection Software]), and Geography (North America, Europe, Middle East and Africa, Asia-Pacific, Latin America). The report further discusses the Market Summary, Industry Outlook, Key Insights, Impact of COVID-19, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's report estimates that the global video analytics market is expected to display growth at a CAGR of 16.05% during the phase of 2021-2028.

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The video analytics market includes software used to analyze a video to obtain specific information. When integrated into surveillance cameras, video analytics software improves the surveillance, reducing the need for human labor.

The key factors generating new opportunities for the video analytics market include increased video analytics applications in the healthcare industry, growth in drone surveillance, smart parking applications, and high demand from the sports industry. Video analytics can improve healthcare security by using the collected data to achieve business goals. For instance, a video analytics solution could detect when a patient has not been checked based on their needs, alerting the staff.

However, the high cost of setup and support hardware, privacy concerns, and lack of awareness are major factors impeding the global market's future growth.

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Globally, North America holds the largest market share in the video analytics market. The region's robust growth is owing to the presence of several technology companies increasing their access to innovative technologies. The United States captures the largest market share, driving the market's growth in the region. Further, Canada and the US governments are taking steps to implement advanced surveillance systems across government buildings and high-security areas due to the threat posed by terrorist activities. Here, they have adopted video analytics solutions to prevent security breaches efficiently. Hence, such measures are likely to support the development of the video analytics market across North America.

The prominent companies thriving in the video analytics market are Verint, Genetec, Honeywell, Huawei, IBM, Bosch GmbH, ADT Corporation, Gorilla Technology, Mobotix, Dahua, Intellivision, Axis Communications, Hikvision, i2V, and Cisco.

The new players need to understand the complex technology before entering the video analytics market. As technology is complex, companies either need to hire professionals with knowledge of technology or acquire a company. For instance, Cisco acquired a privately held video analytics company, Modcam, to improve its prospects in the market. On the other hand, as per estimates, the demand for video analytics is high, as large infrastructure and institutions are in dire need of such solutions. Hence, this indicates that the threat of new market players is likely to be low to moderate, while the competition among existing players will be high over the forecast period.

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