Press release
Global Video Analytics Market Size To Grow At A CAGR Of 21% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Video Analytics Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 21%
The global video analytics market is expected to register growth during the forecast period on account of the increasing use of video analytics software in analysing recorded or live video streams to classify, track, and detect behaviour along with predefined objects and patterns.
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There are surging smart cities across the world along with rising investments to employ analytics-integrated video surveillance systems in law enforcement, government, transportation, and banking and financial institutions, among others. This is further expected to fuel the video analytics market demand across the globe and gain traction among consumers.
Video analytics provides cost-effectiveness, improved accuracy, and increased reliability which is likely to increase demand. The rise in usage of analytics platforms to decrease crime rates with help of timely alerts regarding suspicious or unusual activity is likely to boost the market over the forecast period. Moreover, the increasing concern for security and safety is expected to aid market demand for video analytics.
Video Analytics Industry Definition and Major Segments
Video analytics refers to the real-time or near real-time analysis of various video sources. The primary objective of video analytics is to automatically identify spatial and temporal events in videos. It has extensive uses in the operation of security-related functions. The identification and flagging parameters can be changed as needed.
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Based on component type, the market is classified into:
Software
Services
By type, the market is segmented into:
Service Based
EDGE Based
Based on deployment type, the market is classified into:
Cloud
On Premise
By application, the market is categorised into:
Incident Detection
Intrusion Management
People/Crowd Counting
Traffic Monitoring
Automatic Number Plate Recognition
Facial Recognition
Others
On the basis of end use, the market is classified into:
Education
Retail
Government
Critical Infrastructure
Transportation
Others
Based on region, the market is divided into:
North America
Latin America
Asia Pacific
Europe
Middle East and Africa
Video Analytics Market Trends
The rise in accessibility of high-resolution cameras including 8K or 4K helps companies attain better video quality for easier and more accurate video analytics, which is likely to increase the video analytics market growth over the coming years. With the help of high-resolution videos, people as well as objects can be identified in the crowd. The development of low cost and high-definition cameras with advanced capabilities by several manufacturers is expected to push forward market growth over the coming years.
Factors such as improved vision angle, high resolution, technological compatibility, and sustainability are expected to enhance the adoption of high-definition cameras in the security industry. This is further expected to propel the market growth of video analytics across the globe. The feature of enhanced pixels further supports superior digital zoom facilities to increase long-distance vision which is expected to support the market growth of video analytics.
Geographically, the Asia Pacific region is expected to gain momentum in the video analytics market share over the coming years on account of the growing investment by various governments in smart city projects along with progressive surveillance projects for national security. The retail industry in countries like India and China is growing with substantial advancements expected in the Information and communications technology sector over the upcoming years. This is further expected to boost the market growth in the region.
Key Market Players
The major players in the global video analytics market report are Axis Communications AB, Honeywell International Inc., Bosch Sicherheitssysteme GmbH, Avigilon Corporation, Cisco Systems Inc., IBM Corporation, and Genetec Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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