Video Analytics Market to Reach USD 11.17billion by 2022

The video analytics market size is estimated to grow from USD2.61 billion in 2017 to USD 11.17billion by 2022, at a Compound Annual Growth Rate (CAGR) of 33.7%.Government investments in emerging technologies to enhance public safety infrastructure have fueled the growth of video analytics software substantially. However, high investment costs with respect to supporting hardware and band width, and storage issues are the restraining factors for the video analytics market.

Browse 68 market data tables & 68 figures spread through 172 pages and in-depth TOC on “Video Analytics Market" at http://www.rnrmarketresearch.com/video-analytics-market-by-type-hardware-video-analytics-software-and-services-applications-intrusion-management-crowd-management-situation-indication-license-plate-recognition-pattern-recognition-global-forecast-to-2020-market-report.html

The integration of video analytics with surveillance systems in traffic management department would be instrumental in identifying anomalies quicker and incidents on the road in real-time. Video analytics coupled with intelligent traffic management monitors digitally encoded video feeds of traffic cameras placed on public routes to detect incidents and continuously collect traffic data in real-time. Europe, for instance, is at the forefront in legally adopting automated incident detection systems to be deployed on public passage ways to ensure safety and reduce risks at a high degree.

APAC witnesses a significant rise in video surveillance analytics deployments with the emergence of smart cities in several countries. According to MarketsandMarkets’ internal analysis, the APAC market is expected to be at forefront in the adoption of IoT (the IoT market is expected to grow from USD 157.05 Billion in 2016 to USD 661.74 billion by 2021, creating significant market opportunities). Governments are showing strong interest in the IoT technology to boost the public safety infrastructure. For example, the Government of India has initiated a Smart Cities program for 100 cities, generating a huge market opportunity in India; estimated to be around USD 50 billion for the next five years since, the inception of the program. A recent report forecasts that Asia is expected to be home of 62 megacities with more than 10 million people by 2025. APAC is expected to witness a high demand for intelligent systems including video analytics-enabled intelligent city surveillance systems for such projects.

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The report segments the video analytics market on the basis of types, software and services; deployment models, on-premises and on-demand; applications such as incident detection, intrusion management, people/crowd counting, traffic monitoring ,automatic number plate recognition(ANPR), facial recognition, and other applications; verticals, such as transportation, critical infrastructure protection, traffic management, border security, hospitality and entertainment, city surveillance, banking, financial services, and insurance (BFSI), retail, education, and others; and regions, North America, Europe, APAC, Middle East & Africa (MEA), and Latin America.

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