Global Video Analytics Market Outlook and Forecast 2023 : Growth Factors, Trends, and Top Companies Analysis for Business Development

According to a new market report published by Transparency Market Research entitled, “Video Analytics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” the global video analytics market was worth US$ 1,709.0 Mn in 2014 and is expected to reach US$ 9,151.2 Mn by 2023, expanding at a CAGR of 20.6% from 2015 to 2023. North America was the largest market for video analytics in 2014. Growth in this region is expected to be driven by increasing need for the security of property and individuals resulting in an increased demand for physical security systems.

This report aims to provide a comprehensive strategic analysis of the global video analytics market along with the market revenue and growth forecast for the period from 2013 to 2023. Increasing necessity for safety and security and valuable insights from video analytics solutions is propelling the growth for the video analytics market. Video analytics equipment and solutions provide post-event as well as real-time event detection by analyzing the data. This increases the efficiency of businesses and security and reduces manpower costs.

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The need for enhanced security and demand for gathering insights from customer behavior is driving the video analytics market globally. The market for video analytics is anticipated to expand at a CAGR of 20.6% during the forecast period from 2015 to 2023. The global video analytics market was valued at US$ 1,709.0 Mn in 2014. Some of the key factors driving the growth of the video analytics market include the expanding range of vertical applications, a growing trend toward bringing retail outlets and commercial premises under video analytics due to security concerns and the need to monitor and understand the environment around the premises.

Video analytics equipment and solutions provide post-event as well as real-time event detection through data analysis. This increases the efficiency and security of businesses and reduces manpower costs. Video analytics equipment manufacturers and solution providers focus on providing technologically advanced products to customers to ensure better work, greater reliability, and increased precision. This has magnified the need for video analytics in various end-use industries.

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The video analytics market is highly fragmented and a few brands have established themselves in the market: Avigilon Corporation, VCA Technology Ltd., Genetec, Inc., IntelliVision, and United Technologies Corporation. A large number of other regional players are located across different geographies. These players are well established in regional markets but have a limited global presence. These regional players offer video analytics for use in regional industries and retail channels. Similarly, the market is highly unorganized within Asia Pacific (APAC), wherein a number of local/regional manufacturers dominate. Moreover, technological advancements such as inclusion of artificial intelligence to add value in collated information in video analytics has fueled the demand and created greater opportunities. Therefore all the leading players are focusing on bringing technological advancement to video analytics. For instance, in November 2015, VCA Technology Ltd. introduced a new-generation public view monitor designed for retail security.

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This release was published on openPR.