Video Analytics Market Projected to Hit $11.17 Billion to 2022

The video analytics market is projected to grow from USD 2.61 Billion in 2017 to USD 11.17 Billion by 2022, at a high Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period.

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Demand for actionable insights derived from ever increasing organizations’ data pool government investments in emerging technologies to enhance public safety infrastructure are the key drivers that propel the growth of the video analytics market.
The report provides detailed insights into the global video analytics market, which is segmented on the basis of types, deployment models, applications, verticals, and regions. In the market by type, the software segment is expected to hold the largest market share due to the increasing adoption among organizations in all verticals.
Integration of analytics into video cameras and systems has provided much needed assistance to the enterprises for automated monitoring and surveillance vis-à-vis physical monitoring by the guards over CCTV cameras. Moreover, the salient features offered by the high-end video analytics software such as incident detection, traffic monitoring, facial recognition, and intrusion management are encouraging the enterprises to adopt the video analytics technology.
The on-premises deployment model is expected to witness a high adoption rate compared to the on-demand deployment model. Organizations’ vulnerability to security breaches as well as the right to safeguard the personally identifiable information data captured through cameras is restricting them to move their data to the cloud. The transportation vertical is expected to have both the largest market share as well highest growth rate during the forecasted period. The transportation vertical covers all modes of transit including airport, maritime, subways, railways, and other public transit.
In order to automate the surveillance and operational needs at airports, for example, video analytics plays a significant role. Video cameras on airports have been deployed long back for surveillance purposes. With the deployment of video analytics, the recorded footages from these could be used to gain real-time insights and facilitate taking crucial decisions without delay. Similarly, video analytics is also aggressively deployed at a large scale in railway stations to manage crowd, get security alerts, and detect unattended baggage. In India, the deployment of intelligent video analytics in railways is providing significant results. Video analytics has helped Railway Protection Force (RPF) and Government Railway Police (GRP) to get timely alerts when large crowd builds up at station premises.

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