CISCO Systems and Honeywell International Inc. to Hold the Lion’s Share of the Video Analytics Market

The Global Video Analytics Market was valued at USD 1.62 billion in 2016 and is projected to reach USD 4.24 billion by 2022, at a CAGR of 21.24% during the forecast period from 2017 to 2022.

The rising concerns for security and safety, coupled with the growing applications of analytics in global business operations, have driven the adoption of video analytics. From retail markets to smart homes market, and smart cities to other physical infrastructure systems, video surveillance & analytics has become an important tool for security. Video analytical software systems produce massive amounts of data used to analyze crime scenes and provide real-time analysis of crimes, such as, petty thefts, bank robbery, motor vehicles theft, as well as electronic thefts, such as, identity thefts. The multidisciplinary applications of video analytics is attracting many cross-industrial segments, such as, defense & aerospace, media & entertainment, education, healthcare, and homeland security services, among others.
The video analytical software market dominated the global market with an overall market share of 66.20% (in 2016), followed by video analytical services. Video Analytics-as-a-service (VAaaS) offers significant benefits that include software-based video analytics solutions, which can be deployed into feature machine learning algorithms with on cloud infrastructure are capable of detecting patterns which are relevant to every security context. For instance, Google Cloud Vision API is capable of recognizing thousands of objects, including human faces and identify emotions.

In 2016, North America accounted for the largest market share of 35.64%, followed by APAC and Europe. Asia-Pacific is forecasted to record the highest CAGR growth, followed by Middle East & Africa, Latin America, and North America. Defense and BFSI have a promising market in video analytics services. Further, video analytics is expected to be the next big opportunity for installers, system integrators, and others, to win new business, and most importantly deliver added value to end-users

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The market is segmented by deployment (on-cloud, on-premise); type (software, services); end-user industry (defense & aerospace, healthcare, retail, airports, BFSI, and critical infrastructure security); and by geographical region (North America, Europe, APAC, Latin America, and the Middle East & Africa).

The video analytics market report includes competitive vendor landscape, while considering major companies, such as, Agent Video Intelligence, Axis Communications, Aventura Technologies, Inc., Avigilon Corporation, Cisco Systems, Inc., Genetec Inc., Honeywell International Inc., International Business Machines Corporation, Intuition, Inc., Objectvideo. CISCO Systems and Honeywell International Inc. are currently dominating the video analytics market.

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