San Francisco, 08 October 2018 – According to a report by Grand View Research, Inc., global video analytics market is anticipated to value USD 9.4 billion by 2025. Growing requirement for timely alert regarding unusual and suspicious activities to reduce rising crime rate is anticipated to propel demand for video analytics. Video analytics is likely to offer multiple useful features such as enhanced reliability, improved accuracy, and cost-effectiveness, which are likely to boost its significance in business intelligence.
Increasing use of video analytics in criminal investigations to reach essential clues that can help solve complicated cases can augment market growth. Rising concerns over public safety attributed to increasing number of criminal activities can fuel growth of market. In addition, growing adoption of video analytics in retail sector for estimating display effectiveness, gender bifurcation, average footfall, retail, and healthcare can influence market growth during the forecast period (2014 to 2025).
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The video analytics market can be segregated on the basis of type, deployment, application, end-use, and region. Based on type, the market can be bifurcated into services and software. Both service and software are likely to offer features which can be customized according to consumer’s requirements. Software can help in detecting wide range of events including vehicles, objects, and people. It can also analyze videos from multiple sources.
Video analytics can enable detection of minute things even in low visibility and support central management of analytics in deployment that can be accessed anytime and anywhere. This access can be granted using web browser with alarms based on user-defined rules and real-time scene analysis.
Based on deployment, the market can be divided into on-premise and cloud. Cloud segment is anticipated to grow at phenomenal CAGR of 24.5% during the forecast period. Shifting focus of organizations from conventional on-premise installations to cloud deployments can augment growth of segment. Cloud segment can comprise of software as a solution (SaaS), which can enable on-demand subscription model and management of processes. This, in turn, can charge consumers based on number of subscriptions.
However, on-premise business operations are likely to be carried out on user’s company site with dedicated server. In such cases software is expected to be owned completely by the company.
Based on application, the market can be categorized into facial recognition, intrusion detection, crowd management, license plate recognition, motion detection, and others. Crowd management segment is expected to contribute for maximum growth of market attributed to increasing use of video analytics to monitor and control huge crowd at public events. Video analytics when combined with smart surveillance systems can enable critical situation alerts on real-time basis.
Based on end-use, the market can be classified into education, government, retail, transportation, critical infrastructure, city, BFSI, and others. In 2016, retail segment dominated the market and accounted for market share equivalent to USD 418.6 million. Rising demand for video analytics in retail sector is likely to fuel growth of segment during the forecast period.
On the contrary, shifting focus of end-users such as government, BFSI, transportation, city, and critical infrastructure from basic security surveillance to understanding crowd patterns and behavior of individuals can stimulate market growth.
Regional segmentation includes North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. In 2016, North America dominated the market and accounted for market share equivalent to USD 736.6 million. High prevalence of key market players is likely to fuel growth of market in the region. In addition, shifting focus of organizations on safety and security by implementing video analytics can augment market growth.
Asia Pacific region is anticipated to emerge as second largest market after North America in terms of revenue. Strong economic growth in countries such as China, India, and Indonesia can fuel market growth in the region. These economies are expected to invest in intelligent surveillance security systems to increase safety of their citizens. In addition, rising implementation of industry solutions in Japan, India, and China coupled with growing adoption of cloud-based technologies can augment market growth.
Some of the leading companies offering video analytics are IBM Corporation; Honeywell International Inc.; Cisco Systems Inc.; Agent Video Intelligence Ltd.; and Axis Communications AB.
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Grand View Research has segmented the global video analytics market based on type, deployment, application, end use, and region.
Video Analytics Type Outlook (Revenue, USD Million, 2014 – 2025)
Video Analytics Deployment Outlook (Revenue, USD Million, 2014 – 2025)
Video Analytics Application Outlook (Revenue, USD Million, 2014 – 2025)
- Crowd Management
- Facial Recognition
- Intrusion Detection
- License Plate Recognition
- Motion Detection
Video Analytics End-use Outlook (Revenue, USD Million, 2014 – 2025)
- Critical Infrastructure
Video Analytics Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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