Global Video Analytics Market is Expected to Escalate at a CAGR of 20.61% by 2027
KEY
FINDINGS
Video analytics software can
be installed in an IP-camera as a 3rd party software. There is a variety of
analytics software, but their basic purpose is to monitor videos to search for any
unusual activity and put an alert about the same to the authority. The software
follows the basic way but when its set up, the parameters have to be specified
in the software for isolating the required unusual activity that the authority
is looking out for, set up the alert notification system, and when the software
detects something that meets its search criteria sends the necessary alert
notification. The global market for video analytics is expected to escalate at a CAGR of 20.61% during the forecast
period of 2019-2027. The base year considered for the market study has been
2018. The important driver that is primarily propelling the market growth is
the increasing concern over public safety and security.
MARKET
INSIGHTS
The rise in the number of
terrorist attacks, high public perception of threats, and rapid urbanization of
rural areas are the major forces in growing concern over safety and security to
life and assets that are influencing the market trends in the global scenario
for video analytics. Other factors like the increasing concern over public
safety and security, increasing demand for IP-based surveillance systems, increasing
video data across industries and applications, and the growth in the use of
video analytics for crowd management is helping the video analytics market to
ride the wave of expansion and progress in the current times. The high cost of
setup and support hardware and the reliability & false alarm issues are the
major factors hindering the video analytics market.
With an evolving customer
requirements and the changing technological landscape, there is a good
possibility of new technologies that can give competition to video analytics.
REGIONAL
INSIGHTS
The global video analytics market has been geographically segmented into North America, Asia Pacific,
Europe and the remaining countries banding together to form the Rest of World
regional segment.
Amongst
all, North America holds the largest market, i.e. XX% in 2018, followed by
Europe and the Asia Pacific, with XX% and XX% respectively. However, Asia
Pacific market is anticipated to grow fastest with a CAGR of xx% and reach $XX
million by 2027. The market in the Asia Pacific
is expected to expand at a rapid pace during the forecast period since the
majority of the industry participants have realized the importance of
strengthening the overall video analytics to ensure business processes
optimizations.
COMPETITIVE
INSIGHTS
Company profiles cover the
analysis of important players and strategic initiatives taken by them. Some of
the major market players are IntelliVision, Hikvision, Cisco Systems, Inc.,
Honeywell International Inc., Axis Communications, IBM Corporation, Mobotix AG,
Arecont Vision (Costar Technologies), Puretech Systems, Inc., Qognify Inc., Bosch
Security and Safety Systems Global, Verint Systems Inc., Aventura Technologies,
Inc., AllGoVision Technologies Pvt Ltd., and Agent Video Intelligence Ltd.
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