Video Analytics Market To Rise at a 20.6% CAGR from 2015 to 2023: Know More Why
The world of graphics and video making has evolved dramatically over the past two decades, ever since this service became commercially available at affordable costs. And with the advent proliferation of internet through top-notch broadband services, Wi-Fi, use of 4G, and increasing bandwidth, the quality of videos made, uploaded, and streamed has improved dramatically. Owing to the requirement of videos in myriad applications in residential as well as commercial spaces, a distinct video analytics market exists from a global perspective.
Rising Use of Smart Devices Boosts Growth in Global Video Analytics Market
A dramatic increase in the use of smartphones, laptops, wearables, and other devices that utilize high speed internet connectivity to process videos for recreational and work-based purposes is primarily driving the global video analytics market. Video analytics is majorly utilized in several sectors such as healthcare, transportation and logistics, urban security and public safety, defense and border security, retail, commercial, and industrial, and residential. Owing to such widespread use of these processes in numerous fields, the associated market facilitates splendid revenue generation.
Most manufacturers, buyers, and businesses largely depend on use of videos to spread work about their campaigns, services, and other products provided to consumers. With security based processes witnessing fantastic improvement in their quality provided, the market could certainly witness exemplary growth. This is mainly due to a high requirement of expert analytics existing in this domain. From a statistical perspective, the global video analytics market is prophesized to grow at a CAGR of 20.6% from 2015 to 2023.
High Costs of Developing Quality and Niche Solutions Stunts Expansion
However, it might be expensive for businesses having less disposable income to develop and use video analytical solutions, thereby posing as a key restraint to the global video analytics market. In addition, developing quality analytical solutions might be highly complex. With a lack of experienced and skilled workers in remote and underdeveloped regions, the market is yet to develop significantly in these geographical extents. The existence of security breaches in video analytical solutions and services also hinder the global video analytics market’s growth. However, increasing penetration of smart devices around the globe is expected to offset these hindrances. Extensive efforts undertaken by analytical solutions providing companies to market their products could also help make the market maintain its stability.
Owing to the presence of a large number of players, a high degree of competition exists in the global video analytics market. Most of the market players are imparting a lot of focus on providing high quality services to their customers. This strategy aims at improving customer retention and expanding revenue generation. With new players being projected to enter the global video analytics market in forthcoming years, the competition is expected to get tougher.
Many companies are undertaking extensive research and development to enhance their video analytical solutions. VCA Technology Ltd., Inc., Avigilon Corporation, Milestone Systems A/S, Honeywell International, Bosch Security Systems Inc., and Samsung Techwin (Hanwha Techwin), are chief companies operating in the global video analytics market. With an increase in the number of players, the competition is expected to highly intensify in the global video analytics market.
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