With the evolution of the global video analytics market, the majority of players are migrating from analog to internet protocol (IP) technology for enriching analytics. The burgeoning demand for innovative and technologically advanced video analytics solutions is compelling leading companies to channelize investments toward research and development projects, observes Transparency Market Research (TMR) in a new study. The leading players in the market are Avigilon Corporation, Bosch Security Systems, Cisco Systems Inc., Genetec Inc., Honeywell International Inc., IntelliVision, Milestone Systems A/S, Samsung Techwin, United Technologies Corporation, and VCA Technology Ltd. “To remain ahead in the competition, these players are increasingly focusing on partnerships with companies across different end-use industries,” says TMR’s lead analyst.
The valuation of the global video analytics market was US$2.05 bn in 2015 and is poised to reach US$9.15 bn by the end of 2023, rising at an impressive CAGR of 20.6% from 2015 to 2023. Geographically, North America will continue to be the leading revenue contributor until 2023. The growth of this region can be attributed to the growing threat of terrorism and increasing need for individual and property security. However, due to rising acts of terrorism, improving economic conditions, and flourishing building and construction sector, Asia Pacific is expected to exhibit a noteworthy CAGR of 25.8% during the same period.
People Recognition to Lead Revenue Generation through 2023
By application, people recognition was the leading segment in terms of revenue in 2015. Due to their accurate detection, video analytics solutions are being increasingly deployed to count number of people in shops, banks, transport facilities, prisons, museums, parks, airports, and schools. Owing to this factor, the people recognition segment is expected to retain its dominance until 2023.
However, the number plate recognition segment is anticipated to expand at a CAGR of 21.8% during the same period.
Advancements in HD and Cloud-based Technology to Trigger Adoption of Video Analytics Systems
Video analytics is primarily being used in intelligence gathering and homeland security in the face of mounting terrorism and criminal activities. Governments are allocating big budgets to invest in the development of sophisticated video analytics networks. In the past few years, there has been a major drive to use video analytics solutions in most of the critical infrastructure, including public infrastructure, major sports events, retail outlets, and commercial premises. Therefore, the emergence of these solutions as a preferred mode of law enforcement is fuelling the growth of the global video analytics market.
Moreover, advancements in HD technology and decreasing cost of equipment along with improving quality is boosting the uptake of video analytics solutions, thereby driving the market. Furthermore, technological advancements such as inclusion of artificial intelligence, cloud-based systems, and information management are likely to open new avenues for the players in the global video analytics market.
Rising Concerns Regarding Privacy Exploitation to Hamper Growth of Video Analytics Market
Although the majority of people are appreciating the rising trend of public surveillance and analytics, there is also considerable opposition on the grounds that it violates the right of privacy. Associations such as the New York Civil Liberties Union (NYCLU) and the Electronic Privacy Information Center (EPIC) are initiating drives to gather support against public surveillance and analytics. Such drives are challenging the growth of the global video analytics market.
Users are increasingly deploying HD cameras to capture high-quality images from their video analytics systems. This practice is raising challenge as these cameras require large amounts of storage and network bandwidth, making the installation costly, ultimately impeding the growth of the market.
The information presented in this review is based on a Transparency Market Research report, titled,Video Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023
The global video analytics market is segmented as follows:
Video Analytics Market Analysis, by Application
- Video Indexing
- People Recognition
- License Plate Recognition
- Object Recognition
- Incident Detection
Video Analytics Market Analysis, by End-use Industry
- Commercial and Industrial
- Urban Security and Public Safety
- Defense and Border Security
- Transportation and Logistics
Video Analytics Market Analysis, by Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- GCC Countries
- Rest of MEA
- Latin America
- Rest of Latin America
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