Some of the key drivers of the video analytics market include, the transition of video scrutiny system from analog to digital, surfacing of open standards and increase in the efficiency of video scrutiny system.
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The Global Video Analytics Market is estimated at $2.3 billion in 2015 and is expected to reach $11.2 billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 25.3% from 2015 to 2022.
However, the video analytics intricacy, clubbed with higher cost of maintenance of analytics is inhibiting the market. Moreover, Government is also investing in video scrutiny as the videos of poor quality cannot be used for investigation purpose and hence, the videos are renewed into superior quality videos to get proper information.
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Video analytics is capable of automatically analyzing video to detect and provide data in terms of object detection, smoke detection, and many other features. Technological advancements and on-board camera innovations are providing new features that are constantly adding value, thereby increasing the application of video analytics across various verticals and end-users.
The demand for video analytics is growing not only because of the security-related information provided but also as it helps in improving operational efficiency by providing insights about customer demographics that help in better decision-making and improve the business profitability.
The video analytics market is witnessing growth due to the rising security and safety issues, where manually locating individual incidents is time-consuming. Video analytics help in reducing crime by providing alerts of any suspicious event.
The need for intelligent video surveillance is increasing due to the additional features it provides over the conventional systems such as greater accuracy, scalability, and cost-effectiveness. The increasing demand for business intelligence is also driving the market.
However, this market faces certain drawbacks such as high initial costs, low awareness levels about industry standards and computability issues.
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Video analytics technology is widely deployed in various end-use industries that demand an efficient and cost-effective real-time monitoring system. Video analytics eliminates the need for human monitoring and analysis of video feeds in real time.
There is growing demand for such intelligent analytic systems to provide real-time insights with automatic event and alarm notifications.
Video analytics potentially helps address these concerns and is one reason why the technology is seen as such an exciting new development. Users of video are looking to find more effective ways to manage the vast mass of undifferentiated data that they are currently receiving from cameras and turn it into useful information.
The rising demand for improved security arrangements will drive the growth prospects for the global video analytics market until the end of 2022. It has been observed that the number of terrorist attacks, frequency, and intensity of security breaches is increasing at a high rate including incidences of robbery, theft, and shoplifting.
As a result, the government in various countries such as the US and the UK have imposed stringent regulations to control anti-social activities, which, in turn, drives the rate of adoption of video analytics solutions in the market.
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Commercial and industrial sectors commanded the market with more than 25% of global share. However, retail industry is expected to grow at faster pace in requisites of revenue during the forecast period.
North America contributed the largest revenue worldwide with more than 35% of market share. Moreover, Asia Pacific is expected to witness the fastest growth during the forecast period with China, India, Japan, Australia, and South Korea being the major markets in the region.
The major players in the global Video Analytics market include Cisco Systems, Inc., Axis Communications AB, Honeywell International, Inc, Object video, Inc., Robert Bosch GmbH, Nice Systems, Ltd., Avigilon Corporation, Agent Video Intelligence, Inc., Intellivision Technologies Corporation, and International Business Machines Corporation, Panasonic, VCA Inc., Web, Target Corporation and There Corporation.
o Intelligent Cameras
o Video Analytics Appliances
o Support and Maintenance Services
Table of Content:-
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 End User Analysis
3.7 Application Analysis
3.8 Emerging Markets
4 Porters Five Force Analysis
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