Global Video Analytics Market to Gain Traction and Register 20.60% CAGR by 2023

Posted by surendra choudhary on March 5th, 2019

The global video analytics market is highly fragmented due to the presence of various global and local players in the market. The dominance of regional players is seen in various geographies and they have limited global presence. Some of the leading players contributing in this marker are Avigilon Corporation, Bosch Security Systems Inc., Honeywell International, VCA Technology Ltd., Inc., Avigilon Corporation, Milestone Systems A/S, and Samsung Techwin (Hanwha Techwin).

Video analytics solutions and equipment provides real-time and post-event results through data analysis. The use of these solutions helps in increasing the security and efficiency of businesses and reduces workforce costs. Video analytics is widely deployed in urban security and public safety, transportation and logistics, retail, healthcare, defense and border security, commercial, residential, and industrial, and other settings. Moreover, increasing security concerns in commercial premises and retail outlets have grown the demand for video analytics that will help in monitoring and understanding the environment around the premises.

Manufacturers providing video analytics solutions and equipment are focusing on providing technologically advanced products to its customers with greater reliability, better work, and increased precision. Therefore, the aforementioned factors have grown the demand for video analytics in various end-use industries. In addition to that, the retail industry is making constant efforts to minimize crime and decrease losses by developing a safer environment for its customers and staff.

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The global video analytics market is expected to rise at 20.6% of CAGR during the forecast period between 2015 and 2023. The market is projected to reach a valuation of US.15 bn by 2023 progressing from US.7 bn in 2014.

The global video analytics market is classified based on application and end-use. The application category is further segmented into people recognition, object recognition, video indexing, incident detection, license plate recognition, and others including cross-camera tracking, traffic monitoring, safety alerts, wide spectrum imagery, post-event analysis, etc. Out of these, application of video analytics in people recognition was highly preferred and accounted approx. 30% of revenue in 2014. This segment is projected to rise at 20.0% CAGR during the forecast period. The major reason for the growth of this segment is mainly that it can count the number of people moving through schools, shops, banks, prisons, sports and transport facilities, museums, airports, visitor attractions, and parking lots.

Based on end-use industry, the market is segmented into residential, commercial and industrial, healthcare, urban security and public safety, defense and border security, retail, transportation and logistics, and others including entertainment, education, and hospitality. Out of these, commercial and industrial end-users held the major share of up to 25% in the overall video analytics market in 2014. However, in terms of revenue, use of video analytics in the retail industry is projected to rise at a healthy CAGR over the course of eight years.

Geographically, North America is leading the global video analytics market by holding 36% of revenue share in the market. This region is projected to hold the leading position during the forecast period due to the presence of several key players and increasing efforts in research and development activities. Moreover, Asia Pacific is expected to experience strong growth during the forecast tenure. In Asia Pacific, countries like China, Australia, India, Japan, and South Korea are among the major markets growing in the video analytics market.