The global video analytics market to grow at a CAGR of 30.5% during the forecast period 2017–2023 to aggregate $13.61 billion by 2023
The increasing demand for incident detection, traffic monitoring, perimeter intrusion detection, and facial recognition is expected to drive the market growth.
Infoholic Research LLP, a global market research, and consulting company, has published a study titled “Global Video Analytics Market: Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023” (August 2017).
According to Infoholic Research, the rising demand for surveillance systems, live-streaming cameras, and pre-recorded video inspection has brought about huge opportunities for video analytics players. Most of the large enterprises and SMEs are adopting both video surveillance systems and video analytics. Currently, the organizations are using redaction software, advanced search, and facial recognition analytics to find accurate images and to gather information from various cameras, which help them to find patterns and draw meaningful insights. The need for real time information, proactive decision, increasing investment activities, and safety and security features are driving the market growth. The global video analytics market will witness a CAGR of 30.5% during the forecast period 2017–2023.
There is an increase in demand for both on-premises and on-demand or cloud-based video analytics. The cloud-based video analytics is expected to contribute the major market share followed by on-premises video analytics during the forecast period.
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The service providers include managed service providers, professional service providers, and others. There is an increase in demand for the support and maintenance services due to growing usage of video analytics software and applications. The managed service providers have huge business opportunities in the market. Artificial Intelligence (AI) is one of the technologies being used in video analytics. The companies are offering automated solutions by using deep learning and machine learning technologies that allow organizations to efficiently analyze large data generated by videos.
Video analytics is being widely used in entertainment, healthcare, BFSI, education, retail, commercial, residential, and transportation sectors. Currently, the transportation industry is set to be the leading sector due to increasing demand for video analytics solutions such as incident management, perimeter intrusion detection management, people counting, traffic monitoring, license plate recognition, and facial recognition among others.
In terms of regional analysis, North America is leading in the video analytics market followed by EMEA, Asia Pacific, and Latin America. In North America, the companies along with the government have hugely invested in video analytics due to increasing demand for IP-based surveillance cameras, video management software, video analytics applications, and cloud-based video analytics. Asia Pacific and Latin America are emerging markets for the key stakeholders.
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The report covers the present scenario and the growth prospects of the market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on types, deployment, applications, verticals, and regions.
- The report covers the evolution of video analytics, its features, advantages, and importance.
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth over the next forecast years (2017–2023).
- The report contains analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment.
- The report covers the implementation of video analytics applications in several industry verticals
- The report covers the adoption of video analytics software and services.