San Francisco,12 October 2018:
According
to a report by Grand View Research, Inc., global video
analytics market is anticipated to value USD 9.4 billion by
2025. Growing requirement for timely alert regarding unusual and suspicious
activities to reduce rising crime rate is anticipated to propel demand for
video analytics. Video analytics is likely to offer multiple useful features
such as enhanced reliability, improved accuracy, and cost-effectiveness, which
are likely to boost its significance in business intelligence.
Increasing use of video
analytics in criminal investigations to reach essential clues that can help
solve complicated cases can augment market growth. Rising concerns over public
safety attributed to increasing number of criminal activities can fuel growth
of market. In addition, growing adoption of video analytics in retail sector
for estimating display effectiveness, gender bifurcation, average footfall,
retail, and healthcare can influence market growth during the forecast period
(2014 to 2025).
The video analytics market can
be segregated on the basis of type, deployment, application, end-use, and
region. Based on type, the market can be bifurcated into services and software.
Both service and software are likely to offer features which can be customized
according to consumer’s requirements. Software can help in detecting wide range
of events including vehicles, objects, and people. It can also analyze videos
from multiple sources.
Video analytics can enable
detection of minute things even in low visibility and support central
management of analytics in deployment that can be accessed anytime and
anywhere. This access can be granted using web browser with alarms based on
user-defined rules and real-time scene analysis.
Access
Research Report of Video
Analytics Market@ www.grandviewresearch.com/industry-analysis/video-analytics-market
Based on deployment, the
market can be divided into on-premise and cloud. Cloud segment is anticipated
to grow at phenomenal CAGR of 24.5% during the forecast period. Shifting focus
of organizations from conventional on-premise installations to cloud
deployments can augment growth of segment. Cloud segment can comprise of
software as a solution (SaaS), which can enable on-demand subscription model
and management of processes. This, in turn, can charge consumers based on
number of subscriptions.
However, on-premise business
operations are likely to be carried out on user’s company site with dedicated
server. In such cases software is expected to be owned completely by the
company.
Based on application, the
market can be categorized into facial recognition, intrusion detection, crowd
management, license plate recognition, motion detection, and others. Crowd
management segment is expected to contribute for maximum growth of market
attributed to increasing use of video analytics to monitor and control huge
crowd at public events. Video analytics when combined with smart surveillance
systems can enable critical situation alerts on real-time basis.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/electronic-security-systems-and-devices
Based on end-use, the market
can be classified into education, government, retail, transportation, critical
infrastructure, city, BFSI, and others. In 2016, retail segment dominated the
market and accounted for market share equivalent to USD 418.6 million. Rising
demand for video analytics in retail sector is likely to fuel growth of segment
during the forecast period.
On the contrary, shifting focus
of end-users such as government, BFSI, transportation, city, and critical
infrastructure from basic security surveillance to understanding crowd patterns
and behavior of individuals can stimulate market growth.
Regional segmentation includes
North America, Latin America, Asia Pacific, Europe, and Middle East &
Africa. In 2016, North America dominated the market and accounted for market
share equivalent to USD 736.6 million. High prevalence of key market players is
likely to fuel growth of market in the region. In addition, shifting focus of
organizations on safety and security by implementing video analytics can
augment market growth.
Asia Pacific region is
anticipated to emerge as second largest market after North America in terms of
revenue. Strong economic growth in countries such as China, India, and
Indonesia can fuel market growth in the region. These economies are expected to
invest in intelligent surveillance security systems to increase safety of their
citizens. In addition, rising implementation of industry solutions in Japan,
India, and China coupled with growing adoption of cloud-based technologies can
augment market growth.
Some of the leading companies
offering video analytics are IBM Corporation; Honeywell International Inc.;
Cisco Systems Inc.; Agent Video Intelligence Ltd.; and Axis Communications AB.
Access
Press Release of Video Analytics Market@ www.grandviewresearch.com/press-release/global-video-analytics-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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