San Francisco, 16 November
2018: According to a report published by Grand View Research,
Inc.; the videoanalytics market is expected to reach a valuation of around USD 9.4
billion by 2025.
Growing concerns related to safety
and security of the public and technological advancements can propel the market
over the forecast period (2014 to 2025).
Rising demand for intelligent
security surveillance systems to estimate the trends and deriving patterns is
the crucial factor for the market growth. These systems are intended to improve
reliability, accuracy, and cost-effectiveness. These systems can be used to get
insights on patterns related to consumer behavior, traffic movements, and
others like frequency of football at a user-defined area. Furthermore, video
recording plays an important role in law procedures to gather evidence.
Furthermore, these solutions are extensively used in the retail sector to
estimate display effectiveness, gender bifurcation, and attractiveness of shelf
space.
Worldwide video analytics
market can be segmented on the basis of type, deployment, application, end-use,
and region.
Based on type, the market can
be classified into software and services.
The services segment is anticipated
to exhibit the highest CAGR of 24.0% during 2017 to 2025 due to increasing demand
for installation of video analytics solutions.
Access
Research Report of Video
Analytics Market@ www.grandviewresearch.com/industry-analysis/video-analytics-market
As per deployment, the market
can be categorized into cloud and on premises. The Cloud segment is expected to
be the fastest growing segment and projected to display a CAGR of 24% during
the forecast period. Cloud-based solutions are considered as highly scalable
and can support large number of cameras by providing real-time analyses. Thus,
the consumers are increasingly shifting towards the cloud applications.
On the basis of end-use, the
market can be split into BFSI, city, critical infrastructure, education, government,
retail, transportation, and others.
The retail segment is expected
to gain the highest CAGR of 25.6% during the projected period. Growing applications such as people counting,
customer preference pattern analysis, product placement and store layout, and display
and promotion effectiveness are driving the growth of this segment.
As per application, the market
can be fragmented into crowd management, facial recognition, license plate
recognition, intrusion detection, motion detection, and others.
Facial recognition is the
fastest growing segment and expected to expand with a CAGR of 25.9% during 2017
to 2025. This growth can be credited to increasing use of facial recognition
solutions for surveillance at events, malls, public transport, airports, among
others.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, Middle East
and Africa (MEA).
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Grand View Research at: www.grandviewresearch.com/industry/electronic-security-systems-and-devices
In 2016, North America dominated
the market and valued at USD 736.6 million due to existence of the major
companies in the region. Presently, the U.S. the world’s biggest consumer of
video analytics. Factors such as increasing technological advancements and
strong economic growth is driving the market in this country. Also,
organizations in this region are adopting these solutions to improve the safety
and security. Consumes in this region are increasingly chaining their
preference for cloud deployment over on-premise deployments.
Asia Pacific has reported as
the second largest market in terms of revenue due to robust economic growth in
countries including China, Indonesia, India. These countries are extensively
investing for the development of intelligent security surveillance systems in
order to provide safety of their citizens. Growing implementation of industry
solutions, primarily in countries including China, Japan, and India, along with
high adoption of cloud-based technologies, is likely to drive the market.
Prominent players operating in
the market include Cisco Systems Inc.; Agent Video Intelligence Ltd.; Honeywell
International Inc.; Aventura Technologies Inc.; and Bosch Security Systems
GmbH.
The market is extremely
competitive and mainly dominated by the established companies in the market. The
participants in the market are undertaking several strategies to gain traction
in the market such as mergers and acquisitions, new product developments and partnerships
and agreements. Companies are also making high investments to carried out
R&D. The players are also concentrating on the development of customized
products to stay ahead in the market.
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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