The global video analytics market is projected to rise at an exponential cagr of 22.67% during the forecast period, 2018 – 2026. fortune business insights in a report, titled “video analytics market, size, share and global trend by component (solutions, services), by application (crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others), end-user (bfsi, city, critical infrastructure, education, government, retail, transportation, and others) and geography forecast till 2026.” published the above information.
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The demand for actionable insights from video data is increasing, which is enabling growth in the market. As per the report, the global market was valued at US$ 2,488.5 Mn and is anticipated to reach US$ 11,965.6 Mn by 2026. Video analytics systems track video frames of cars, individuals, and other items to offer better surveillance and safety solutions. This will further positively impact the video analytics market growth. With the emergence of advanced technology, intelligent and smart video analytics services offer reliable and precise monitoring and can capture incidents that get unnoticed by humans.
Video analytics software is used in different areas such as smart city, traffic management, smart parking, and others. Video analytics tracking is used to keep an eye on different cameras, analyzes the situation, and sends a notification to the concerned authorities in case of suspicious activity. The increasing adoption of video analytics platform across different sectors is likely to surge the video analytics market size.
North America to Remain Dominant Between 2018 and 2026
Among regions, North America is projected to maintain its dominance in the global video analytics market until 2026. In 2018, the market was valued at US$ 835.9 Mn. The growth is primarily attributable to the presence of leading players in the U.S. These players are constantly focusing on research and finding ways to implement video analytics systems across several private and public organizations. The installation of security cameras is high, which is likely to create an imminent need for video analytics software in North America. Driven by this, the video analytics market share in North America is envisioned to increase in the projected horizon.
In 2018, the market in Asia Pacific accounted for US$ 531.6Mn and it is expected to expand at high growth in the forecast years. Countries such as China, India, and Australia are heavily investing in smart cities development. This, as a result, is expected to create growth opportunities for the market in Asia Pacific. Growing technological advancements is another factor contributing to the growth of the market in Asia Pacific.
Affordability and Comfortability of Video Analytics Stokes Demand for the Software
Growing adoption of big data analytics, cloud-based services, and internet of things (IoT) is likely to be the prime growth opportunity for the market. This, coupled with ongoing technological advancements, will bear fruits for the market. The increasing frequency of terrorist attacks and security breaches is increasing the adoption of video analytics solutions. Furthermore, increasing demand for IP-based security infrastructure and systems is likely to fuel demand for video analytics tools. “Over the years, video analytics deployment has become more affordable and comfortable among the masses. This is mainly driven by the radical price drop of high-performance software and servers,” said a lead analyst at Fortune Business Insights. “Owing to the up-gradation of technology, analytics solutions are more reliable now and require less maintenance, thus driving the video analytics market growth,” he added. Growing developments in self-driving cars, robotics, and industrial automation is likely to give tailwinds to the market.
Companies are also introducing new products to expand their market share and broaden their product portfolio. For instance, BriefCam announced the launch of a new version of video content analytics platform in April 2019. The 5.4 version of this platform allows organizations to convert video into actionable insight, thus helping organizations to accelerate investigations.
- Axis Communications
- Cisco Systems
- Agent VI
- Gorilla Technology
- Intelligent Security Systems
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