Rising technological advancements and security concerns to drive the growth of global video analytics market
According to TechSci Research report, “Global Video Analytics Market By Component (Software, Service (Managed, Professional)), By Deployment Mode (On-premise, cloud), By Processing Mode (Central, Edge, Hybrid), By Organization Size (SME, Large Enterprise), By Application (Incident Detection, Intrusion Detection, People/Crowd Counting, Traffic Monitoring, Facial Recognition, License Plate Recognition, Others), By End User (BFSI, City & Infrastructure Surveillance, Hospitality & Entertainment, Manufacturing, Transportation & Logistics, Retail, Aerospace & Defence, Others), By Region, Forecast & Opportunities, 2025”, the global video analytics market is expected to grow at a robust rate during the forecast period on account of rising technological advancements and security concerns. Growth in retail sector is also responsible for rise in video analytics market to monitor consumer behavior and buying criteria. Video analytics is a technology to analyze video footage from cameras particularly security cameras, for example making surveillance systems that lessen the work of security staff. Video analytics is gaining traction in sectors such as traffic management, smart city, smart parking, and others. Moreover, it allows manual tracking of several cameras, which is positively influencing the growth of the market. It can also analyze suspicious activities and send an alert notification to the concerned authority to take safety precautions. As analytical solutions require less maintenance, they are hence, highly preferred. There has been a significant drop in the prices of high-performance software and servers, thereby making video analytics more affordable.
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The global video analytics market is segmented based on component, deployment mode, processing mode, organization size, application, end-user, company and region. Based on component, software segment held the dominant share in 2019 as video analytics software are used for people counting, tamper detection, motion detection, ALPR, and auto track detection. This segment is witnessing growth due to the increase in adoption of various digital technologies and need to provide enhanced services. The companies which are providing software generally provide some enhanced services with their products, which is also responsible for its dominance. Based on deployment mode, cloud-based segment held the lion’s share in the market in 2019 as cloud-based solutions comprises of software as a solution (SaaS), which enables unified management of processes. Based on application, facial recognition segment dominated the market in 2019 as it is used for fraud detection in passports, identification of criminals and attendance tracking and management, contributing to the growth of the segment. It is used in government and defense vertical. It is used for verifying suspected criminals, accelerating forensic video investigation, cross-border monitoring, document verification and identity management. It is also used in healthcare industry as it can help in quick of accessing medical records. Retail and banking sector are also making use of facial recognition. Mastercard is using facial recognition for online purchases. The need for better security system in these application areas is further expected to fuel facial recognition segment market.
IBM Corporation, Honeywell International Inc.,i2v Systems Private Limited, Cisco Systems Inc., Agent Video Intelligence Ltd., PureTech Systems Inc., Gorilla Technology Group Inc., Aventura Technologies Inc., Verint, Genetec Inc., Axis Communications AB, Objectvideo Labs LLC, IntuVision Inc. are some of the leading players operating in global video analytics market. The companies operating in the market are using inorganic strategies such as product launches, mergers and collaborations to boost their share.
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“North America is expected to dominate the global video analytics market during the forecast period due to the rapid technological advancements in the region. Availability of proficient technical expertise and better IT infrastructure than other regions is also responsible for its dominance. Following North America, Asia-Pacific is expected to account for significant share as countries in Asia-Pacific are investing in security surveillance systems, which is the reason for its growing share in market. Increased implementation of cloud-based technologies is also one of the major driving factors for the growth of video analytics market in these regions.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Video Analytics Market By Component (Software, Service (Managed, Professional)), By Deployment Mode (On-premise, cloud), By Processing Mode (Central, Edge, Hybrid), By Organization Size (SME, Large Enterprise), By Application (Incident Detection, Intrusion Detection, People/Crowd Counting, Traffic Monitoring, Facial Recognition, License Plate Recognition, Others), By End User (BFSI, City & infrastructure Surveillance, Hospitality & Entertainment, Manufacturing, Transportation & Logistics, Retail, Aerospace & Defence, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global video analytics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global video analytics market.
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