The global video analytics market was valued at USD 2.8 billion in 2017 and is anticipated to grow at a CAGR of 28% during the forecast period. Video analytics uses software and services for monitoring video surveillance feed and offering alerts in case of temporal events. Video Analytics offers efficient surveillance system while reducing human errors. The demand for video analytics has increased over the years owing to growing security concerns. Video analytics is used for various applications such as motion detection, facial recognition, license plate detection, crowd counting, and traffic monitoring among others. Video analytics finds applications in diverse industries such as transportation, hospitality, retail, BFSI, and education among others.
The increasing need for gain actionable insights from large amount of data, and growing volume of unstructured video data drive the growth of the Video Analytics market. The growing trend of BYOD, IOT, artificial intelligence, and machine learning further supports market growth. The rising adoption of cloud-based video analytics solutions is expected to promote market growth during the forecast period. Other factors driving the market include technological advancements, growing adoption of industrial automation, and increasing security concerns. The increasing cases of terrorism, and security breaches have increased the adoption of video analytics. Growing demand from emerging economies, and increasing adoption for public safety are factors expected to provide numerous growth opportunities for the Video Analytics market during the forecast period.
The global video analytics market is segmented on the basis of component, deployment model, end-user, application, and region. Based on component, the market is segmented into software, and services. On the basis of deployment model, the market is segmented into on-premise, and cloud-based. The end-user segment is categorized into BFSI, transportation, retail, defense and government, travel and hospitality, and others. The application segment is divided into traffic monitoring, intrusion management, crowd monitoring, automatic number plate recognition, and others.
The video analytics market report comprises a detailed geographic distribution across North America, Europe, APAC, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America accounted for the largest share in the Global Video Analytics market in 2017.
The leading players in the video analytics market include International Business Machines Corporation, Cisco Systems Inc., Axis Communications, Genetec Inc., Agent Video Intelligence Ltd, Honeywell International Inc., Aventura Technologies Inc., Qognify, Avigilon Corporation, Puretech Systems Inc., Intuvision, Inc., Allgovision Technologies Pvt. Ltd. among others. These leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.