The Video Analytics market is anticipated to reach over USD 25.4 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the retail segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue in 2017.
The growing need for offer public safety, and increasing incidences of terrorism have boosted the adoption of video analytics solutions. Increasing government investments to improve public safety infrastructure boosts the adoption of video analytics. Additionally, the increasing demand of video analytics from industries such as transportation, and BFSI has supported market growth over the years. Increasing investments by vendors in technological advancements coupled with growing demand for cloud-based video analytics solutions would accelerate the growth of the video analytics market. Growing demand from emerging economies is expected to provide numerous growth opportunities in the coming years.
The North America Video Analytics market generated the highest revenue in 2017, and is expected to lead the global market throughout the forecast period. The increase in number of terrorist attacks, and growing trend of IOT drive the Video Analytics market market growth in the region. The growing adoption of cloud-based video analytics, and technological advancements further support market growth in the region. The increasing demand from BFSI and defense sectors in the region further promote market growth in the region. The Asia-Pacific Video Analytics market is expected to grow at the highest CAGR during the forecast period owing to growing demand from emerging countries such as China, Japan, and India.
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The applications of video analytics include traffic monitoring, intrusion management, crowd monitoring, automatic number plate recognition, and others. In 2017, the crowd monitoring segment accounted for the highest market share owing to increasing need to manage large crowds in public places. Video analytics in crowd monitoring application is used for crowd size estimation, identification of dominant patterns, and determining suspicious activities. The growing government spending to provide public safety and increasing demand, especially in developing countries, supports the market growth in this sector. The increasing adoption of cloud-based video analytics in this application is expected to support market growth in the coming years.
The leading companies profiled in the Video Analytics market report 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. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.