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The Global Video Analytics Market is projected to reach US$ 11,965.6 Mn by 2026, as against US$ 2,488.5 Mn in 2018. Fortune Business Insights in a new study, 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” has found that video analytics solutions offer advanced surveillance and safety by tracking different items and their behavior.
Increasing cases of terrorism and rising security threats are key factors driving the video analytics market growth. Moreover, advanced video analytics systems can operate 24/7 in high-risk locations and provide precise and insightful information. One of the biggest advantages of video analytics software is its capability to prevent losses in distribution centers and warehouses. In addition to this, the demand for video analytics services is increasing in smart cities, traffic management, smart parking among others. Enabled by this, the market size is likely to increase in the forthcoming years.
Video Analytics Software to Gain Popularity Among Masses
Video analytics helps to track different cameras, analyze situations, and then accordingly send alerts to the concerned personnel. A lead analyst at Fortune Business Insights says,” It is better to use video analytics software rather than manually tracking cameras as the software offers actionable information to take safety precautions.” The deployment of video analytics solutions is increasing owing to its affordability and comfortability. The drastic price drop of high-performance software and servers is the factor responsible for the rising popularity of video analytics services. Enabled by these factors, the video analytics market share is increasing. The demand for other forms of video analytics such as privacy masking, motion detection, people counting among others is likely to increase in the forthcoming years.
Among video analytics applications, facial recognition and number plate recognition are gaining momentum in the market. Video analytics technology in facial recognition and number plate recognition helps to identify people and vehicle respectively. The demand for video analytics solutions is increasing on account of rising concerns over public safety. Furthermore, video analytics tools are used in criminal investigations, which is positively impacting the growth of the market. Also, rising technological advances in robotics, industrial automation, and others act as a growth engine for the market.
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IntelliVision to Introduce a New Video Analytics Platform for F Ambarella CV22 IP Camera SoC
The report profiles some of the leading players in the market. These include Avigilon, Axis Communications, IBM, Cisco Systems, Honeywell, Allgovision, Qognify, Aventura, Agent VI
Genetec, Intellivision, Kiwisecurity, Gorilla Technology, Intelligent Security Systems, and Viseum. Some of the companies are planning to adopt strategies in order to sustain the competition. BriefCam launches a new version of video analytics platform in April 2019. The platform has the ability to transform video into actionable intelligence and act accordingly. The company aims to boast improved user experience and offer real-time information. Another company called Intellivision introduces a video analytics platform for Ambarella CV22 SoC in May 2019. The application offers support for neural networks and deep learning to deliver better performance. Other companies are planning to new product launches in order to strengthen their product portfolio in the market.
Growing Investments in Video Analytics Solutions to Drive Market in North America
Among regions, the market in North America was valued at US$ 835.9 Mn in 2018. The market continues to emerge dominant in the forecast years. This is mainly due to the rising adoption of video analytics solutions and the existence of leading players in the U.S. Companies in the U.S. are continuously working on to implement video analytics systems across private and public organizations. Apart from North America, the market in Asia Pacific is expected to witness high growth over the projected horizon. The increasing adoption of video analytics solutions by small and medium-scale enterprises is the primary factor responsible for growth in the market in Asia Pacific. The video analytics market revenue is likely to increase owing to growing technological advancements in countries such as India and China.
The global video analytics market can be segmented into the following categories: