Global video analytics market is expected to grow at a double-digit rate during the forecast period. There are many factors responsible for the growth of video analytics market such as government investments, falling prices of video surveillance system, increasing adoption of IoT and big data technology. There has been increase in demand for video surveillance due to certain factors such as improved accuracy, cost-effectiveness and enhanced reliability. These solutions related to BI helps in gaining insights on patterns pertaining to consumer behavior and traffic movement. The major challenge with video analytics is the costliness of the infrastructure required to carry out the video surveillance, which might hinder the growth of the market.
Global video analytics market is segmented based on component, deployment mode, processing mode, organization size, application, end-user and region. Based on component, software segment is expected to dominate the market during the forecast period. This segment dominates due to the need for enhanced services which is provided with this software. Based on deployment mode, cloud-based accounted for the largest share in 2021. This is because cloud-based solutions comprise of Software as a Solution (SaaS), which enables unified management of processes. Based on application, facial recognition is anticipated to account for significant share in the forecast period as it is used in fraud detection in passports, identification of criminals, and attendance tracking and management. Based on end-user, retail segment led the market in 2021, as video analytics helps in understanding crowd patterns at a particular place and decodes the behavior of individuals, thereby contributing to its increasing demand in retail sector.
Regionally, North America, followed by Asia Pacific, led the market in 2021. This region is expected to continue dominance through 2027 due to the rising IT developments and existence of dominant markets players in the region. Factors for the high market share of Asia Pacific include, growing adoption of cloud-based video analytics solutions by small and medium organizations.
Major players operating in the global video analytics market include 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, etc.
- To analyze and estimate the market size of global video analytics market from 2017 to 2020.
- To estimate and forecast the market size of global video analytics market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast global video analytics market based on component, deployment mode, processing mode, organization size, application, end-user, company and regional distribution.
- To identify dominant region or segment in the global video analytics market.
- To identify drivers and challenges for global video analytics market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global video analytics market.
- To identify and analyze the profile of leading players operating in global video analytics market.
- To identify key sustainable strategies adopted by market players in global video analytics market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surve
