Video Analytics market worth $11.7 Billion by 2025
CHICAGO, June 5, 2020 /PRNewswire/ -- According to a research report "Video Analytics Market by Component, Application (Intrusion Management, Incident Detection, People/Crowd Counting, Traffic Monitoring), Deployment (On-premises and Cloud), Type, Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Video Analytics Market is expected to grow from USD 4.9 billion in 2020 to USD 11.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period.
Factors that are expected to drive the growth of the video analytics market are increased investments and focus of governing institutions on public safety, need to utilize and examine unstructured video surveillance data in real time, a significant drop in the crime rate due to surveillance cameras, growing need among enterprises to leverage Business Intelligence (BI) and actionable insights for advanced operations, limitations of manual video analysis, government initiatives in emerging technologies to enhance the public safety infrastructure, reduced cost of video surveillance equipment and long-term Return on Investment (RoI), and demand for enhanced video surveillance.
Software segment to hold a larger market size during the forecast period
Video analytics software is an important part of video surveillance systems. Businesses of all kinds make use of video analytics software to ensure the safety of their employees and the surrounding premises. It enables organizations to capture and analyze critical data and make business decisions using the intelligently analyzed data provided by the video analytics software. The software has evolved significantly and changed the face of video surveillance, which was initially carried out by guards or other watchdogs that monitored the Closed Circuit Television (CCTV) recordings of raw footage and acted accordingly.
On-premises segment to hold a larger market size during the forecast period
On-premises are a type of delivery model where the software or solution is installed and operated from the customers' in-house server and computing infrastructure. The cost of installing on-premises solutions is included in the Capital Expenditure (CAPEX) of the company. This approach is mostly adopted for applications that involve the processing of sensitive and confidential data volumes. These data volumes include internal and external surveillance footage and video feeds of business operations that contain confidential information and crucial insights.
Incident detection segment to hold the largest market size during the forecast period
Automated incident detection systems are high-valued assets in public safety infrastructure, such as traffic surveillance and management, to ensure the safety and security of people and the public infrastructure. According to the National Highway Traffic Safety Administration (NHTSA) in the US, approximately 30,000 people die, and 1.5 million people sustain injuries in road accidents every year. This creates the requirement for intelligent systems that can detect such incidents and their possibilities in real time.
Server-based segment to hold a larger market size during the forecast period
The server-based implementation of video analytics systems involves Internet Protocol (IP) cameras or encoders connected to the Ethernet or a server. In this approach, video analytics is embedded via a specific server that traces the video, analyzes it, and provides the output. Even though the analytics capabilities are enhanced due to advancements in edge technologies, there are certain tasks that can be executed more efficiently by running on a powerful server.
North America to account for the largest market size during the forecast period
North America tops the world in terms of the presence of security vendors and the occurrence of security breaches. Therefore, the global video analytics market is dominated by North America, which is considered to be the most advanced region with regards to technological adoption and advanced infrastructure. Growing concerns about the protection of critical infrastructure and national borders have increased government intervention in recent years.
The Video Analytics Market comprises major providers, such as Avigilon (Canada), Cisco (US), Axis Communications (Sweden), Agent VI (US), AllGoVision (India), Aventura Systems (US), Genetec (Canada), i2V (India), IntelliVision (US), intuVision (US), PureTech Systems (US), Qognify (US), Honeywell (US), IBM (US), iOmniscient (Australia), BriefCam (US), Digital Barriers (UK), IPSOTEK (UK), Gorilla Technology (Taiwan), DELOPT (India), Viseum (UK), KiwiSecurity (Austria), Intelligent Security Systems (US), Verint (US), Hikvision (China), Huawei (China), Dahua (China), Senstar (Canada), Identiv (US), and Bosch Security (Germany).The study includes thein-depth competitive analysis of these key players in the video analyticsmarket with their company profiles, recent developments, and key market strategies.
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