The rising concern for increased security and understanding of consumer behavior is anticipated to drive the market for video analytics, globally. Video analytics system provides its users with ability to detect real-time and post event through data analysis, which increases the security and efficiency of businesses and cuts down on cost of workforce. These days, the video analytics solution providers and equipment manufacturers are more inclined towards providing more improvised and advanced technology to their customers in order to improve their work and offer increased precision and greater work reliability. This has enhanced the requirement for video analytics in numerous end-user segments. Also, the retail industry is witnessing dynamic transformation in terms of eliminating the risk of shrinkage and crime. Shrinkage being the major issue for the retail sectors, the demand for more advanced and technologically sound video analytics systems is anticipated to increase during the forecast period. Counting and crowd/population management is another factor that is anticipated to fuel the growth of market in next few years. The counting and crowd management application is analyzed to experience high demand in coming years owing to the emergence of applications that can detect the flow of crowd at a particular entry and exit nodes within the vicinity of a property in periodic or real-time reporting. Increasing deployment of this application is expected to accelerate the demand for video analytics systems in near future.
Deployment of video analytics requires a specific infrastructure, which includes systems with massive storage space, high resolution IP cameras, processing power and high configuration. Because, building of suitable infrastructure requires large investments, the market is expected to face challenges in adoption of this technology. Furthermore, due to lack of awareness regarding benefits of IP cameras, customers are reluctant towards switching to IP cameras from analog cameras, which may again adversely affect the growth of market. However, extension in the range of application is an emerging trend in commercial premises and retail outlets under video analytics because of security concerns and demand for understanding and monitoring the ecosystem of the façade. Commercial, residential, and industrial sectors are the major drivers of this market. The rising adoption of cloud based tools is expected to generate new opportunities in the video analytics market.
The video analytics market is briefly segmented into applications, end-user industry, type and deployment model. Based upon the applications, the market is further bifurcated into license plate recognition, cross-camera tracking, incident detection, traffic monitoring application, object recognition, people recognition and video indexing. The end-user industry is sub-segmented into transportation and logistics, banking, financial services, and insurance (BFSI), commercial and industrial, airport and maritime, critical infrastructure security, hospitality and entertainment, retail, defense and public safety and others. The BFSI segment is expected to be the major adopter of video analytics tools, whereas, the public safety and defense is predicted to capture the majority of market share during the forecast period. The type of video analytic systems are software and systems, and based upon the deployment types the market is segmented into cloud based and on-premises.
Geographically, the market is segmented into Europe, North America, Asia-Pacific, Latin America and Middle East & Africa (MEA). Video analytics performs myriad tasks that include analysis of previously recorded videos for gathering of critical data or event through the recorded video. Some of the players in the market include Nice Systems Ltd., General Electric, Cisco Systems Inc., Bosch Security Systems Inc., PureTech Systems Inc., Milestone Systems A/S, Genetec, Inc., VCA Technology Ltd., Samsung Techwin Co., Ltd. (Hanwha Group), Avigilon Corporation, Honeywell International Inc., IntelliVision and IBM Corporation among others.
Market by Type
Market by Application
· License plate recognition
· Cross-camera tracking
· Incident detection
· Traffic monitoring
· Object recognition
· People recognition
· Video indexing
Market by End User Industry
· Transportation and logistics
· Banking, financial services, and insurance (BFSI)
· Commercial and industrial
· Airport and maritime
· Critical infrastructure security
· Hospitality and entertainment
· Defense and public safety
Market by Deployment
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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