The global video analytics market is projected to progress with a CAGR of 16.70%, across the forecast years of 2021 to 2028. The market growth is principally attributed to factors like, the increasing concerns regarding public safety and security, the improved security provided by video analytics solutions, the surging installation of video surveillance cameras, and the growth in smart cities.
Video analytics is characterized as a computerized processing and automatic analysis of video content that is monitored, collected, and generated, during video surveillance. Large volumes of video data are procured through video surveillance in cities and industries, and through social media, and websites. Moreover, they demand increased storage space, as well. While video analytics enables organizations to detect the characteristics and movements of vehicles and people, it subsequently disregards irrelevant activities.
The growing number of terrorist attacks, the rapid urbanization of rural areas, and the increased public perception of threats are among the key forces propelling the surging concerns regarding the safety and security of life, assets, and property. Real-time incident management improves the quality of response during disasters and emergencies, including, road accidents, theft, fire incidents, robberies, and security breaches, among others. In addition, the rising urban populace generates the need for effective response management and public supervision systems, which ultimately rely on robust and secure communication networks.
The global video analytics market growth is assessed by evaluating Asia-Pacific, North America, Europe, and the rest of the world. The Asia-Pacific is expected to grow with the highest CAGR over the forecast years. The region’s market growth is accredited to the increased adoption of video analytics solutions, given the rising internet penetration, the strong economic growth across emerging economies, and the growing proliferation of video cameras for security purposes. Moreover, the augmenting infrastructure in developing nations like, India and China, has significantly bolstered the growth of video surveillance.
The opportunity and demand for video analytics services are high, across the global market, since large infrastructural and institutional spaces require them. As a result, given the market’s lucrative nature, the industrial rivalry is anticipated to remain high over the forecast period.
Leading players operating in the market are, Bosch GmbH, Cisco, Honeywell International Inc, etc.
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