According to a recent market research report published by
Transparency Market Research, the global video analytics market is
estimated to expand at a CAGR of 20.6% during the period between 2015
and 2023. The report, titled “Video Analytics Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 -
2023,” projects the global video analytics market to reach a
valuation of US$9,151.2 mn by 2023.
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Video analytics technology is being increasingly used across various
sectors as it is cost-efficient and an efficient real-time monitoring
system. Video analytics eliminates the need for human monitoring and
analysis of video feeds in real time. Intelligent video analytics
systems with automatic event and alarm notifications are high in
demand, especially from the retail sector.
The report states that the increase in installations of IP cameras
and the demand for high-definition and advanced cameras with better
video quality are driving the demand from the global video analytics
market. The rapid expansion of the retail sector and deployment of
video analytics therein have further augmented the growth of the
market. During the forecast period, the demand for both replacement
and new software products is expected to boost the growth of the
market.
According to application, the report segments the global video
analytics market into people recognition, video indexing, object
recognition, license plate recognition, incident detection, and
others including cross-camera tracking, traffic monitoring,
post-event analysis, safety alerts, and wide spectrum imagery. Video
analytics for the people recognition application was most preferred
in 2014 and held around 30% of the market revenue. During the period
between 2015 and 2023, this application segment is anticipated to
expand at a CAGR of 20.0%.
In terms of end-use industry, the report categorizes the global video
analytics market into commercial and industrial, residential, urban
security and public safety, defense and border security, healthcare,
retail, transportation and logistics, and others. The commercial and
industrial sector dominated the overall market in 2014 and accounted
for a share of 25% in the market. During the forecast horizon, the
retail industry is expected to register the fastest growth in the
market.
The report studies the global video analytics market across five key
regions: Europe, North America, Asia Pacific, the Middle East and
Africa, and Latin America. North America has emerged as the largest
market for video analytics. In 2014, the region held about 36% of the
overall market revenue. However, during the forecast period, Asia
Pacific is anticipated to be the fastest growing region in the market
due to growing demand from countries such as India, China, Japan,
South Korea, and Australia.
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Describing the competitive landscape, the report profiles some of the
key players in the global video analytics market such as VCA
Technology Ltd., Bosch Security Systems Inc., Avigilon Corporation,
Genetec, Inc., Cisco Systems Inc., IntelliVision, PureTech Systems
Inc., Milestone Systems A/S, Honeywell International Inc., IBM
Corporation, General Electric, Samsung Techwin Co., Ltd. (Hanwha
Group), and Nice Systems Ltd. The report provides insightful
information about the key players including their product portfolio,
global presence, revenue, financial overview, and recent
developments.
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company’s exclusive blend of quantitative forecasting and trend
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makers. TMR’s experienced team of analysts, researchers, and
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material for business reports.
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