The Global Video Analytics Market Assessed to Develop at $11121.01 Million by 2028

June 14 17:02 2021
The Global Video Analytics Market Assessed to Develop at $11121.01 Million by 2028

The Global Video Analytics Market
As per Triton’s research report, the global video analytics market attained $4235.82 million in 2020, and is evaluated to surge at a CAGR of 16.05% by 2028.

A recent study by Triton Market Research titled ‘Global Video Analytics Market’ entails the Global Analysis and Forecasts by Deployment (On-premises, Cloud), Software Types (Detection Software [Motion Detection Software, Object Detection Software, Other Detection Software], Recognition Software [Facial Recognition Software, License Plate Recognition Software], Crowd Management Software), Application (Commercial, Transport & Logistics, Government, Other Applications), and by Geography (North America, Middle East and Africa, Latin America, Europe, Asia-Pacific). 

Video analytics software is primarily used to analyze a video to gain valuable insights. Moreover, video analytics solutions enhance surveillance when integrated into cameras, preventing security breaches.

 

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Triton’s research report insinuates that the global market for video analytics is likely to gain $11121.01 million by 2028, displaying a CAGR of 16.05% during the projected phase.

The growth in the installation of surveillance cameras, security benefits offered by video analytics solutions, and increased surveillance needs for public safety are driving the development of the video analytics market worldwide. Video analytics software has the advantage of analyzing real-time and recorded data, which eliminates the need for review by a human operator. Additionally, facial and license plate recognition software can be used to identify people and vehicles in real-time, assisting the management in making appropriate decisions.

However, the high setup and support hardware cost, coupled with lack of awareness, negatively impacts the progression of the video analytics market across the world.

The market for video analytics is divided into deployment, software types, and application. Based on deployment, the market is bifurcated into on-premises and cloud. In terms of software types, it is divided into detection software, recognition software, and crowd management software. The detection software is further sub segmented into motion detection software, object detection software, and other detection software. At the same time, recognition software is subdivided into facial recognition software and license plate recognition software. Lastly, application section is categorized into commercial, transport & logistics, government, and other applications.

North America is leading in the video analytics market. The governments across the region are taking measures to implement advanced surveillance systems in high-security areas due to the rising concerns pertaining to terrorist activities. Along with this, the governments are integrating video analytics solutions to detect data breaches efficiently. Further, video analytics solutions are being adopted in the retail and sports sectors to understand consumer behavior. Hence, such developments are likely to fuel the growth of the video analytics market over the considered period across North America.

Bosch GmbH, Gorilla Technology, Cisco, Verint, Mobotix, Axis Communications, Huawei, ADT Corporation, Hikvision, IBM, Genetec, i2V, Dahua, Honeywell, and Intellivision are major companies engaged in the market.

 

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Question & Answer: Video Analytics Market

Question 1: What major factors are driving the development of the video analytics market worldwide?

Answer: The growth in the installation of surveillance cameras, security benefits offered by video analytics solutions, and increased surveillance needs for public safety are driving the development of the video analytics market worldwide.

Video analytics software has the advantage of analyzing real-time and recorded data, which eliminates the need for review by a human operator. Additionally, facial and license plate recognition software can be used to identify people and vehicles in real-time, assisting the management in making appropriate decisions.

Question 2: What factors negatively impact the progression of the video analytics market?

Answer: The high setup and support hardware cost, coupled with lack of awareness, negatively impacts the progression of the video analytics market across the world.

Question 3: Which region is the leading in the video analytics market?

Answer:  North America is leading in the video analytics market. The governments across the region are taking measures to implement advanced surveillance systems in high-security areas due to the rising concerns pertaining to terrorist activities. Along with this, the governments are integrating video analytics solutions to detect data breaches efficiently. Further, video analytics solutions are being adopted in the retail and sports sectors to understand consumer behavior. Hence, such developments are likely to fuel the growth of the video analytics market over the considered period across North America.

Question 4: Which are the major companies engaged in the video analytics market?

Answer: Bosch GmbH, Gorilla Technology, Cisco, Verint, Mobotix, Axis Communications, Huawei, ADT Corporation, Hikvision, IBM, Genetec, i2V, Dahua, Honeywell, and Intellivision are major companies engaged in the market.

Related Report:

Global Security Robots Market

The global security robots market is estimated to grow at a CAGR of 9.35% during the envisioned period of 2021-2028, while acquiring $2369.09 million in value by 2028.

Security robots have the ability to counter geopolitical conflicts or civil wars without resulting in loss of human life. Several countries have surged their defense budgets to improve R&D on security robots, including UGVs, to ensure security.

The rising use of robots in security and surveillance applications, growing safety concerns, and increasing border conflicts are supporting the growth of the security robots market. Besides, the growing trend of autonomous operation, rise in defense and security spending by developing countries are opening new avenues for the reviewed market.

However, the surge in concern relating to privacy intrusion, the rigid regulatory environment in various regions, and the lack of high-quality and reliable solutions are hampering the global market’s overall growth.

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