- Rise in demand for IP-based security cameras, surge in volume of unstructured video data, and growth in concern over public safety and security drive the growth of the global video analytics market
PORTLAND, Oregon, July 15, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Video Analytics Market by Component (Software and Services), Deployment (Cloud and On-Premises), Organization Size (Small & Medium Enterprises and Large Enterprises), and Application (Retail, Healthcare, BFSI, Transportation & Logistics, Government, Manufacturing, Mining, and Others): Opportunity Analysis And Industry Forecast, 2020–2027". According to the report, the global video analytics market was pegged at $4.10 billion in 2019, and is estimated to reach $20.80 billion by 2027, registering a CAGR of 22.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in demand for IP-based security cameras, surge in volume of unstructured video data, and growth in concerns over public safety and security drive the growth of the global video analytics market. However, high initial investment cost on systems and infrastructures and increase in number of false alarm alerts hamper the market growth. On the contrary, use of advanced technologies such as AI, machine learning with video analytics and growth in requirement of business intelligence and insights coupled with need of edge-based analytics to recognize and profile applications open new opportunities for the market players in the coming years.
The outbreak of the Covid-19 has greatly affected the global video analytics market.
- The shift to work from home with the help of digital collaborative tools would increase demand for high technologies such as cloud computing and video analytics.
- However, the threat of recession and discretionary income reduction would decrease the overall spending of organizations.
Software segment held the largest share
By component, the software segment held the largest share in 2019, accounting for more than two-thirds of the global video analytics market, owing to growth in need to monitor the premises or any facility from any kind of physical threats or suspicious activities and demand for precise image analysis, real-time processing, multiple visual inputs, and enhanced accuracy. However, the services segment is expected to register the highest CAGR of 25.6% during the forecast period, as these services help organizations in project consultation, configuration, installation, security monitoring, and other essential security services.
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BFSI segment to manifest highest CAGR through 2027
By application, the BFSI segment is anticipated to register the highest CAGR of 24.4% during the forecast period, owing to need to protect the massive amount of sensitive data, increase in fraudulent activities such as fake currency, ATM cloning, and difficulties with remote and isolated locations. However, the retail segment held the largest share in 2019, contributing to more than one-fourth of the global video analytics market, due to increase in need to monitor consumer behavior, buying criteria, the pattern of product selection, and time spending on particular sections.
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North America dominated the market
By region, the global video analytics market across North America held the largest share in 2019, accounting for around two-fifths of the market, due to growth in demand for business intelligence and an increase in demand for technologically enhanced public safety infrastructure. However, the market across Asia-Pacific is expected to register the highest CAGR of 25.6% during the forecast period, owing to increased demand for video analytics due to increase in safety concerns, rise in investment by the government for surveillance cameras, and smart city initiatives in the developing countries.
Major market players
- AllGoVision Technologies Pvt. Ltd
- Axis Communications AB
- Aventura Technologies, Inc.
- Honeywell International, Inc.
- Cisco Systems, Inc.
- IBM Corporation
- Verint Systems, Inc.
- PureTech Systems, Inc.
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