In a recent published report, Kenneth Research has updated the market report for Video Analytics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Video Analytics Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Video Analytics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Video Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Video Analytics market is anticipated to reach over USD 25.4 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the retail segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue in 2017.The growing need for offer public safety, and increasing incidences of terrorism have boosted the adoption of video analytics solutions. Increasing government investments to improve public safety infrastructure boosts the adoption of video analytics. Additionally, the increasing demand of video analytics from industries such as transportation, and BFSI has supported market growth over the years.
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Increasing investments by vendors in technological advancements coupled with growing demand for cloud-based video analytics solutions would accelerate the growth of the video analytics market. Growing demand from emerging economies is expected to provide numerous growth opportunities in the coming years.
The North America Video Analytics market generated the highest revenue in 2017, and is expected to lead the global market throughout the forecast period. The increase in number of terrorist attacks, and growing trend of IOT drive the Video Analytics market market growth in the region. The growing adoption of cloud-based video analytics, and technological advancements further support market growth in the region. The increasing demand from BFSI and defense sectors in the region further promote market growth in the region. The Asia-Pacific Video Analytics market is expected to grow at the highest CAGR during the forecast period owing to growing demand from emerging countries such as China, Japan, and India.
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The applications of video analytics include traffic monitoring, intrusion management, crowd monitoring, automatic number plate recognition, and others. In 2017, the crowd monitoring segment accounted for the highest market share owing to increasing need to manage large crowds in public places. Video analytics in crowd monitoring application is used for crowd size estimation, identification of dominant patterns, and determining suspicious activities. The growing government spending to provide public safety and increasing demand, especially in developing countries, supports the market growth in this sector. The increasing adoption of cloud-based video analytics in this application is expected to support market growth in the coming years.
The leading companies profiled in the Video Analytics market report include International Business Machines Corporation, Cisco Systems Inc., Axis Communications, Genetec Inc., Agent Video Intelligence Ltd, Honeywell International Inc., Aventura Technologies Inc., Qognify, Avigilon Corporation, Puretech Systems Inc., Intuvision, Inc., Allgovision Technologies Pvt. Ltd. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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