Kenneth Research, in its repository of market research reports, has recently added a report on Video Analytics Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. 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.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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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The Global Video Analytics Market was valued at USD 2.06 billion in 2016 and is projected to reach USD 28.6 billion by 2025, growing at a CAGR of 33.95% from 2017 to 2025.
Video Analytics is the technology, software and process of using computers to automatically analyze video footage from a security camera. Using video analytics makes your surveillance system more efficient, reduces the workload on security and management staff, and helps you capture the full value of security video by making your IP camera system more intelligent in its work. Benefits of video analytics includes – high accuracy, license plate recognition, strange object recognition, auto-tracking, ease of implementation, reduced labor costs, improves security, and real-time surveillance.
Market Dynamics:
1. Market Drivers
1.1 Adoption of technologies such as IoT, machine learning and AI
1.2 Increasing demand for improved efficiency levels of video surveillance
1.3 Rising demand of video analytics in various sectors
1.4 High demand for recognition applications
1.5 Increasing investments by government to enhance public safety infrastructure
2. Market Restraints
2.1 Complexities in operating in remote and isolated locations
2.2 Lack of reliability
2.3 Issues with storage and bandwidth
2.4 Costly infrastructure
Market Segmentation:
The Global Video Analytics Market is segmented on the application, type, deployment model, vertical, and region.
1. Application:
1.1 Traffic Monitoring
1.2 Incident Detection
1.3 Facial Recognition
1.4 People/Crowd Counting
1.5 Intrusion Management
1.6 Automatic Number Plate Recognition
2. By Type:
2.1 Software
2.2 Services
3. By Deployment Mode:
3.1 On-demand
3.2 On-premises
4. By Vertical:
4.1 City Surveillance
4.2 Border Security
4.3 Education
4.4 Banking, Financial Services, and Insurance (BFSI)
4.5 Transportation
4.6 Retail
4.7 Traffic Management
4.8 Critical Infrastructure Protection
4.9 Others
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5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. Intellivision Technologies Private Ltd.
3. Honeywell International Incorporation
4. Agent Video Intelligence Ltd.
5. Cisco Systems, Inc.
6. Puretech Systems Inc.
7. Axis Communications
8. I2V Systems Private Ltd.
9. Qognify
10. Intuvision, Inc.
11. Genetec Inc.
12. Aventura Technologies Inc.
13. Allgovision Technologies Pvt. Ltd.
14. Avigilon Corporation
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Video Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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