Video Analytics Market - Increasing Adoption of Advanced Video Surveillance Register 20.60% CAGR Between 2015 and 2023

Albany, NY -- (SBWire) -- 05/20/2019 --The global video analytics market is highly fragmented in nature with a high level of competition, states a new market intelligence study by Transparency Market Research. The competitive environment of the market is expected to get stiff in the next few years with the rising number of players that are projected to enter the market across the globe. The leading players in the market are focusing on offering cost-effective products and services in order to expand their horizon across the globe.

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The rising number of disadvantages of manual video analysis and the government investments in developing technologies in order to enhance the public safety infrastructure is one of the key factors that is projected to accelerate the growth of the market in the next few years. In addition to this, the growing demand for recognition applications and the increasing adoption of advanced video surveillance are projected to accelerate the growth of the overall market in the near future.

On the flip side, the privacy issues and the rising need for high investments in legacy installations are predicted to hamper the growth of the market in the coming years. Nonetheless, the rising inclination towards advanced technologies is predicted to enhance the growth of the market in the coming years.

The global video analytics market is classified based on application and end-use. The application category is further segmented into people recognition, object recognition, video indexing, incident detection, license plate recognition, and others including cross-camera tracking, traffic monitoring, safety alerts, wide spectrum imagery, post-event analysis, etc.

Out of these, application of video analytics in people recognition was highly preferred and accounted approx. 30% of revenue in 2014. This segment is projected to rise at 20.0% CAGR during the forecast period. The major reason for the growth of this segment is mainly that it can count the number of people moving through schools, shops, banks, prisons, sports and transport facilities, museums, airports, visitor attractions, and parking lots.

Based on end-use industry, the market is segmented into residential, commercial and industrial, healthcare, urban security and public safety, defense and border security, retail, transportation and logistics, and others including entertainment, education, and hospitality. Out of these, commercial and industrial end-users held the major share of up to 25% in the overall video analytics market in 2014. However, in terms of revenue, use of video analytics in the retail industry is projected to rise at a healthy CAGR over the course of eight years.

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Geographically, North America is leading the global video analytics market by holding 36% of revenue share in the market. This region is projected to hold the leading position during the forecast period due to the presence of several key players and increasing efforts in research and development activities. Moreover, Asia Pacific is expected to experience strong growth during the forecast tenure. In Asia Pacific, countries like China, Australia, India, Japan, and South Korea are among the major markets growing in the video analytics market.