Video Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 04/19/2019 -- 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. In addition to this, the increasing number of partnerships, mergers and acquisitions, and collaborations is estimated to generate potential growth opportunities for the market players in the next few years. Some of the leading players operating in the video analytics market across the globe are VCA Technology Ltd., United Technologies Corp., Genetec Inc., IntelliVision, and Vigilon Corp.
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As per the research study by Transparency Market Research, in 2014, the global market for video analytics was worth US$ 1.7 bn and is projected to reach a value of US$ 9.15 bn by the end of 2023. The market is likely to register a promising 20.60% CAGR between 2015 and 2023.
North America to Witness High Growth in Coming Few Years
Among the key regional segments, North America accounted for a large share of the global market in the last few years and is projected to remain in the leading position in the next few years. The presence of several key players and the growing focus on the research and development activities are projected to encourage the growth of this region in the next few years. Furthermore, Asia Pacific is projected to register a strong growth rate in the coming few years. The rising contribution from Australia, China, Japan, India, and South Korea is considered as one of the key factors that is predicted to enhance the growth of the Asia Pacific market in the near future.
The global market for video analytics has been segmented on the basis of application into people recognition, video indexing, license plate recognition, incident detection, object recognition, and others. Among these, the people recognition segment is projected to witness high growth, along with a large share of the market in the next few years. The rising demand for video analytics to preciously count the number of people who are moving around sports and transport facilities, visitor attractions, shops, schools, museums, airports, banks, and parking lots is considered to accelerate the growth of this segment in the next few years.
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Technological Advancements to Accelerate Market Growth
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.
This information is based on the findings of a research report publish hed by Transparency Market Research (TMR), titled "Video Analytics Market (Application - Video Indexing, People Recognition, License Plate Recognition, Object Recognition, Incident Detection, and Others; End-use Industry - Residential, Commercial and Industrial, Urban Security and Public Safety, Healthcare, Defense and Border Security, Transportation and Logistics, Retail, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."