Video Analytics Market - Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 02/25/2019 -- The world of graphics and video making has evolved dramatically over the past two decades, ever since this service became commercially available at affordable costs. And with the advent proliferation of internet through top-notch broadband services, Wi-Fi, use of 4G, and increasing bandwidth, the quality of videos made, uploaded, and streamed has improved dramatically. Owing to the requirement of videos in myriad applications in residential as well as commercial spaces, a distinct video analytics market exists from a global perspective.
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A dramatic increase in the use of smartphones, laptops, wearables, and other devices that utilize high speed internet connectivity to process videos for recreational and work-based purposes is primarily driving the global video analytics market. Video analytics is majorly utilized in several sectors such as healthcare, transportation and logistics, urban security and public safety, defense and border security, retail, commercial, and industrial, and residential. Owing to such widespread use of these processes in numerous fields, the associated market facilitates splendid revenue generation.
Most manufacturers, buyers, and businesses largely depend on use of videos to spread work about their campaigns, services, and other products provided to consumers. With security based processes witnessing fantastic improvement in their quality provided, the market could certainly witness exemplary growth. This is mainly due to a high requirement of expert analytics existing in this domain. From a statistical perspective, the global video analytics market is prophesized to grow at a CAGR of 20.6% from 2015 to 2023.
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However, it might be expensive for businesses having less disposable income to develop and use video analytical solutions, thereby posing as a key restraint to the global video analytics market. In addition, developing quality analytical solutions might be highly complex. With a lack of experienced and skilled workers in remote and underdeveloped regions, the market is yet to develop significantly in these geographical extents. The existence of security breaches in video analytical solutions and services also hinder the global video analytics market's growth.