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
Albany, NY -- (SBWIRE) -- 02/03/2017 -- Within a few years of its advent, video analytics has gained a repute of being a reliable video motion detection system. The efficiency of video analytics in the detecting, tracking, and analyzing moving images has added tremendously to its popularity across the world. The growing concerns over security have prompted authorities to bring retail outlets as well as commercial premises under video surveillance. This in turn requires video analytics to detect real-time events, present their analysis, and extract statistical data.
North America has been leading the video analytics market globally since last few years. In 2014, this region held a revenue share of approximately 36% in the overall market. However, Asia Pacific is likely to experience the fastest growth in the coming years.
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According to a research study published by Transparency Market Research (TMR), the demand for video analytics is expected to increase significantly over the next few years. In 2014, the worldwide video analytics market stood at US$1.7 bn. Analysts expect this market to report an exponential CAGR of 20.60% between 2015 to 2023 and reach US$9.1 bn by the end of 2023.
Intense Competition triggers Technical Advancements in Video Analytics Products
The global video analytics market is highly fragmented with a number of players being scattered in different regional markets. So far, only five companies, namely IntelliVision, Genetec Inc., Avigilon Corp., VCA Technology Ltd. and United Technologies Corp., have been able to establish themselves in this market. Other players such as Bosch Security Systems Inc., Milestone Systems A/S, Honeywell International Inc., GE Security, Cisco Systems Inc., Samsung Techwin, are still struggling to showcase their presence on the global platform.
An intense competition is evident among the participants operating in the worldwide video analytics market. Companies are focusing on research and development as well as the technological advancement of their products in order to gain a competitive edge over their peers. The introduction of novel products with new-generation designs is the latest trend among market players. Here is the snapshot of some major launches and announcements that recently took place.
> VCA Technology Ltd., a U.S.-based company, launched a state of the art public view monitor, specially designed for retail security in November 2015. A little earlier, in August 2015, the company had introduced a new array of IP network video devices that feature analytics technology.
> Genetec Inc., a Canadian IP video surveillance provider, recently introduced a subscription-based ownership model for Genetec™ Security Center, its flagship unified security platform.
> Avigilon Corp., a Vancouver-based video surveillance manufacturing company, has announced to launch its newest product-line, the H4 Edge Solution camera line, at ISC West 2016 in Las Vegas, Nevada.
The rapid rise of the worldwide retail sector and the subsequent increase in the adoption of video surveillance has provided the necessary momentum to the global market for video analytics. As a result, the future looks teeming with opportunities for the market participants.
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