According to the business intelligence report titled ‘Global Video Analytics Market 2021-2028’, available with Market Study Report, global video analytics market is projected to expand at a yearly rate of 16.05% between 2021-2028.
 

Increasing installation of surveillance cameras coupled with their importance in public safety are key factors spurring global video analytics market outlook. Furthermore, security benefits of video analytics solutions will aid revenue inflow in this business sphere.
 

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While widespread application in healthcare and sports sectors will facilitate industry expansion, lack of awareness about video analytics, concerns regarding privacy, and high setup & hardware costs will act as challenges for businesses in this domain.
 

Based on deployment, the industry is split into cloud, and on-premises. Speaking of software types, the market sphere is divided into detection software (motion, object, and others), recognition software (license plate, facial), and crowd management software. Moving on to application spectrum, worldwide video analytics marketplace is bifurcated into government, transport & logistics, commercial, and others.
 

From regional frame of reference, North America held a significant industry share in the past year, due to installation of advanced surveillance systems to enhance security in government buildings, and presence of leading manufacturers in the region. Increasing adoption of video analytics solutions to curb security breaches will contribute to the market share as well.
 

Key players formulating the competitive landscape of global video analytics industry  are Verint Systems, ADT Inc., Mobotix AG, Axis Communications AB, IntelliVision Corporation, Robert Bosch GmbH, International Business Machines Corporation, Cisco Systems Inc., i2V Systems Pvt. Ltd., Zhejiang Dahua Technology Co. Ltd., Huawei Technologies Co. Ltd., Genetec Inc., Honeywell International Inc., Gorilla Technology Group, and Hangzhou Hikvision Digital Technology Co. Ltd.
 

These companies have undertaken strategic decisions such as partnerships, collaborations, product launches, investments in research & development, and mergers & acquisitions to strengthen their foothold in this business sphere and increase profits.