Worldwide video analytics market is anticipated to reach over USD 25.4 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Key highlights of the video analytics market are listed below:
• Based on the end-user landscape, the retail end-user segment dominated the worldwide market with regards to revenue, in the year 2017.
• In terms of regional contribution, the North America market is projected to be the biggest global contributor with respect to revenue, in the year 2017.
According to the report, burgeoning incidences of terrorism and the rising public safety need have bolstered the demand for video analytics solutions across the globe. An increase in government investments to enhance public safety infrastructure supports market growth. In addition to this, rising demand for video analytics across a wide range of industries such as BFSI, transportation, etc. has augmented market size over the years. An upsurge in the funding by vendors in technological enhancements, in consort with rising demand for cloud-powered video analytics solutions, would expedite the acceptance of video analytics solutions. The findings of the report also forecast that the burgeoning demand from developing nations would provide plenteous growth opportunities to the video analytics market players over the coming years.
Speaking of the regional contribution, the North America market amassed the highest proceeds in the year 2017 and is estimated to dominate the worldwide market over the forecast timeframe. The rise in terrorist attacks and increasing proliferation of the IOT trend are driving growth in the region. The surging adoption of cloud-powered services, and technical advancements further enhance regional growth. The surging demand from defense and BFSI industries in North America will further accelerate market expansion. The report also cites that the Asia-Pacific market segment is projected to develop with the highest CAGR over the predicted timeline, owing to increasing demand from developing nations such as India, Japan, and China.
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The broad application spectrum of the video analytics market includes crowd monitoring, intrusion management, automatic number plate recognition, traffic monitoring, and others. The crowd monitoring market segment gathered the biggest share of the global market in the year 2017, due to the surging need for better managing huge crowd at public places. The functions of video analytics include crowd size approximation, determining suspicious activities, and identifying dominant patterns. The rising government investment in augmenting public safety and surging demand across emerging nations contributes towards segmental growth. The growing adoption of cloud-powered video analytics in this segment is projected to enhance the market growth between 2018-2026.
The distinguished players operating in the video analytics market include Honeywell International Inc., Intuvision, Inc., Puretech Systems Inc., Qognify, Avigilon Corporation, Aventura Technologies Inc., Agent Video Intelligence Ltd, Genetec Inc., Cisco Systems Inc., Allgovision Technologies Pvt. Ltd., Axis Communications, and International Business Machines Corporation. These organizations magnify their reach in the global market by investing significant resources for launching new products, merger & acquisitions, and collaborations.