As cited by the business intelligence report ‘Video Analytics Market Share, Size, Trends, Industry Analysis Report, By Type; By Deployment Model; By Application; By End User; By Regions, Segment Forecast, 2020- 2026’, available with Market Study Report, video analytics market is predicted to accumulate USD 10.87 billion by the year 2026.
 

Factors such as increasing adoption across several verticals including manufacturing, automation, and retail, escalating demand for industrial automation, and growing popularity of advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI) are stimulating the video analytics market growth.
 

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Notably, the efficiency and capabilities of video analytics are significantly enhanced with the incorporation of IoT (Internet of Things). Thus, growing utilization of IoT technologies with video analytics for security solutions, alongside reduced workload on security staff and management with cost efficiency are the key growth stimulants of the market.
 

According to the study, rapid expansion of video analytics market can also be attributed to a substantial surge in demand for cloud-based solutions as well as employment for applications such as facial recognition, traffic monitoring, license plate detection, and motion detection among others.
 

On the contrary, growing privacy concerns among the customers, high costs associated with the installation of systems, and adverse weather conditions are major restraining factors for the overall industry expansion.
 

Based on deployment model, video analytics market is split into on-premises, and cloud. With regards to end-user terrain, the market is bifurcated into retail, smart cities, government, transportation, education, critical infrastructure, and BFSI among others.
 

Elaborating on geographical reach, North America is expected to emerge as a lucrative growth avenue for video analytics industry over 2020-2026, owing to focus on upgrading conventional surveillance systems, and strong presence of prominent service providers.
 

On the other hand, Asia-Pacific market is also set to amass substantial gains, clocking the highest annual growth rate over 2020-2026. High concentration of industry moguls, technological advancements, numerous smart city projects, and subsequent establishment of megacities in the region are fostering the APAC industry growth.
 

Top contenders operating in the global video analytics industry vertical are AllGoVision Technologies Pvt. Ltd., IBM Corporation, Axis Communications AB, Genetec Inc., Cisco Systems Inc., Agent Video Intelligence Ltd., Aventura Technologies Inc., Honeywell International Inc., Qognify Inc., Avigilon Corporation, Intuvision Inc., and PureTech Systems Inc. among others.