Video Analytics is enabling a rapidly increasing number of embedded video products which include smart cameras and intelligent digital video recorders (DVRs) with automated capabilities that a few years ago which required human monitoring. Generally, video analytics is the extraction of relevant and meaningful information from the digital video. As opposed to video compression, which attempts to exploit the redundancy in digital video for the purpose of reducing its size, analytics is concerned with considerate the content of the video. Video Analytics builds upon research in computer vision, machine intelligence, and pattern analysis, and spans various industry segments including surveillance, transportation, and retail. It is also known as video content analysis (VCA) or intelligent video.
According to the report, the global video analytics market accounted for around USD 1.89 Billion in 2016 and is expected to reach approximately USD 11.10 Billion by 2022, growing at a CAGR of around 34.3% between 2017 and 2022.
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Global video analytics market is primarily driven by rising demand for improved security arrangements. In addition, Increasing terrorist attacks, frequency and intensity of security breaches is expected to flourish the growth of video analytics market in near future. Furthermore, government investments especially in U.S. and U.K. in emerging technologies to enhance public safety infrastructure paired with the demand for actionable insights is predicted to shape the growth of video analytics market in the analysis period. On a contrary, bandwidth and storage issues are expected to limit video analytics market growth. Nonetheless, huge demand for video analytics in sectors such as retail and entertainment may disclose new avenues for video analytics market in the years to come.
Based on the type, global video analytics market is bifurcated into software and services. Incident detection, intrusion management, people/crowd counting, traffic monitoring, automatic number plate recognition (ANPR), facial recognition and other applications are the application segment of video analytics market. The vertical segment of video analytics market categorized into border security, hospitality, and entertainment, city surveillance, transportation, critical infrastructure protection, BFSI, retail, education and other verticals
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North America emerged as dominating regional markets for video analytics market in 2016. The growth of this region is mainly attributed to increasing demand for transportation and retail industry verticals. U.S. and Western Europe will be opportunist region for video analytics market owing to public sectors investments in emerging technologies to enhance public safety infrastructure. Asia Pacific is expected to grow with the highest CADR during the analysis period. Latin America is expected to witness substantial growth owing to rising demand for improved security arrangements.
Some of the prominent player’s operative in the video analytics markets are Puretech Systems, Agent Video Intelligence, Allgovision Technologies, Axis Communications, IBM, Cisco Systems, Inc., Honeywell International Incorporation, Genetec Inc., Avigilon Corporation, Aventura Technologies, Intuvision, Inc and Intellivision Technologies amongst others.
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