21-Apr-2021 | Zion Market Research
Some of the key players operating in the video analytics are Honeywell International Incorporation, Puretech Systems, Agent Video Intelligence, Allgovision Technologies, Axis Communications, IBM, Intellivision Technologies., Genetec Inc., Avigilon Corporation, Aventura Technologies, Intuvision, Inc., and Cisco Systems, amongst others. These players are set to bolster the development of global video analytics market.
According to analysts at Zion Market Research, the global video analytics market accounted for USD 5.12 Billion in 2020 and is expected to reach USD 24.61 Billion by 2028, growing at a CAGR of 21.9% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Video Analytics Market By Type (Software and Services), By Deployment (Cloud and On premise), By Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others), By End-use (BFSI, City, Critical Infrastructure, Education, Government, Retail, Transportation, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Massive Investments By Governments In Video Analytics to Spur Market Growth
Increasing terrorist attacks, frequency, and intensity of security breaches is estimated to key driving factors for video analytics market in years to come. Furthermore, rising demand for improved security arrangements, government investments especially in the U.S. and U.K. in emerging technologies to enhance public safety infrastructure, the advent of industrial automation and demand for actionable insights are the key driving factors predicted to flourish the growth of video analytics market in the forecast period. Installation of video surveillance cameras in public places such as airports, railway stations, hypermarkets, hospitals, hotels, and shopping malls across the globe will contribute the growth of market massively. However, bandwidth and storage issues are expected to restrict video analytics market growth. Even so, growing inclination towards technologies such as IoT, AI, and machine learning is estimated to open new alluring opportunities for video analytics market in the near future.
Presence of Big Players in The Region Support North American Dominance
With the largest share, North America was a leading regional market for video analytics in 2020 followed by Europe. 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. The global video analytics market is segmented as follows:
Browse the full “Video Analytics Market By Type (Software And Services), By Deployment (Cloud And On Premise), By Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, And Others), By End-Use (BFSI, City, Critical Infrastructure, Education, Government, Retail, Transportation, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/video-analytics-market
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