Video analytics is projected to improve the applications of business intelligence and security surveillance by providing information through real-time video. Furthermore, electronic devices such as mobile and tablet apps make it easy and scalable to stay connected to their required surveillance system when one is away from their business or home. These apps allow users to view live footage or record videos, manage camera settings, and send alert notifications if the system is tampered.
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It promptly helps in reducing human risks and time related to providing the alerts and information about the activities. Moreover, video analytics is efficiently replacing the base methods of video management solutions and working on creating a user-friendly for smooth analyzing operations and improve decision making. Moreover, the requirement for fewer investments to assimilate the infrastructure of surveillance and force enterprises to invest in this technology and manage the substantial Return on Investment (ROI).
Major factors responsible for the growth of video analytics market size are enterprises demand the actionable understanding from the video, disadvantages of manual video analysis, investment of government in the developing technologies to augment the reducing prices of equipment of video surveillance and public safety infrastructure. Hike in the adoption rate of Internet of Things (IoT) and big data amongst enterprises, video analytics is majorly driven to upscale the video analytics market in the next coming years.
Video analytics hold the major driving factor including increasing demand for DIY, and SPY cameras, terrorist attacks, crime activities, and growing implementation of IP Cameras. The industry holds one of the prime opportunity i.e. the Ongoing technological advancements and major exposure in Big data, IoT, and cloud-based services. The violation of privacy is believed to be one of the key factors hindering the video analytics market growth.
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Factors that are playing a major role in the growth of the video analytics market are an increase in intensity, the frequency of security breaches and terrorist attacks. In addition, increase in demand for investments by government, developed security arrangements, in U.K and U.S in the developing technologies to expand the introduction of automation, public safety infrastructure and the value for the understandable information are the factors that are flourishing the growth of video analytics market during the forecast period. Installing video surveillance cameras in public places like railway stations, shopping malls, hypermarkets, airports, hospitals and hotels the world participate in the video analytics market growth.
Market Segmentation of the Global Video Analytics Market
The global video analytics market is segmented into several classifications including deployment, verticals, applications, types, and region. Based on the deployment the global video analytics market is categorized by cloud and on-premises. Furthermore, on the basis of verticals the global video analytics industry is fragmented into city surveillance, BFSI, education, critical infrastructure, manufacturing, entertainment & hospitality, consumer goods & retail, border security & defense, transportation, traffic management, and others. Based on the application, the global video analytics market is divided into intrusion management, traffic monitoring, facial recognition, crowd counting, automatic number plate recognition, and others. On the basis of type the global video analytics market is classified into services and software. Discussing the regional view, the global video analytics market is widely range to Europe, North America, Latin America, Asia Pacific, and Middle East & Africa.
The giant players of the global video analytics market such as Axis Communications (Europe), Aimetis (US), Ipsotek (Europe), Gorilla Technology (APAC), i2V (APAC), Digital Barriers (Europe), KiwiSecurity (Europe), Intelligent Security Systems (US), DELOPT (APAC), BriefCam (US), Viseum (Europe), Viseum (Europe), Honeywell (US), Agent Vi (US), AllGoVision (APAC), iOmniscient (APAC), Qognify (US), IntelliVision (US), Genetec (US), intuVision (US), PureTech Systems (US), Avigilon (US), Verint (US), Aventura (US), 3VR (US), Cisco Systems (US), IBM (US) are investing a huge amount to introduce new advancements and technology in the video analytics industry. Demand for video analytics is anticipated to fuel the video analytics market by several factors like low costs, flexibility, agility, and security.
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Analyst Commentary for Video Analytics Market
The research methodology is generally used to anticipate and forecast the video analytics market with initiating capturing the data on key vendor revenue through secondary research, such as Information System Security Association, and Associations of Financial Professional. Moreover, vendor offerings are prioritized to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key players in the market. However, arriving at the overall market size, the total market was divided into several segments and sub-segments. These segments are verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives.
European video analytics market is estimated to account for the highest CAGR in the coming years. Vendors are spending in the video analytics market in large amount to develop solutions for video analytics to certify the effective and efficient video management systems. Evolving regions like India, China, Africa, and Australia are investing in large amount for the development of smart cities, offers opportunities for the leaders of the video analytics market. In addition, the increasing presence of the terrorist activities and initiatives by the European government associated with video surveillance in public places are the key factors for the growth of the video analytics market in Europe.
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