Use of advanced technologies such as AI, machine learning with video analytics and growth in requirement of business intelligence and insights coupled with need of edge-based analytics to recognize and profile applications open new opportunities for the market players in the coming years. Rise in demand for IP-based security cameras, surge in volume of unstructured video data, and growth in concerns over public safety and security drive the growth of the global video analytics market.
Increasing awareness and growing public safety are expected to drive the global video analytics market. The global video analytics market was pegged at $4.10 billion in 2019, and is estimated to reach $20.80 billion by 2027, registering a CAGR of 22.7% from 2020 to 2027.
Major industry players – AllGoVision Technologies Pvt. Ltd, Aventura Technologies, Inc., Axis Communications AB, Cisco Systems, Inc., Honeywell International, Inc., IBM Corporation, Intellivision, PureTech Systems, Inc., Verint Systems, Inc., and Quognify.
By region, the global video analytics market across North America held the largest share in 2019, accounting for around two-fifths of the market, due to growth in demand for business intelligence and an increase in demand for technologically enhanced public safety infrastructure. However, the market across Asia-Pacific is expected to register the highest CAGR of 25.6% during the forecast period, owing to increased demand for video analytics due to an increase in safety concerns, rise in investment by the government for surveillance cameras, and smart city initiatives in the developing countries.
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By application, the BFSI segment is anticipated to register the highest CAGR of 24.4% during the forecast period, owing to need to protect the massive amount of sensitive data, increase in fraudulent activities such as fake currency, ATM cloning, and difficulties with remote and isolated locations. However, the retail segment held the largest share in 2019, contributing to more than one-fourth of the global video analytics market, due to increase in need to monitor consumer behavior, buying criteria, the pattern of product selection, and time spending on particular sections.
By component, the software segment held the largest share in 2019, accounting for more than two-thirds of the global video analytics market, owing to growth in need to monitor the premises or any facility from any kind of physical threats or suspicious activities and demand for precise image analysis, real-time processing, multiple visual inputs, and enhanced accuracy. However, the services segment is expected to register the highest CAGR of 25.6% during the forecast period, as these services help organizations in project consultation, configuration, installation, security monitoring, and other essential security services.
- The shift to work from home with the help of digital collaborative tools would increase demand for high technologies such as cloud computing and video analytics.
- However, the threat of recession and discretionary income reduction would decrease the overall spending of organizations.
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How the 2027 market will react in the development of AI-based video analytics?
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