Wilmington, Delaware, United States, June 30, 2022 (GLOBE NEWSWIRE) -- A report by Transparency Market Research (TMR) expects the global video analytics market to expand at a CAGR of 21.3% during the forecast period, from 2022 to 2031.
The study by TMR provides exhaustive analysis of the growth drivers, restraints, R&Ds, and challenges in the video analytics market. Moreover, this report enlightens readers on video analytics trends and recent developments in the video surveillance and analytics market.
Companies in the video analytics market are executing different strategies such as collaborations, new product launches, and acquisitions in order to stay ahead of the competition. Moreover, players in the video analytics market are investing heavily in order to develop technologically advanced products. Such factors are bolstering the global market for video analytics.
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Video Analytics Market: Key Findings
- Video content analytics, when incorporated with the existing surveillance system, help in automating the management and monitoring of video feed. Hence, this technology offers real-time video analysis together with improved security, reporting, and monitoring. The adoption of video analysis software is being increasing in a wide range of end-use industries including the healthcare, retail, and security owing to its ability to ensure security and safety of the visitors and staff. This factor, in turn, is leading to revenue-generation opportunities in the video analytics market.
- Over the period of past few years, there has been a rise in the urban population around the world. The Department of Economics and Social Affairs, United Nations, notes that approximately 68% of the worldwide population is anticipated to live in urban areas by 2025. Hence, the task of monitoring public places and analysis of the data has become critical. As a result, the use of next-gen technological solutions is being increasing in order to secure smart cities and urban spaces. Such solutions are gaining traction owing to their ability to improve the safety levels in cities and assist to deal with different challenges such as citizen security, transportation system management, and advancements in the emergency response systems. Hence, rise in the adoption of these technological innovations is expected to lead to the video analytics market share gain a valuation of US$ 37.85 Bn by 2031.
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Video Analytics Market: Growth Boosters
- Increasing investments by government authorities of developed and developing nations in smart city projects is creating profitable opportunities for video analytics companies
- Rise in the urban populace across developed and developing countries is propelling the market for video analytics
Video Analytics Market: Regional Analysis
- The video analytics market in North America is expected to maintain its dominant position during the forecast period owing to many factors including the existence of many leading companies and rise in the adoption of video analytics integrated with next-gen technologies in varied industries from Canada and the U.S.
- The Asia Pacific video analytics market is prognosticated to expand at promising pace during the forecast period due to increase in the use of cutting-edge surveillance systems in national security of countries including China, India, Japan, and South Korea. Moreover, the Asia pacific market is being driven by increase in the adoption of smart cities in the region.
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Video Analytics Market: Key Players
Some of the key players profiled in the report are:
- VCA Technology Ltd.
- ISS Corp.
- Zhejiang Dahua Technology Co., Ltd.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Genetec Inc.
- AllGoVision Technologies Pvt. Ltd
- IntelliVision
- IBM Corporation
- Axis Communications AB.
- Atos SE
- Honeywell International Inc.
- Cisco Systems, Inc.
- Bosch Sicherheitssysteme GmbH
- Avigilon Corporation
- Senstar Corporation
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Video Analytics Market Segmentation
Component
- Software
- Services
- Professional
- Managed
Deployment
- On-premise
- Cloud
By Application
- People & Object Recognition
- License Plate Recognition
- Incident Detection
- Traffic Monitoring
- Facial Recognition
- Others
End-use Industry
- Government (City Surveillance, Critical Infra, Law Enforce)
- Retail
- Logistics & Transportation
- Hospitality & Entertainment
- BFSI
- Others (Manufacturing, Education, Healthcare)
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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