Video Analytics Market is Set for a Rapid Growth and is Expected to Reach around USD 11.10 Billion by 2022

Zion Market Research has published a new report titled “Video Analytics Market by Type (Software and Services), by Application (Incident Detection, Intrusion Management, People/Crowd Counting, Traffic Monitoring, Automatic Number Plate Recognition (ANPR), Facial Recognition and Other Applications) Market for Border Security, Hospitality and Entertainment, City Surveillance, Transportation, Critical Infrastructure Protection, BFSI, Retail, Education and Others Verticals: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. 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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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 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.


The software is expected to emerge as one of the most attractive type segment of the video analytics market in the forecast period. Advanced and updated version of the software will support the growth of this segment in the analysis period. Service is also expected to become another most lucrative type segment in the forecast period.


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Facial recognition and traffic monitoring emerge as a leading application segment of the market. Increasing need for actionable data insights will support this application segment. Facial recognition is expected to grow with highest CAGR during the analysis period. Incident detection and people/crowd counting are also the another application segment which predicted to show noticeable growth in the analysis period.


Transportation holds the largest market share in verticals segment of video analytics market in 2016. Increasing complexities in transportation verticals will surge the demand for video analytics market in coming years. Retails is another verticals segment predicted to offers significant opportunities for industry participants in near future.


With the largest share, North America was a leading regional market for video analytics in 2016 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.


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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 System amongst others.


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