“Government investments in emerging technologies to enhance public safety infrastructure and falling prices of video surveillance equipment are expected to drive the video analytics market”
The video analytics market size is expected to grow from USD 3.23 billion in 2018 to USD 8.55 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period. Disadvantages of manual video analysis and enterprises’ demand for actionable insights from video data are major growth factors for the market. However, demand for high investments in legacy installations and concerns over privacy could affect the growth of video analytics market.
“Service type is expected to grow at a higher rate during the forecast period”
Services are an important part of video analytics offerings. The deployment of customized video analytics solutions is required for specific security purposes at certain locations. Furthermore, training and consulting services enable customers to use the software with ease and understand its use in a better way. The services segment constitutes professional services as well as managed services. The various services offered in the video analytics market include security design, project management, plan for business continuity, and implementation.
“Cloud deployment is expected to grow at a higher rate during the forecast period”
The cloud deployment of video analytics solutions offers various benefits, such as enhanced security, improved scalability, better flexibility, and lower costs. The cloud deployment provides the option of scalability, whereas enterprises that are more concerned about security tend to opt for the private cloud deployment type. The cloud offers high-end performance and greater security. Moreover, it is highly scalable, flexible, and cost efficient as compared to the on-premises deployment.
“North America is expected to hold the largest market size, and Asia Pacific (APAC) to grow the fastest”
North America is expected to hold the largest market size during the forecast period, as organizations are shifting toward new and upgraded technologies with the increasing adoption of digital business strategies. Furthermore, organizations have invested in advanced technologies to gain a competitive advantage and improve business operations. APAC is expected to be the fastest-growing region in the global video analytics market, owing to the positive economic outlook in the region, increased spending on Information Technology (IT) infrastructure, and the tendency of video analytics to drive customer experience and improve the operational issues.
The break-up profiles of primary participants are given below:
• By company: Tier 1 – 43%, Tier 2 – 35%, and Tier 3 – 22%
• By designation: C-level – 60%, Director level – 25%, and Others – 15%
• By region: North America – 44%, Europe – 25%, APAC – 21%, and RoW – 10%
The following key players in the video analytics market are profiled in the report:
1. Aventura (US)
2. Genetec (US)
3. IntelliVision (US)
4. intuVision (US)
5. PureTech Systems (US)
6. Cisco Systems (US)
7. Honeywell (US)
8. IBM (US)
9. Axis Communications (Europe)
10. Agent Vi (US)
11. AllGoVision (APAC)
12. Avigilon (US)
13. iOmniscient (APAC)
14. BriefCam (US)
15. Digital Barriers (Europe)
16. Aimetis (US)
17. 3VR (US)
18. Ipsotek (Europe)
19. Gorilla Technology (APAC)
20. KiwiSecurity (Europe)
21. Intelligent Security Systems (US)
22. Verint (US)
23. Viseum (Europe)
24. DELOPT (APAC)
25. i2V (APAC)
26. Qognify (US)
The video analytics market has been segmented on the basis of type, applications, deployment, verticals, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews, services, key strategies, new service launches, partnerships, agreements and collaborations, business expansions, and competitive landscape associated with the video analytics market.
The report will help the market leaders/new entrants in this market in the following ways:
• This report segments the video analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across major regions.
• This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
• This report helps stakeholders in better understanding the competitors and gaining more insights to better their position in the business. The competitive landscape section includes the vendor comparison of the major players in the video analytics market.