SAN FRANCISCO, February 12, 2018 /PRNewswire/ --
The global video analytics market size is expected to reach USD 9.4 billion by 2025, according to a new study by Grand View Research, Inc., registering a 22.8% CAGR over the forecast period. Increasing demand for intelligent security surveillance systems, which can be used for estimating key trends and deriving patterns, is the key factor driving market growth. In addition, increasing concerns over public safety and use of video analytics in criminal investigations are positively impacting demand for video analytics solutions.
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Apart from surveillance, video analytics solutions have also found increasing application in the retail sector for estimating average footfall, gender bifurcation, display effectiveness, and attractiveness of shelf space. Furthermore, superstores and mega marts have started implementing these systems to gain insight into consumer behavior.
Use of advanced algorithm technology in video analytics enables examination of captured videos frame by frame, irrespective of light exposure, thereby making video analytics a reliable and efficient choice for ensuring security. Furthermore, industries such as transportation, retail, and healthcare are witnessing significant increase in the adoption of video analytics, owing to rising application of intrusion detection, license plate recognition, crowd management, and congestion detection in these industries.
Browse full research report with TOC on "Video Analytics Market Size Report By Type (Software, Hardware), By Deployment (Cloud, On-premise), By Application (Intrusion Detection, Crowd Management, Facial Recognition), By End Use, And Segment Forecasts, 2014 - 2025" at: https://www.grandviewresearch.com/industry-analysis/video-analytics-market
Further Key Findings From the Report Suggest:
- Facial recognition is expected to emerge as the fastest growing application segment with a CAGR of 25.9% from 2017 to 2025. This can be attributed to widening scope of facial recognition solutions for surveillance purposes at malls, events, airports, and public transport, among others
- By type, the services segment is projected to register the highest CAGR of 24.0% for the next eight years. This can be attributed to increasing demand for and installation of video analytics solutions, which are, in turn, propelling demand for related managed and professional services
- The cloud segment is anticipated to emerge as the most preferred deployment option for video analytics solutions as it offers flexibility and convenience, allows remote access, and provides easy maintenance
- North America accounted for the largest share in 2016 and is driven by presence of prominent market players who consistently work on developing new and innovative technologies in video analytics
- The retail end-use segment is anticipated to register the highest CAGR of 25.6% over the forecast period. This may be attributed to use of video analytics in applications such as people counting, display and promotion effectiveness, product placement and store layout, and customer preference pattern analysis
- Asia Pacific is expected to experience the highest growth from 2017 to 2025, driven by emerging economies such as India and China. These nations are expected to augment their expenditure on intelligent and security surveillance systems
- Key industry participants include Cisco Systems, Inc.; Axis Communications AB; Bosch Security Systems GmbH; Agent Video Intelligence Ltd.; Honeywell International Inc.; IBM Corporation; AllGoVision Technologies Pvt. Ltd.; Genetec Inc.; Aventura Inc.; and i2v System Pvt. Ltd.
Browse related reports by Grand View Research:
- Biometrics Technology Market - The global biometrics technology market size was valued at USD 10.41 billion in 2015, owing to its advantages such as high level of security in the private, public, and commercial sectors.
- Smart Lock Market - The smart lock market size was estimated at USD 404.1 million in 2015. The growth in the adoption of these locks over the last few years can be attributed to the rise in smart homes.
- Airport Security Market - The global airport security market size was estimated at USD 8.37 billion in 2014. Such systems encompass devices and software solutions that assist in monitoring, detection, and prevention of threats to the commercial facility.
Grand View Research has segmented the global video analytics market based on type, deployment, application, end use, and region.
- Video Analytics Type Outlook (Revenue, USD Million, 2014 - 2025)
- Video Analytics Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- Video Analytics Application Outlook (Revenue, USD Million, 2014 - 2025)
- Crowd Management
- Facial Recognition
- Intrusion Detection
- License Plate Recognition
- Motion Detection
- Video Analytics End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Critical Infrastructure
- Video Analytics Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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