Global Video Analytics Market Expected to Reach US$9.15 Billion by 2023

This report aims to provide a comprehensive strategic analysis of the global video analytics market along with the market revenue and growth forecast for the period from 2013 to 2023. Increasing necessity for safety and security and valuable insights from video analytics solutions is propelling the growth for the video analytics market. Video analytics equipment and solutions provide post-event as well as real-time event detection by analyzing the data. This increases the efficiency of businesses and security and reduces manpower costs. Moreover, increasing demand for video analytics solutions in various end-user areas, such as residential, commercial, industrial, transportation and logistics, healthcare, defense intelligence and retail applications is driving the market for video analytics globally. Video analytics equipment manufacturers and solution providers focus on providing technologically advanced products to customers to ensure better work, greater reliability, and increased precision.

This research study on the global video analytics market provides a detailed analysis of how different regions around the globe are using video analytics for various applications to enhance the efficiency of the security solutions as well as businesses themselves. The report offers an in-depth study of the market drivers, restraints, and growth opportunities. Using these factors, the report identifies various trends expected to impact the market during the forecast period from 2015 to 2023. The report includes a comprehensive coverage of the underlying economic, environmental, and technological factors influencing the video analytics market. It also provides the competitive landscape of the key players in the video analytics market in order to highlight the prevalent competition in this market. The report also provides a detailed competitive analysis of the key players in the video analytics market and identifies various business strategies adopted by these leading players. The study explains the penetration of each market segment within various geographies, and how these segments have accelerated the growth of the video analytics market.

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The need for enhanced security and demand for gathering insights from customer behavior is driving the video analytics market globally. The market for video analytics is anticipated to expand at a CAGR of 20.6% during the forecast period from 2015 to 2023. The global video analytics market was valued at US$ 1,709.0 Mn in 2014. Some of the key factors driving the growth of the video analytics market include the expanding range of vertical applications, a growing trend toward bringing retail outlets and commercial premises under video analytics due to security concerns and the need to monitor and understand the environment around the premises. Video analytics is widely deployed in residential, commercial and industrial, urban security and public safety, healthcare, defense and border security, transportation and logistics, retail, and other settings.

Video analytics equipment and solutions provide post-event as well as real-time event detection through data analysis. This increases the efficiency and security of businesses and reduces manpower costs. Video analytics equipment manufacturers and solution providers focus on providing technologically advanced products to customers to ensure better work, greater reliability, and increased precision. This has magnified the need for video analytics in various end-use industries. Furthermore, retail industry is transforming itself to deter crime and reduce losses by creating a safer environment for staff and customers. All these factors are expected to help drive the demand for video analytics, thereby helping the market grow during the forecast period.

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In terms of various applications, the global video analytics market is segmented into video indexing, people recognition, license plate recognition, object recognition, incident detection, and others including traffic monitoring, cross-camera tracking, safety alerts, post-event analysis, wide spectrum imagery etc. In 2014, among these, video analytics for people recognition applications was the most preferred, and accounted for around 30% of the revenue of the overall video analytics market. Moreover, this segment is expected to expand at a CAGR of 20.0% from 2015 to 2023. The most significant factor driving the market for video analytics for people recognition applications is the high demand for video analytics to accurately count the number of people moving through shops, schools, banks, sports and transport facilities, prisons, museums, visitor attractions, airports, and parking lots.

In terms of different end-use industry, the video analytics market is classified into residential, commercial and industrial, urban security and public safety, healthcare, defense and border security, transportation and logistics, retail, and others including education, entertainment, and hospitality. In 2014, commercial and industrial end-users held the largest revenue share of around 25% of the overall video analytics market. However, video analytics deployed in retail industry are expected to grow at the fastest CAGR in terms of revenue during the forecast period from 2015 to 2023.

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