The global video analytics market was valued at $2,745 million in 2016, and is projected to reach at $13,381 million by 2023, growing at a CAGR of 25.7% from 2017 to 2023.
The video analytics market provides solutions that are implemented across public places such as a stadium, local markets, and at the time of events such as music concerts, sports tournaments, and business campaigns for better management of crowd, traffic & parking management, facial recognition, and object detection.
The traffic & parking management and others, including motion detection, object recognition, and camera tampering detection, segments are expected to be the major revenue contributors to the global video analytics market, due to increase in investment in building smart cities and need for surveillance in transportation industry to increase public safety & security. Moreover, the retail segment has witnessed high adoption of video analytics across various regions, owing to the associated benefits of advanced business insights related to customer engagement.
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North America was the highest revenue contributor to the global video analytics market in 2016, accounting for around 61.26% share, owing to high investment on smart cities initiative, and high requirement for behavior analysis, identification, and situational awareness. In addition, video analytics market in the European countries is projected to grow at the highest CAGR of 26.6% during the forecast period, owing to rise in demand for public safety & security. In addition, industry participants have focused on strengthening their product portfolio to ensure competence and effectiveness of video analytics in other emerging markets such as Latin America, and the Middle East, and Africa.
Surge in ICT expenditure and increase in cloud adoption across several industry verticals, including transportation, BFSI, retail, government, manufacturing, energy & utilities, critical infrastructures, and others, are anticipated to augment the penetration.
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The prominent markets, such as Asia-Pacific and Europe, with developed cloud infrastructure, high adoption of Internet of Things (IoT) technology, and surge in demand for IP-based security systems are anticipated to fuel the video analytics market growth in the near future.
The report features a competitive scenario of the video analytics market and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Axis Communications AB, Cisco Systems, Inc., Honeywell International Inc., IBM Corporation, and Verint Systems, Inc. These players are involved in competitive strategies, such as innovation, new product development, and market expansion to boost the video analytics market growth.
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