According to Stratistics MRC, the Global Video Analytics Market is estimated at $2.3 billion in 2015 and is expected to reach $11.2 billion by 2022, growing at a Compound Annual Growth Rate (CAGR) of 25.3% from 2015 to 2022. Some of the key drivers of the video analytics market include, the transition of video scrutiny system from analog to digital, surfacing of open standards, and increase in the efficiency of video scrutiny system.
However, the video analytics intricacy, clubbed with higher cost of maintenance of analytics is inhibiting the market. Moreover, Government is also investing in video scrutiny as the videos of poor quality cannot be used for investigation purpose and hence, the videos are renewed into superior quality videos to get proper information.
Commercial and industrial sectors commanded the market with more than 25% of global share. However, retail industry is expected to grow at faster pace in requisites of revenue during the forecast period. North America contributed the largest revenue worldwide with more than 35% of market share. Moreover, Asia Pacific is expected to witness the fastest growth during the forecast period with China, India, Japan, Australia, and South Korea being the major markets in the region.
The major players in the global Video Analytics market include Cisco Systems, Inc., Axis Communications AB, Honeywell International, Inc, Object video, Inc., Robert Bosch GmbH, Nice Systems, Ltd., Avigilon Corporation, Agent Video Intelligence, Inc., Intellivision Technologies Corporation, and International Business Machines Corporation, Panasonic, VCA Inc., Web, Target Corporation and There Corporation.
End users Covered:
- Retail Industry
- Entertainment and Casinos
- Commercial and Industrial Security
- Urban Security and Public Safety
- Transportation and Logistics
- Airports and Maritime Security
- Defense, Intelligence, and Border Security
- Critical Infrastructure Protection
- Residential Security
- Banking, Financial Services, and Insurance
- Critical Infrastructure Security
- Other End Users
Applications Covered:
- Situation Indication
- Unauthorized Parking Management
- Camera Tampering
- Left Object Detection
- License Plate Recognition
- Pattern Recognition
- Indexing&Facial recognition
- Optical Character Recognition, Object Detection, and Classification
- Intrusion Management
- Perimeter Control
- Intrusion Detection
- Crowd Management
- People Counting
- Crowd Control
- Other Applications