Public Safety Concerns to Pilot the Global Video Analytics Market at 20.61% CAGR by 2027
“According to a new market research report published by Inkwood Research, the Global Video Analytics Market is anticipated to evolve at 20.61% of CAGR throughout the forecast period of 2019-2027.”
“Browse 33 market Data Tables and 41 Figures spread over 100 Pages, along with an in-depth TOC on Global Video Analytical Market Forecast 2019-2027.”
Unavailability of guards, the difference in the level of focus, increasing concerns for safety and security has created demand for video analytics, a software that can be installed in the camera, NVR or 3rd party software. They assist in capturing critical events and alerting the users about the unusual happenings. It helps in enhancing the efficiency of the surveillance system by capturing the footage and interpreting the video. However, each system has a different way of functioning, and specific parameters have to be set to guide the software as per the requirements.
Concerns for Safety and Security Drives the Demand for Global Video Analytics Market
The growing concerns for public safety and security, unavailability of guards for 24*7 video surveillance, rising threats to life and property and rapid urbanization are fueling the demand for video analytics. The real time incident management help to ensure better precautions in cases of disastrous situations like fire, theft, natural calamities, accidents, security breaches, etc. Video analytics offers motion detection, face recognition, license plate reading, keeping an eye on long checkout lines, etc. A wide variety of features makes it easier to fit in any system and enhance the quality of surveillance.
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Retail is the Biggest End-User in the Global Video Analytics Market
Growing cases of employee theft, shoplifting, mugging, etc., has piloted the demand for video surveillance in the retail industry. It assists the security staff to scrutinize the employees and customers and curtail the unusual activities and save costs. It further helps in evaluating customer buying behavior, enhancing queue management, inventory management, and overall store optimization. The urbanization of rural areas is giving rise to the retail industry, which is also surging the demand for video analytics considerably.
North America- Leader in the Global Video Analytics Market
Growing concerns for public safety, increasing demand for business intelligence, growing retail industry, and the presence of key market players are some of the prime aspects fueling the growth of the market in North America. Moreover, the positive adoption of IP-based surveillance systems and cloud based systems is driving the demand for video analytics in the region. The presence of key market players like Honeywell International, INC, etc., is anticipated to steer the market in the coming years.
The market comprises of few well-established brands with enormous capital; some of which are restricted to a particular geography and work in a highly competitive environment. However, the market is expecting new players, new partnerships, collaborations and other significant strategic development. Some of the most prominent players are Honeywell International, Inc., Cisco Systems, Bosch Security and Safety Systems, etc.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.