PUNE, India, April 17, 2017 /PRNewswire/ --
According to a new market research report "Video Analytics Market by Type (Software and Services), Application (Intrusion Management, Incident Detection, Crowd/People Counting, Traffic Monitoring, ANPR, Facial Recognition), Deployment Model, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to grow from USD 2.61 Billion in 2017 to USD 11.17 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 33.7%.
Browse 68 market data Tables and 68 Figures spread through 172 Pages and in-depth TOC on "Video Analytics Market"
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Growing demand for actionable insights derived from ever increasing organizational data pool, high demand for efficient video surveillance, and government investments in emerging technologies to enhance public safety infrastructure are the key factors driving the Video Analytics Market.
The facial recognition applications segment is expected to grow at the highest CAGR during the forecast period
The increasing adoption of facial recognition as one of the most advanced security features by crime investigation bodies and law enforcement agencies across the globe is major growth factor for this application segment. This powerful application can easily be deployed to aid and enhance the public safety and security infrastructure. Apart from security purposes, the application is increasingly adopted for non-security applications such as in retail where retailers leverage from facial recognition to identify valued customers and give them a preferential treatment which results in establishing a high level of customer loyalty.
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The on-demand deployment model to grow at the highest CAGR during the forecast period
The Video Analytics Market by deployment model has been segmented into on-premises and on-demand models. The on-demand deployment model is expected to witness the highest CAGR during the forecast period. The model will gain traction during the forecast period, due to low operational expenses, ease of deployment, and improved scalability & integration.
North America is expected to dominate the Video Analytics Market during the forecast period
The Video Analytics Market is segmented on the basis of regions, such as North America, Asia-Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America is estimated to hold the largest share of the Video Analytics Market in 2017, with an increasing demand for technologically enhanced public safety infrastructure, availability of technical expertise, and ever growing requirement of organizations to get actionable insights in real-time.
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The Video Analytics Market in APAC is expected to grow at the highest CAGR between 2017 and 2022. The high growth rate in APAC market is the result of digitalization, increased adoption of IoT-based technologies, industrialization, and smart city initiatives taken up by governments.
The report also analyzes various strategies, such as acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their shares in the market. Major video analytics vendors include Cisco Systems (U.S.), Honeywell International Inc. (U.S.), IBM Corporation (U.S.), Axis Communication (U.S.), Agent Video Intelligent (U.S.), AllGoVision Technologies Pvt. Ltd. (India), Avigilon Corporation (Australia), Aventura Technologies Inc. (U.S.), Genetec Inc. (Canada), I2V System Private Ltd. (India), Intellivision Technologies (U.S.), IntuVision (U.S.), PureTech Systems Inc. (U.S.), and Qognify (U.S.).
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