ALBANY, New York, December 19, 2018
ALBANY, New York, December 19, 2018 /PRNewswire/ --
According to the report from TMR, the global video analytics market registered revenue of US$1.7 bn in 2014 and is expected to attain a value of US$9.15 bn by 2023. The market is projected to expand with a CAGR of 20.6% over the forecast period from 2015 to 2023.
Transparency Market Research (TMR) observers the global video analytics market has a highly fragmented with a highly competitive vendor landscape. Some of the prominent players operating in the global video analytics market are VCA Technology Ltd., IntelliVision, Genetec Inc., United Technologies Corp., and Vigilon Corp. A growing number of new entrants are expected to increase the level of competition over the forecast period. Some of the leading players in the market are trying to offer cost-effective products and services for expanding globally. Additionally, these players are increasingly taking initiatives such as a merger, acquisition, and collaborations for business expansion in the next few years.
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Based on the end-users, the commercial and industrial segment dominated the video analytics market by accounting the share of 25% in the overall market in 2014. Based on the application, the people recognition segment dominated the market by accounting 30% of revenue in the year 2014. This segment is expected to expand with a 20.0% CAGR over the forecast period. Based on the region, North America is expected to dominate the global video analytics market and likely to remain dominant over the forecast period.
Advantages of Video Analytics to Boost Growth
Video analytics offer real-time results based on data analytics. The usage of these solutions is growing especially for the security and enhancing the efficiency of businesses by reducing the cost of the workforce. The video analytics is increasingly adopted in urban security, transportation and logistics, healthcare, defense and commercial, residential and industrial sector. The aforementioned factors are boosting the growth of the global video analytics market. Furthermore, growing concerns over security in commercial and residential premises and outlets have boosted demand for video analytics owing to monitoring and understanding around premises. This factor is boosting the growth of the global video analytics market.
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Aim towards Ensuring Safety to Propel Growth of the Market
Manufacturers are providing video analytics for providing technologically advanced products with better work, reliability, and precision. These advantages are boosting demand for video analytics and which is boosting the growth of the global video analytics market. In addition, the retail industry is focusing on the minimization of crime by developing a safe environment for their staff and customers. In addition, the sector is focused on lowering the crime rate. These factors are encouraging the adoption of video analytics and likely to propel the growth of the video analytics market.
Despite these growth prospects, the privacy issues and need for investment in legacy installations are hampering the growth of the video analytics market. Nonetheless, the growing acceptance of advanced technologies from numerous end-use industries is expected to offer lucrative opportunities for growth over the forecast period.
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This information is encompassed in the new report by TMR, titled "Video Analytics Market (Application - Video Indexing, People Recognition, License Plate Recognition, Object Recognition, Incident Detection, and Others; End-use Industry - Residential, Commercial and Industrial, Urban Security and Public Safety, Healthcare, Defense and Border Security, Transportation and Logistics, Retail, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
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For the study, the video analytics market has been segmented as follows:
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