Global Video Analytics Market Forecast to Be Growing 21.5% Annually
The demand for video analytics software is being driven by its ability to be integrated with legacy analog, IP or megapixel cameras within establishments
The global video analytics market size is expected to grow from $3.23 billion in 2018 to $8.55 Billion by 2023, according to a report made available by MarketsandMarkets. The market is forecast to experience a compound annual growth rate (CAGR) of 21.5% during the forecast period.
The report cites the following vertical market emphasis for video analytics applications and marketplace dynamics:
The demand for video analytics software is being driven by its ability to be integrated with the originally deployed analog, IP or megapixel cameras within establishments, thereby eliminating the need for the deployment of additional hardware.
The major features offered by video analytics market software include people counting, tamper detection, motion detection, automatic license plate recognition (ALPR) and auto track detection. Vendors provide advanced video analytics solutions and services with an option to tailor the offerings based on specific business requirements. This results in enhanced productivity of organizations and better delivery of results to clients.
In the case of on-premises deployment, video analytics is implemented behind an organization’s firewall with a server-based or an edge-based architecture for different application areas. Many organizations are deploying on-premises video analytics, due to privacy and security concerns over confidential data. A major benefit of installing on-premises deployment of video analytics is that the companies can customize and modify the hardware based on their requirements and security purpose.
The incident detection application segment is expected to hold a larger market size during the forecast period. Automated incident systems are highly valued assets in public safety infrastructure, such as traffic surveillance and management, to ensure the safety and security of human and public infrastructure.
With the increasing number of roads and traffic at a much higher rate, intelligent traffic management and automatic incident detection systems will witness a high demand in the coming years, globally. Moreover, with the integration of video analytics market in surveillance systems, traffic management departments can identify anomalies and incidents on the road more quickly and in real time.
Video analytics, coupled with intelligent traffic management, monitors digitally-encoded video feeds from traffic cameras placed on public routes to detect incidents and continuously collect traffic data in real time.
Critical infrastructure covers oil and gas plants, nuclear facilities, chemical industry and other hazardous locations. In line with an increasing demand for a highly secure environment and the proliferation of cost-effective video surveillance, the demand for video analytics in critical infrastructure security has been increasing significantly.
Various other benefits of video analytics for critical infrastructure include improved perimeter protection and operational efficiencies, reduced OPEX and reduced need for data storage space.
North America was estimated to hold the largest market size in the global video analytics market in 2018, and APAC is projected to be the fastest growing region during the forecast period. North America is a matured market in terms of technology adoption, due to various factors, such as standards regulation, advanced IT infrastructure, presence of many enterprises, and the availability of proficient technical expertise.
The United States and Canada are expected to contribute significantly to the growth of the market in North America.