LONDON--(BUSINESS WIRE)--According to the latest research report released by Technavio, the global intelligent video analytics market is predicted to reach close to USD 2 billion by 2020.
This report titled 'Intelligent Video Analytics Market 2016-2020', provides an in-depth analysis of the market in terms of revenue and emerging trends. This market study also presents up to date analysis and forecasts for various market segments and all geographical regions.
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“In 2015, the intelligent video analytics market in the Americas was valued at around USD 250 million and is expected to reach USD 980 million by 2020, growing at a CAGR of over 31%. IBM and Cisco are two of its major players in the Americas. The market was led by the US in 2015, and the region is expected to dominate during the forecast period,” said Amrita Choudhury, one of Technavio’s lead analysts for enterprise application research.
“The APAC region is also expected to grow significantly during the forecast period because of high investments and M&A happening in the region. During the forecast period, the market will likely witness a growing adoption of SaaS-based video analytics, as it is cost effective compared to on-premises video analytics. Therefore, Cloud-based video surveillance is predicted to play a key role in investigations across the globe,” added Amrita.
Global intelligent video analytics market 2016-2020 (USD billion)
| 2015 |
0.468 |
||
| 2016 | 0.614 | ||
| 2017 | 0.811 | ||
| 2018 | 1.075 | ||
| 2019 | 1.431 | ||
| 2020 | 1.909 | ||
Source: Technavio research
Top four key driving forces behind the growth of the global intelligent video analytics market according to Technavio’s ICT analysts:
- Increased volume of unstructured video data
- Integration of BI with video analytics solutions
- Need for better security measures
- Increasing demand for smartphones and tablets
Increased volume of unstructured video data
Majority of organizations and residential buildings have either installed or plan to install cameras for security purposes. The government sector is also investing in video surveillance and analytics in applications such as defense and city surveillance, among others.
The growing use of digital devices and smartphones has thus resulted in increased volumes of video data uploaded or downloaded on social network sites such as YouTube, Facebook, and others. Manual supervision of these videos is tedious as well as inefficient. All the above factors have generated a lot of unstructured video data in recent years, which calls for data analysis to gain meaningful insights. Thanks to this trend, the video analytics market is likely to expand exponentially over the next four years.
Integration of BI with video analytics solutions
Intelligent video analytics solutions that integrate BI tools help companies make better decisions by providing accurate, reliable, consistent, and easy-to-understand data. When data is integrated with BI, companies generate profits through the identification and implementation of profitable projects, which increases sales, enhances customer loyalty, and helps retain customers. Such implementation is expected to hugely optimize customer experience management over the next four years. BI will also help predict the future behavior of potential and existing customers using intelligent video analytics solutions. Agent Vi, a leading player, provides a solution known as savVi business intelligence to measure customer behavior. Similarly, many more vendors are expected to launch similar products in the market during the forecast period.
Need for better security measures
Globally, incidences of robbery, theft, shoplifting, and terrorist attacks are on the rise. It is estimated that the number of terrorist attacks worldwide grew by 35% in 2014. To control these activities, governments and large enterprises are increasing their adoption of intelligent video analytics solutions.
Many developed countries such as the US and the UK have already put stringent regulations that mandate the installation of video surveillance cameras in public places such as hypermarkets, hospitals, airports, railway stations, hotels, and malls. These regulations ensure enhanced security and curb anti-social activities. Intelligent video analytics solutions also provide real-time alerts and forensic tools for staffed and unstaffed video surveillance, and automatically report suspicious events to maximize security and maintain operational efficiency.
Increasing demand for smartphones and tablets
The increasing demand for smartphones and tablets drives the global intelligent video analytics market. Globally, 1.88 billion mobile phones were sold in 2014, of which 65% were smart phones. Also, tablets witnessed a growth in demand with unit shipments close to 220 million units in 2014. Smartphones and tablets are expected to find increased application in the future to watch short and long clips generated from video surveillance software. The advent of such niche applications will immensely benefit the global intelligent video analytics market until 2020.
Browse related reports:
- Global Video Surveillance as a Service Market 2016-2020
- Video Surveillance Market in Mena 2015-2019
- Global Predictive Analytics Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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