DUBLIN--(BUSINESS WIRE)--The "Video Analytics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The Video Analytics Market is recording a CAGR of 28.89%, over the forecast period (2019-2024). The surveillance and retail industries are expected to drive the market during the forecast period.
Key Highlights
- The video-analytics are being used in the city, retail, vehicle, and worksite settings. The video analytics is currently being used to acquire insights for decision making. Video surveillance sector uses it for analyzing threats, recognizing, mitigating, and monitoring purposes. China is investing heavily on its facial recognition capabilities; according to Tsinghua University, China's market size of biometric recognition technologies is expected to reach CNY 34 billion.
- Video analytics is not only used for producing customer movement heatmaps and store planning but are being developed to tackle organized retail crime. Inpixon, an indoor positioning, and data analytics company, announced it is collaborating with the National Anti-Organized Retail Crime Association (NAORCA Worldwide) to combat retail crime.
- Retail industry is increasingly adopting video analytics and emerging as one of the prominent market. The growing retail market is driving the demand; according to US Census Bureau the total retail and food services sales in the US during fiscal 2018 stood at USD 6.02 trillion.
- The growth of smart cities is one of the significant reason whcih is driving the market. Owing to the number of smart cities growth the demand for video surveillance and connected devices across city building is expected to increase. Acording to consumer Technology Association, spending on smart cities worldwide is expected to reach USD 34.35 billion by 2020.
Market Trends
Increased Demand for Videos Surveillance is Expected to Boost the Demand
- The security has become a prime concern for many organizations to manage, video surveillance is part of it. With the introduction of video analytics, it is easy to detect anomalies, set rules and recognize patterns easily to improve security. innoVi Enterprise's video analytics software eliminates the need for continuous human monitoring of surveillance cameras. It automatically detects and alerts to security and safety incidents in real-time, thereby drawing a surveillance operator's immediate attention to an incident.
- According to Forbes, consumer spending on smart home surveillance cameras is expected to reach USD 9.7 billion by 2023. This growth is expected to drive the market for video analytics.
- The increasing demand for smart homes across the globe is driving the demand for video surveillance. According to Consumer Technology Association Smart home, security camera household penetration rate in Canada during fiscal 2018 stood at 12%.
- The increasing number of security cameras is driving the demand for video analytics solutions across the globe, governments are increasing the number of surveillance cameras in public places. For instance, based on the Ministry of the Interior and Safety (South Korea) data, the number of installed CCTV cameras in public places in South Korea during fiscal 2018 stood at 1,032,879.
Asia-Pacific Region is Expected to Drive the Market Demand
- Owing to the presence of growing economies such as China and India, the demand for video analytics is increasing. The increasing video surveillance and retail industries in the region are positively influencing the market. For instance, China has implemented the Social Credit System, which uses extensive facial recognition of its citizen. The facial recognition systems are being implemented across the country, and the requirement for cameras for the project is expected to drive the market.
- The Chinese facial recognition database includes nearly every one of its 1.4 billion citizens, to cover the country the government has installed cameras in both public and private areas. According to Tencent, the number of surveillance cameras installed in China during fiscal 2017 stood at 176 million units and is expected to reach 626 million units by 2021. This is expected to drive the demand for video analytics solutions.
- The Delhi government has announced its flagship scheme to install 140,000 CCTV cameras in public places of the city, for better surveillance and security. This project is expected to cost INR 5.7 billion to the government.
- Chinese firms are utilizing the opportunity and equipping government bodies such as police departments with the surveillance equipment. One such organization is YITU Technology which supplies Dragonfly Eye System, a facial scanning platform that can identify a person quickly from the database of billions.
Competitive Landscape
The market is considerably fragmented and is moving towards consolidated market format, owing to the presence of large vendors who can spend on the R&D to improve the offerings. The companies are including AI and machine learning to enhance their offerings. The major companies include Axis Communications AB, Avigilon Corporation (Motorola Solutions), Cisco Systems, Inc., International Business Machines Corporation, Aventura Technologies Inc., and many more.
June 2019 - Avigilon announced launch of Blue Cloud Video Security Platform in the UK, the Avigilon Blue cloud service platform provides an easy-to-install, cloud-based video security solution with features and capabilities that allows them to monitor and manage more sites with fewer resources remotely. The platform includes a feature such as Patented Avigilon self-learning video analytics.
Key Topics Covered:
1 INTRODUCTION
1.1 Scope of the Study
1.2 Key Study Deliverables
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers
4.3 Market Drivers
4.3.1 Increasing Demand For Improved Video Surveillance
4.3.2 Growing Adoption in Retail
4.4 Market Restraints
4.4.1 Need For High-capacity Storage For High-resolution Images
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Deployment Type
5.1.1 On premise
5.1.2 On cloud
5.2 By End User
5.2.1 Aerospace and Defense
5.2.2 Healthcare
5.2.3 Retail
5.2.4 Transportation
5.2.5 BFSI
5.2.6 Other End Users
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Axis Communications AB
6.1.2 Avigilon Corporation (Motorola Solutions)
6.1.3 Cisco Systems , Inc.
6.1.4 International Business Machines Corporation
6.1.5 Aventura Technologies Inc.
6.1.6 Genetec Inc.
6.1.7 Honeywell International Inc.
6.1.8 Agent Video Intelligence Ltd.
6.1.9 Objectvideo Labs LLC
6.1.10 IntuVision, Inc.
7 INVESTMENT FUTURE
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/f17nk2
