DUBLIN--(BUSINESS WIRE)--The "Video Analytics Market by Component, Application (Intrusion Management, Incident Detection, People/Crowd Counting, Traffic Monitoring), Deployment (On-premises and Cloud), Type, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The market size is expected to be USD 4,935 million in 2020 and is projected to reach USD 11,778 million by 2025, at a CAGR of 19.0% during the forecast period.
Factors that are expected to drive the growth of the video analytics market are increased investments and focus of governing institutions on public safety, need to utilize and examine unstructured video surveillance data in real-time, a significant drop in crime rate due to surveillance cameras, growing need among enterprises to leverage Business Intelligence (BI) and actionable insights for advanced operations, limitations of manual video analysis, government initiatives in emerging technologies to enhance the public safety infrastructure, reduced cost of video surveillance equipment and long-term Return on Investment (RoI), and demand for enhanced video surveillance.
Increasing cyberattacks and data thefts, government regulations related to Closed Circuit Television (CCTV) surveillance, investments in existing legacy surveillance systems to prevent the implantation of new advanced solutions, and privacy concerns among citizens are expected to act as restraints to the market growth.
Software segment to grow at a higher CAGR during the forecast period
Video analytics software eliminates the drawbacks of traditional video surveillance systems by offering capabilities that are instrumental in detecting abnormalities and crimes, thereby ensuring optimum operational efficiency. The demand for video analytics software is being driven by its ability to be integrated with the existing analog, Internet Protocol (IP), or megapixel cameras in enterprises, thus eliminating the need for the deployment of additional hardware.
City surveillance vertical to hold the highest market share in 2020
Governments across the world are seeking advanced solutions to minimize threats to their citizens. These threats could range from organized criminal acts to random acts of violence. Video analytics plays an important role in city surveillance and is being used for controlling traffic on highways or freeways, tracking data from remote locations, managing the crowd flow, detecting motion for identifying over-speeding vehicles, facial recognition by law enforcement authorities, and identifying camera tampering.
Asia Pacific to grow at the highest CAGR during the forecast period
The video analytics market in APAC is expected to witness exponential growth, mainly because of the rising awareness about the potential security threats to individuals, and the growing manufacturing industry. The rapid growth in mobile devices manufacturing has considerably reduced the cost of camera components, thereby making it cheaper for Small and Medium-sized Enterprises (SMEs) and private individuals to install surveillance cameras.
Market Dynamics
Drivers
- Increasing Investments and Focus of Governing Institutions on Public Safety
- Need to Utilize and Examine Unstructured Video Surveillance Data in Real Time
- Significant Drop in Crime Rate Due to Surveillance Cameras
- Growing Need Among Enterprises to Leverage Bi and Actionable Insights for Advanced Operations
- Limitations of Manual Video Analysis
- Government Initiatives in Adopting Emerging Technologies to Enhance the Public Safety Infrastructure
- Reduced Cost of Video Surveillance Equipment and Long Term Roi
- Demand for Enhanced Video Surveillance
Restraints
- Increasing Cyberattacks and Data Theft Activities
- Government Regulations Related to Cctv Surveillance
- Investments in Existing Legacy Surveillance Systems to Prevent the Implantation of New Advanced Solutions
- Privacy Concerns Among Citizens
Opportunities
- Use of Drone-Based Video Analytics
- Emergence of Edge Technologies and Devices to Amplify the Use of Video Analytics
- Predictive Information Using Video Analytics
- Integration of Ai and Cloud Technologies With Video Analytics
- Surging Demand for Video Analytics Solutions in Non-Government Sectors
- Growing Use of Facial Recognition Across Applications
Challenges
- High Initial Costs of Investment, Installation, and Maintenance
- Interoperability Complexities and Support for Older Equipment of Surveillance Systems
- Extreme Functional Condition
- Problems in Isolated and Remote Locations
- False Alarms and Lack of Reliability
Companies Profiled
- Avigilon
- Axis Communications
- Cisco
- Honeywell
- Agent Vi
- Allgovision
- Aventura Systems
- Genetec
- Intellivision
- Intuvision
- Puretech Systems
- Ibm
- Hikvision
- Dahua
- Iomniscient
- Huawei
- Gorilla Technology
- Kiwisecurity
- Intelligent Security Systems
- Verint
- Viseum
- Briefcam
- Bosch Security
- I2V
- Digital Barriers
- Senstar
- Qognify
- Identiv
- Ipsotek
- Delopt
For more information about this report visit https://www.researchandmarkets.com/r/22btpr
