The research report on ‘global video analytics market’ assesses the current and future scenario of this vertical. It holds substantial information regarding the market valuation, industry size, and projected growth rates.
Selbyville, Delaware, June 16, 2021 (GLOBE NEWSWIRE) -- According to expert analysts and seasoned forecasters, worldwide video analytics market, valued USD 4235.82 million in 2020, is projected to register a year-over-year growth rate of 16.05% CAGR during 2021-2028, subsequently amassing a valuation of USD 11121.01 million by the end of the forecast period.
The market, as pert the report, is analyzed in terms of product deployment model, software types, application spectrum, and geographical ambit. All segments and sub-divisions are individually assessed to uncover the top revenue generation pockets for 2021-2028. Lastly, the report provides conclusive data on the competitive landscape by evaluating the major players, emerging contenders, and new entrants in the industry.
Surge in installations of surveillance cameras owing to rising security needs, and growing demand for public safety are fostering the industry growth. Moreover, increased application of video analytics in healthcare industry is expected to present new opportunities for growth in the upcoming years.
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Speaking of the factors hindering global video analytics market expansion, lack of awareness, privacy concerns, and high technology costs associated with the technology are negatively impacting product demand.
North America video analytics market is on track to grow substantially in the upcoming years, registering 13.41% CAGR during 2021-2028. United States and Canada govern the competitive dynamics in this region. Increasing deployment of surveillance at important sites like banks, railway stations, and others, along with spike in economic growth has necessitated the installation of advanced security systems and video analytics in Canada. Whereas, the industry in United States is largely driven by high demand for security in critical locations like airport.
In the United States, the increasing use of IP cameras has replaced analog cameras. These cameras are equipped with advanced face and object recognition software, which automatically mines surveillance footage and creates a giant searchable database. Moreover, the country’s political structure largely supports the adoption of video surveillance systems. For instance, the Department of Homeland Security offers billions of dollars as security grants to state agencies to install video surveillance cameras. The governmental support is estimated to augment the need for video analytics, driving the growth of the video analytics market within the US.
Cisco is a technology company having expertise in computer networking products. Its key products consist of switches, routers, security products, videoscape software, and cable modem, among others. Its products are categorized into infrastructure platforms, applications, security, and other products. The video analytics solutions are offered under the security category. Cisco is headquartered in the United States.
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Latin America video analytics industry size is slated to expand at a CAGR of 19.92% through 2028. This can be ascribed to factors such as escalating demand for surveillance systems in the booming real estate sector, rising crime rates, followed by increasing government efforts towards public safety. Moreover, better accessibility to new technologies and telecommunication facilities in countries like Chile is supporting the regional market growth.
Furthermore, the growing demand for security systems, such as surveillance technology, among various end-user industries is estimated to support the market's evolution in Rest of Latin America. Chile is among the major economies with better access to new technologies and telecommunication facilities compared to other countries in the region. This advancement in technologies will support the adoption of video surveillance systems for public safety. Here, video analytics will help derive valuable data by analyzing the video, in turn, boosting the video analytics market's progression. Honeywell is a diversified technology and manufacturing company offering aerospace products and services, safety and security technologies for buildings, sensing, and other services. Its business segments include aerospace, home and building technologies, performance materials, and safety solutions. The company’s manufacturing, sales, and R&D activities are spread across multiple regions, including Latin America.
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Europe video analytics market progression is set to increase at 13.74% CAGR over the assessment period, attributable to growing concerns regarding terrorism, rising investment in enhancing security, and high interest in deployment of advanced technology systems by governments. Moreover, flourishing tourism industry in Spain and neighboring countries have strengthened the demand for video analytics solutions across the region.
In the region, Spain is among the prominent economies, generating a large amount of revenue through the tourism industry. The stable growth of the tourism industry majorly relies on security, which augments the adoption of surveillance systems to ensure public safety. The efficient security system for banks, government buildings, and embassies also increase the need for video surveillance. This growth in surveillance cameras in public areas is likely to augment the demand for video analytics solutions. Therefore, as stated above, such factors are expected to drive the expansion of the video analytics market in Spain on a growth path.
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Asia Pacific video analytics market growth is anticipated to multiply at a CAGR of 19.5% throughout 2021-2028. China is likely to experience a high demand for surveillance solutions in view of rapid economic growth and rising government emphasis on social security. Similar trends in other emerging economies is will boost the demand for video analytics in the region. In addition, growing tension between countries such as North Korea and South Korea have compelled governments to actively utilized security solutions to tighten internal security.
In Japan, the studied market is primarily driven by the growth in the adoption of video surveillance. Here, the growing penetration of IP surveillance systems across numerous verticals influences the demand for video analytics solutions. Further, the government is investing significantly to deploy security systems across public areas, such as airports, metros, and other crowded locations, owing to the surge in global terrorism. Therefore, government support, along with growing demand for video surveillance, are key factors widening the scope and growth of the Japanese video analytics market.
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Global Video Analytics Market Deployment Models (Revenue, USD Million, 2021-2028)
Global Video Analytics Market Software AG Types (Revenue, USD Million, 2021-2028)
Recognition Software AG
Detection Software AG
Crowd Management Software AG
Global Video Analytics Market Application Spectrum (Revenue, USD Million, 2021-2028)
Global Video Analytics Market Geographical Bifurcation (Revenue, USD Million, 2021-2028)
Middle East & Africa
Global Video Analytics Market Company Profiles
Online Video Platform Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
The online video platform market is anticipated to grow considerably over the forthcoming timeline owing to the growing internet penetration, rising demand to enhance consumer viewing experience, and increasing social media users across the globe. Online Video Platforms or OVP are platforms which provide live and recorded video content on a website. Today, applications such as Instagram, YouTube, and Periscope are some of the world's leading online video platforms and entertainment providers, allowing users to stream video content and also uploading their own content. Essentially, online video platforms are cloud applications which end users interact with on a day-to-day basis.
Additionally, these platforms are not limited a specific genre and could be focused towards various purposes, which includes advertising, providing paid access to video streaming, lead generation, and building brand awareness among others. Consumer-focused platforms such as Facebook Live and YouTube Live are some of the popular platforms for video sharing and hosting.
Global Enterprise video Market Size and Regional Forecasts 2020-2027
Global Enterprise Video Market to reach USD 30.58 billion by 2027. Global Enterprise Video Market is valued at approximately USD 15 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9.3% over the forecast period 2020-2027. An Enterprise Video is a platform used for video communication within business environments. It includes corporate learning, live streaming, social intranet, and customer support and maintenance. An enterprise video offers secure and central video asset management. Additionally, it provides users access to a host of video use cases. Growth of media players resulting to rise of digital content volumes and rise of active users are the key drivers for the growth of the market.
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