In a recent published report, Kenneth Research has updated the market report for Video Analytics Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Video Analytics Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2024. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2024.
Brief: Video analytics refers to the use of algorithms to detect activities in a video from any location. The organizations can perform a real-time analysis of their customers through video analytics, which gives them ample amount of time to understand their behavior and take necessary steps. It involves field-proven and expert deployment, allowing the organizations to achieve significant developments in the video surveillance systems. Video analytics is helping security and public safety organizations in increasing their intelligence and investigative capabilities.
Product Analysis: Most of the organizations are gathering a huge amount of data by adopting video surveillance cameras. The gathered information can be analyzed by implementing video analytics solutions. These solutions enable the organizations and governments to improve the security and safety of the people and assets.
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Market Analysis:it is estimated that the global video analytics market will witness a CAGR of 30.5% during the forecast period 2017–2023. The market is analyzed based on software and services, deployment, applications, verticals, and regions.
Technology Analysis:
Currently, most of the companies are offering customized cloud-based video analytics solutions to their customers, which would allow them in achieving real-time intelligent monitoring and improve the security by using automatic alerts. Several analytics companies are hugely investing in AI-based video analytics to build platforms, sustainable business models, and also developing machine learning based algorithms. The organizations are using incident detection, perimeter intrusion management, redaction software, advanced search, and facial recognition analytics to find accurate images and gather relevant information from various cameras, which help them to find patterns and draw meaningful insights.
Regional Analysis:
North America is set to be the leading region followed by EMEA, Asia Pacific, and Latin America. Most of the video analytics companies have hugely invested in the region due to increase in demand for IP-based surveillance cameras, video management software, video analytics applications, and cloud-based video analytics. This trend is expected to increase the North America video analytics market in the next 5 years. EMEA and Asia Pacific are set to be emerging markets for the key stakeholders as most of the large enterprises and SMEs are showing interest in setting-up cameras, and are making significant investments in video analytics. In EMEA, many industries have seen tremendous technological advancements in intelligent video processing such as image processing, automatic detection of incidents, and others.
Key Players: Few of the key players included in the report are IBM, Cisco, Honeywell, Agent Video Intelligence (Agent Vi), Axis Communication AB, Avigilon Corporation, and Others.
Competitive Analysis and Benefits: Globally, video analytics firms are acquiring start-up companies to extend their product & service portfolio and to expand their operations. This report provides an in-depth analysis of advanced technologies that are supporting the video analytics market growth, and key investments with respect to regions and verticals.
The study covers and analyzes the “Global Video Analytics” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalists in understanding the companies better and take informed decision
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