The global video analytics market is at crossroads of boisterous growth and maturity. Technologies based on artificial intelligence, cloud, and IoT have become an integral part of the digital ecosystem. There is growing relevance of video analytics in important sectors such as crime investigation, resource allocation and management, and manufacturing. The use of AI algorithms used to analyse, decode, and investigate events recorded in a video clip have become an important application for investigation authorities. Besides, the unprecedented rate of installation for surveillance cameras or CCTVs has also created a plethora of opportunities for growth within the global video analytics market.
- The domain of physical security has attracted the attention of multinational companies, residential centers, and commercial houses. Installation of CCTVs and video analytic tools comes under the ambit of physical security procedures. Therefore, the need to industrial, commercial, and residential premises from unauthorised entry and exit has given an impetus to the growth of the global video analytics market.
- Availability of high-end technologies for studying and analysing video snippets has also played to the advantage of the market stakeholders. The integral focus laid on creating a net of security around restricted premises, especially in the industrial sector, has aided market growth.
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Global Video Analytics Market: Snapshot
Video analytics solutions and equipment provides real-time and post-event results through data analysis. The use of these solutions helps in increasing the security and efficiency of businesses and reduces workforce costs. Video analytics is widely deployed in urban security and public safety, transportation and logistics, retail, healthcare, defense and border security, commercial, residential, and industrial, and other settings. Moreover, increasing security concerns in commercial premises and retail outlets have grown the demand for video analytics that will help in monitoring and understanding the environment around the premises.
Manufacturers providing video analytics solutions and equipment are focusing on providing technologically advanced products to its customers with greater reliability, better work, and increased precision. Therefore, the aforementioned factors have grown the demand for video analytics in various end-use industries. In addition to that, the retail industry is making constant efforts to minimize crime and decrease losses by developing a safer environment for its customers and staff.
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Ability to Count Large Number of People to Increase Demand for Video Analytics in People Recognition Segment
The global video analytics market is classified based on application and end-use. The application category is further segmented into people recognition, object recognition, video indexing, incident detection, license plate recognition, and others including cross-camera tracking, traffic monitoring, safety alerts, wide spectrum imagery, post-event analysis, etc. Out of these, application of video analytics in people recognition was highly preferred and accounted approx. 30% of revenue in 2014. This segment is projected to rise at 20.0% CAGR during the forecast period. The major reason for the growth of this segment is mainly that it can count the number of people moving through schools, shops, banks, prisons, sports and transport facilities, museums, airports, visitor attractions, and parking lots.
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Based on end-use industry, the market is segmented into residential, commercial and industrial, healthcare, urban security and public safety, defense and border security, retail, transportation and logistics, and others including entertainment, education, and hospitality. Out of these, commercial and industrial end-users held the major share of up to 25% in the overall video analytics market in 2014. However, in terms of revenue, use of video analytics in the retail industry is projected to rise at a healthy CAGR over the course of eight years.
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