Video analytics is a computerized analysis of video, implemented by a variety of end users in various fields and industries; however the term “video analytics” is typically associated with analysis of the video streams captured by video surveillance systems. The rising security concerns and need for intelligent surveillance systems across the globe and increasing demand of video analytics for business intelligence are creating a huge demand for video analytics globally. The global video analytics market size is estimated to grow from USD 1.69 billion in 2016 to USD 4.23 billion by 2021, at a CAGR of 20.2% during the forecast period.
Video analytics application for people and vehicle counting and crowd management application is expected to grow at the highest rate during the forecast period. The demand of video analytics solutions for non-security applications among various verticals such as retail, healthcare, education, and others is increasing. Thus, there is a significant need for video analytics among such industries to gain customer insights and improve their experience by monitoring their behavior and various activities. This solution has further enabled the users to improve their operations and efficiently manage their workforce in order to have good Return on Investment (ROI).
The service providers are expected to gain huge traction and demand of services will grow at the highest rate with the maturity of the market during the forecast period. The services deliver cost-effective backup support for technical queries and aim at preventing any downtime. Furthermore, this service offers improved network performance, reduced capital expenditure and operational expenditure, and ensures end-to-end delivery and multivendor support.
Cloud-based deployment of video analytics software is expected to have highest growth rate in the video analytics market during the forecast period. Cloud-based video analytics system helps the organizations in reducing the high initial upfront cost, storage, and maintenance cost of video. Moreover cloud-based video analytics offers scalability, flexibility, real-time capabilities, easy integration, and increased efficiency to the users.
The Banking and Financial Services Institutions (BFSI) followed by retail sector is expected to grow at the highest rate in the video analytics market during the forecast period. There can be seen a paradigm shift in the demand of end-users for analyzing videos from all cameras to gain insights and business intelligence in real-time in order to make improved decisions, enhance workforce productivity, and customer experience to gain profitability along with the security applications. The shift in demand is thereby giving rise to the adoption of video analytics globally.
The APAC region is expected to be the fastest growing region for the video analytics market during the forecast period. The region offers large number of potential growth opportunities due to the huge development going in the region such as commissioning of critical infrastructures, smart cities, and increasing business needs of organizations, thereby driving the adoption of video analytics software and services.a
