The global video analytics market is expected to grow at a CAGR of 24.7% during the forecast period. Video analytics is the capability of analyzing video automatically to detect and determine temporal and spatial events. The rising demand for improved security arrangements will boost the growth prospects for the video analytics industry during the forecast period. It has been observed that the frequency and intensity of security breaches as well as the incidences of shoplifting, robbery, and theft are increasing at an alarming rate. This results in stringent regulations to control anti-social activities by the government across the globe, which in turn, fuels the rate of adoption of video analytics solutions in the market.
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Likewise, the video analytics market is witnessing a high demand for the installation of video surveillance cameras in public places such as airports, railway stations, hotels, hypermarkets, hospitals, and shopping malls across the globe. Additionally, video analytics-enabled cameras have the capability to automatically report suspicious events and provide real-time alerts and forensic tools for staffed and unstaffed camera video surveillance options.
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By Deployment (Cloud-Based and On-Premises),
By Application (BFSI, Healthcare, Retail, Government & Defense, Traffic Management, and Others)
Market Players Outlook
The major players that contribute to the growth of the market include IBM Corp., Cisco Systems Inc. Agent Video Intelligence Ltd., Aventura Technologies Inc., Avigilon Corp., Axis Communications AB, Bosch Security Systems, Canon, Cisco Systems, Inc., Honeywell International Inc., Milestone Systems A/S, NICE Systems, and others. These market players are contributing to the market by adopting various market approaches including product launch and approvals, merger and acquisition, partnerships and collaborations, and others for gaining a strong position in the market.
Recent Developments
In April 2018, IBM Corp. collaborated with Pelco by Schneider Electric SE in order to combine the camera and video management systems technology with intelligent video analytics. This alliance is made to integrate IBM’s deep learning analytics with the Peclo’s video management system to form Pelco Analytics Powered by IBM. This will enable the analyst to identify the people and object of concern from the archived video and will decrease the time of analysis.
In September 2018, Avigilon Corp. announced the launch of its new Identity Search feature. This new search feature will enable the operators to search for the person across the entire site and locate the person’s previous and current location in the facility.
In November 2018, IntelliVision launched new video analytics channel partner program. Increasing demands coming from integrators needing to integrate video analytics with their projects has made the company change existing services and support into a formal program. This new Channel Partner Program will enable company to provide access to leads, demo software, marketing resources, training, and support.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global video analytics market. Based on the availability of data, information related to products and services, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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