Published on : Mar 01, 2016
The global video analytics market is undergoing a phase of transition. The increasing threat to security has raised the demand for video analytics systems across the world.
The global market for video analytics market was led by North America in 2014. The regional market occupied a share of 36% in the overall market the same year in terms of revenue. In the coming years, Asia Pacific is projected to dominate the worldwide video analytics market, registering the fastest growth.
The U.S. and Canada are the leading video analytics market in North America, whereas India, Australia, Japan, China, and South Korea dominate the Asia Pacific video analytics market.
Increasing Range of Video Analytics application Drives Market Growth
The increasing application array of video analytics, together with the growing trend of deploying video analytics systems in retail outlets as well as commercial premises on account of the rising concerns over security and the need to monitor the surrounding of premises, has boosted the global video analytics market significantly. However, the high cost associated with the installation of video analytics systems is expected to limit the growth of this market in the coming years.
Here is a snapshot of other current as well as imminent market trends that can influence the world video analytics market in the near future.
- The rapid rise in the global retail sector and the deployment of video analytics systems therein is providing the necessary impetus for market growth.
- Video analytics for the recognition of people has been the most demanded video analytics application since the past few years. The demand for this application is likely to maintain the highest position at a CAGR of 20.0% during the period from 2015 to 2023.
Bosch Security Systems Inc., Avigilon Corp., IntelliVision, Cisco Systems Inc., Honeywell International Inc., and Samsung are some of the key players in the global video analytics market.