The business landscape of the world video analytics market is highly fragmented owing to the presence of a large pool of market players that are operational in it, finds out a new research study by Transparency Market research (TMR). At present, the world market for video analytics is led by eminent market players such as United Technologies Corp., VCA Technology Ltd., Genetec Inc., IntelliVision, and
vigilon Corp. The dominance of these established players is being severely challenged by the rising number of local market players, who makes an offering of cost-efficient video analytics services to consumers, which are getting quite popular amongst the masses. To sustain in such environment, the main participants are anticipated to more and more involve with mergers, acquisitions, and partnerships with local players over the next few years, as stated in the market research report.
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In accordance with a recent market research report that has been published by Transparency Market Research, the world market for video analytics is forecasted to expand at a exceptional CAGR of 20.6% over the period between 2015 and 2023. The report also projects the international market for video analytics to reach a market valuation of around US$ 9.15 bn by the year 2023. The overall market was worth around US$ 1.7 bn in the year 2014.
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North America to Continue with its Regional Supremacy over the Period of Forecast
The world market for video analytics has been regionally segmented into the geographies of Latin America, North America, Asia Pacific, Middle East and Africa, and Europe. So far as geography is concerned, the region of North America is forecasted to be the major region for the international market for video analytics across the globe. In the year 2014, the region of North America accounted for around 36% of the overall video analytics market revenue share. In addition to that, the region of Asia Pacific is expected to experience a very fast growth over the period of forecast. South Korea, Japan, India, China, and Australia are amongst the major markets for video analytics in this region.
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Rising Need for Technically Advanced Cameras to Bolster Market Demand
The demand for video analytics solutions is substantially boosted by the soaring installation of IP cameras and the rising need for technically advanced high definition cameras which are equipped with superior video quality, according to an analyst from TMR. With video analytics solutions, analysis and monitoring of video feeds in real time is not required, as they make an offering of real-time insights with alarm notifications of automated events.
These days, a number of end-use industries, which need a cost-effective and efficient real-time monitoring system, are making deployment of video analytics technology at an exceptionally high rate. This, as a result, is forecasted to foster the world market for video analytics remarkably in the years to come, as reported by the market research study.
The information shared that has been in this review is based on a TMR business report that contains the title, “Video Analytics Market (Application – Video Indexing, People Recognition, License Plate Recognition, Object Recognition, Incident Detection, and Others; End-use Industry – Residential, Commercial and Industrial, Urban Security and Public Safety, Healthcare, Defense and Border Security, Transportation and Logistics, Retail, and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”