According to a new study by Transparency Market Research (TMR), the global video analytics market demonstrates a highly competitive and fragmented business landscape with a number of established brands operating in it. At the forefront of this market are vigilon Corp., VCA Technology Ltd., IntelliVision, Genetec Inc., and United Technologies Corp. These companies are facing tough competition from local players located across various geographies, owing to their stronghold on their respective domestic markets. The leading players are expected to focus on strategic alliances with local participants in an effort to make place for themselves over the next few years, notes the research study.
The research report estimates the overall opportunity in the worldwide market for video analytics to proliferate at a healthy CAGR of 20.60% over the period from 2015 to 2023 and reach a value of US$9.15 bn by 2023 from US$1.70 bn in 2014. People recognition, video indexing, license plate recognition, incident detection, and object recognition have surfaced as the key application areas of video analytics solutions. Various others, such as traffic monitoring, safety alerts, cross-camera tracking, post-event analysis, and wide spectrum imagery are also applying video analytics solutions considerably.
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Currently, the demand for video analytics has been much higher in people recognition applications and is anticipated to continue over the next few years. Video analytics solutions find high demand in the commercial and industrial sectors and the trend is expected remain so over the forthcoming years. In terms of geography, North America has emerged as the prime regional market for video analytics. Researchers predict the North America market for video analytics to retain its position in the years to come, reports the market study.
Demand for HD and IP Cameras to Boost Market
“The increasing deployment of IP cameras and the augmenting requirement of technologically advanced high definition cameras, having superior video quality, is fueling the demand for video analytics solutions, which, consequently, is reflecting on the growth of the global video analytics market,” says a TMR analyst.
Video analytics solutions exclude the need for the monitoring and analysis of video feeds by individuals in real time, providing real-time insights with the alarm notifications of automatic events. Currently, video analytics technology is witnessing an increased rate of installation in a number of end-use industries that command a highly effective and cost-efficient real-time monitoring system. This, as a result, will add to the progress of this market substantially in the years to come.
High Cost Incurred in Deployment to Hinder Growth
Although the worldwide market for video analytics looks thriving at present, the high cost associated with the deployment of this technology may act as a deterrent for the market’s future growth. However, the significant rise of the retail sector, with augmented installation of video analytics solutions, will normalize its effect, providing the necessary momentum to this market in the years to come. The increasing demand for novel software products are also projected to propel the worldwide market for video analytics over the forecast period, states the research report.