Global Video Analytics Market - Segmented by Deployment (On-Premise, Cloud), End-User (Retail, Healthcare, Government), and Region - Growth, Trends, and Forecast (2018 - 2023)
The video analytics market is expected to register a CAGR of 32.89%, during the forecast period 2018 - 2023. The scope of the market is limited to the analytics solutions offered by various vendors in the market.
Analytics have enabled the end-users to leverage specific data insights into actionable intelligence for various functions. The insights can be used to generate heat maps, monitor queues in retail outlets and hospitals, etc. The analytic programs also support IP, analog, and megapixel cameras, and can be integrated within the hardware components. The integration reduces the need for extra hardware, thus making the implementation cost-effective. With evolving analytics engines, there has been a tremendous increase in server processing power. Further, the advent of IoT and increased adoption of surveillance by a majority of the enterprises has created voluminous amounts of video data that need to be processed and managed. Hence, there is an increased demand for deep learning infrastructure and deep learning algorithms for pattern analysis, as these technologies offer enhanced efficiency of the video surveillance software development and processes. Hence, to limit security issues, protect staff, customers, inventories, and for many other applications, video analytics is the best solution for different kinds of users to constantly improve safety, service, and operations to enhance the customer’s experience.
Increasing Demand for Improved Video Surveillance
Video analytics is expected to improve security surveillance and business intelligence applications, by providing real-time video information. It decreases human intervention, which leads to a decrease in the time and risk associated with providing alerts and reports of relevant activities. This decrease in human intervention also makes a review of recorded video fast and accurate, across several verticals. Video analytics replaced the traditional methods of video management solutions and made them much more convenient for users to analyze and share insights, to make better decisions. Further, the need for minimal investments to integrate analytics software with the existing surveillance infrastructure has been a major factor, which has prompted enterprises irrespective of size to invest in this technology and attain a significant Return on Investment (ROI).
China to Drive the Market Growth in Asia-Pacific
The introduction of the smart cities concept in the country is acting as a major driving force for the video surveillance market in China. Advanced video surveillance techniques have been integrated with city administration, to boost the efficiency. Yinchuan city in China is an example for advanced smart towns where everything from buses to dustbins is integrated into a unified system. Moreover, the decline in prices of IP cameras and presence of major players is also acting as a major driving factor for the growth of video analytics systems in China. China is the base to significant video surveillance players, such as Hangzhou Hikvision Digital Technology Co., Ltd. and Zhejiang Dahua Technology Co., Ltd. Currently, China is undertaking several projects related to sectors, such as an airport, rail, and highway System. Facial and vehicle recognition are gaining traction in China, as they enable identifying faces and vehicles in more extensive and more crowded scenes. In 2017, facial recognition has started becoming a requirement in new city surveillance projects in China. All these factors are expected to drive the video analytics market in the region.
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