North America Video Analytics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solution and Service), Deployment (On Premise and Cloud Based), Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others), and Vertical (BFSI, Education, Hospitality and Entertainment, Manufacturing, Defense and Border Security, Retail, Transportation and Logistics, and Others)
The North America video analytics market is expected to grow from US$ 2,630.10 million in 2022 to US$ 8,820.40 million by 2028; it is estimated to grow at a CAGR of 22.3% from 2022 to 2028.
The rising availability of cameras with high resolutions, such as 4K or 8K, allows businesses to perform more precise and sophisticated video analyses. High resolutions aid in the correct identification and analysis of objects/people in crowds, triggering alerts when circumstances are ticked. These high-resolution cameras are also capable of filtering and searching videos and extracting insights from video information. Owing to high resolution, improved vision angle, sustainability, and technology compatibility, high-definition (HD) cameras are increasingly being used in the security business. Furthermore, higher pixel characteristics provide superior digital zoom capabilities to improve long-range vision, thereby favoring the detailed analysis of the behavior of people, crowds, and vehicles. Many companies focus on launching high-definition cameras with enhanced capabilities. For example, Amazon.com, Inc. launched HD home security cameras—Blink Outdoor and Blink Indoor—in the US and Canada in September 2020. These cameras feature a 1080p HD video resolution, infrared night vision, two-way audio, and long battery life. HD videos recorded by these modern cameras aid in the effective monitoring of homes for security, which drives the video analytics market growth.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America video analytics market. The North America video analytics market is expected to grow at a good CAGR during the forecast period.
North America Video Analytics Market Revenue and Forecast to 2028 (US$ Million )
North America Video Analytics Market Segmentation
The North America video analytics market is segmented into component, deployment, application, vertical, and country. Based on component, the North America video analytics market is divided into solution and service. The solution would dominate the North America video analytics market in 2022. By deployment, the North America video analytics market is categorized into on premise and cloud based. The cloud-based segment would dominate the North America video analytics market in 2022. In terms of application, the North America video analytics market is categorized into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. The crowd management segment would dominate the North America video analytics market in 2022. From vertical point of reference, the North America video analytics market is categorized into BFSI, education, hospitality and entertainment, manufacturing, defense and border security, retail, transportation and logistics, and others. The defense and border security segment would dominate the North America video analytics market in 2022. Based on country, the North America video analytics market is segmented into the US, Canada, and Mexico. The US would dominate the North America video analytics market in 2022.
Key players operating in the North America video analytics market are Avigilon Corporation; AXIS COMMUNICATIONS; Agent Video Intelligence Ltd.; Honeywell International Inc.; AllGoVision Technologies Pvt. Ltd.; Dahua Technology Co., Ltd; Hangzhou Hikvision Digital Technologies Co., Ltd.; Huawei Technologies Co., Ltd.; NEC Corporation; and BriefCam by Altair, among others.
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