Albany, NY, Feb. 22, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research entitled, “Video Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023,” the global video analytics market was worth US$ 1,709.0 Mn in 2014 and is expected to reach US$ 9,151.2 Mn by 2023, expanding at a CAGR of 20.6% from 2015 to 2023. North America was the largest market for video analytics in 2014. Growth in this region is expected to be driven by increasing need for the security of property and individuals resulting in an increased demand for physical security systems.
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Growing installations of IP cameras and the need for advanced and high-definition cameras with better video quality is driving the demand for IP-based video analytics market, globally. Video analytics technology is widely deployed in various end-use industries that demand an efficient and cost-effective real-time monitoring system. Video analytics eliminates the need for human monitoring and analysis of video feeds in real time. There is growing demand for such intelligent analytic systems to provide real-time insights with automatic event and alarm notifications. The video analytics equipment and solutions provide post-event and real-time event detection through the analysis of data. These are commonly used in residential, commercial and industrial, urban security and public safety, healthcare, defense and border security, transportation and logistics, retail, and other settings.
The rapid expansion of the retail sector and deployment of video analytics therein has provided the necessary momentum for market growth.
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In terms of various applications, the global video analytics market is segmented into video indexing, people recognition, license plate recognition, object recognition, incident detection, and others including traffic monitoring, cross-camera tracking, safety alerts, post-event analysis, wide spectrum imagery etc. In 2014, among these, video analytics for the people recognition application was most preferred, and accounted for around 30% of the revenue of the overall video analytics market. Moreover, this segment is expected to expand at a CAGR of 20.0% from 2015 to 2023. The most significant factor driving the market for video analytics for people recognition application is the high demand for video analytics to accurately count the number of people moving through shops, schools, banks, sports and transport facilities, prisons, museums, visitor attractions, airports, and parking lots.
In terms of end-use industry, the video analytics market is classified into residential, commercial and industrial, urban security and public safety, healthcare, defense and border security, transportation and logistics, retail, and others. In 2014, the commercial and industrial end-use segment held the largest revenue share, of around 25% of the overall video analytics market. However, video analytics deployed in retail industry is expected to grow at the fastest CAGR in terms of revenue during the forecast period from 2015 to 2023.
Geographically, North America is the largest market for video analytics, globally. In 2014, North America accounted for around 36% of the overall video analytics market’s revenue share. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for video analytics in this region. Key players of the global video analytics market include Bosch Security Systems Inc., Genetec, Inc., Avigilon Corporation, VCA Technology Ltd., Milestone Systems A/S, Honeywell International, Inc., Samsung Techwin (Hanwha Techwin), Cisco Systems Inc., United Technologies Corporation, and IntelliVision.
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Source:Transparency Market Research