01 November 2019
Video Analytics Market Report 2020-2030: Forecasts by Deployment (On Premise, Cloud), By Type (Software, Services), By Application (Incident Detection, Intrusion Management, People/Crowd Counting, Traffic Monitoring, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
Video analytics is a computerized processing and automatic video content analysis that is generated, collected, or monitored during video surveillance. A large volume of video data is generated by business video surveillance, community surveillance, social media and blogs, and it also demands plenty of storage space. By delivering high-end benefits to users with reduced cost and efficient service delivery, video analytics automates the video surveillance process. The need for video analytics is guided by factors such as increased demand for industrial automation across various industries such as finance, financial services, hospitality, airports, manufacturing, and others.
In addition, increased demand for IP-based security systems and services, and growing concerns regarding life safety and security as well as resources, are projected to boost the development of the market for video analytics during the forecast period. Nonetheless, an increase in the number of false alarms during bad weather and poor lighting conditions and high initial installation costs are likely to hamper the development of the demand for video analytics. In addition, an increase in the need for business intelligence and insights, and an increase in the need for edge-based analytics and applications for recognition and profiling are the major factors expected to provide market growth opportunities.
In 2017, the retail sector controlled the overall market size for video analytics and is expected to show significant growth over the forecast period. This sector's development was largely due to the increasing need to track consumer behaviour, purchasing requirements, brand choice habits, and the time a consumer invests on specific sectors of the retail industry. In addition, growing demand for customer engagement solutions, queue management, loss prevention, and store optimization also drives the retail industry's need for video analytics.
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