Video Analytics Market to Grow Faster as Video Analytics Technology Spreading Wings across Various Sectors

The need for enhanced security and demand for gathering insights from customer behavior is driving the video analytics market globally. The market for video analytics is anticipated to expand at a CAGR of 20.6% during the forecast period from 2015 to 2023. The global video analytics market was valued at US$ 1,709.0 Mn in 2014. Some of the key factors driving the growth of the video analytics market include the expanding range of vertical applications, a growing trend toward bringing retail outlets and commercial premises under video analytics due to security concerns and the need to monitor and understand the environment around the premises. Video analytics is widely deployed in residential, commercial and industrial, urban security and public safety, healthcare, defense and border security, transportation and logistics, retail, and other settings.

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According to a recent market research report published by Transparency Market Research, the global video analytics market is estimated to expand at a CAGR of 20.6% during the period between 2015 and 2023. The report, titled “Video Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023,” projects the global video analytics market to reach a valuation of US$9,151.2 mn by 2023.

Video analytics technology is being increasingly used across various sectors as it is cost-efficient and an efficient real-time monitoring system. Video analytics eliminates the need for human monitoring and analysis of video feeds in real time. Intelligent video analytics systems with automatic event and alarm notifications are high in demand, especially from the retail sector.

The report states that the increase in installations of IP cameras and the demand for high-definition and advanced cameras with better video quality are driving the demand from the global video analytics market. The rapid expansion of the retail sector and deployment of video analytics therein have further augmented the growth of the market. During the forecast period, the demand for both replacement and new software products is expected to boost the growth of the market.

According to application, the report segments the global video analytics market into people recognition, video indexing, object recognition, license plate recognition, incident detection, and others including cross-camera tracking, traffic monitoring, post-event analysis, safety alerts, and wide spectrum imagery. Video analytics for the people recognition application was most preferred in 2014 and held around 30% of the market revenue. During the period between 2015 and 2023, this application segment is anticipated to expand at a CAGR of 20.0%.

View Report at http://www.transparencymarketresearch.com/video-analytics-market.html

In terms of end-use industry, the report categorizes the global video analytics market into commercial and industrial, residential, urban security and public safety, defense and border security, healthcare, retail, transportation and logistics, and others. The commercial and industrial sector dominated the overall market in 2014 and accounted for a share of 25% in the market. During the forecast horizon, the retail industry is expected to register the fastest growth in the market.

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