The business landscape of the global video analytics market is heavily fragmented due to the presence of a large pool of players operational in it, finds a new research study by Transparency Market research (TMR). Currently, the market is led by Genetec Inc., VCA Technology Ltd., vigilon Corp., IntelliVision, and United Technologies Corp. The dominance of these established players is being severely challenged by the increasing number of local players, who offer cost-efficient video analytics services to consumers, which are getting quite popular among masses. To sustain in such environment, the key participants are expected to increasingly involve into mergers, acquisitions, and partnerships with local players over the next few years, states the research report.
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According to TMR, the global market for video analytics was worth US$1.7 bn in 2014. Researchers predict the opportunity in this market to rise at an exceptional CAGR of 20.60% during the period from 2015 to 2023 and touch US$9.15 bn by the end of the forecast period. The people recognition applications segment has surfaced as the key application area of video analytics and is anticipated to continue reporting a high demand for video analytics solutions in the years to come. In terms of end user, the commercial and industrial sector is expected to take the lead over the forthcoming years. On the basis of the geography, North America is dominating the worldwide market for video analytics at present and is projected to remain on the top throughout the period of the forecast, notes the market study.
Increasing Deployment of Video Analytics Technology to Support Market’s Growth
“The demand for video analytics solutions is significantly boosted by the rising installation of IP cameras and the increasing need for technically advanced high definition cameras, equipped with superior video quality,” says a TMR analyst. With video analytics solutions, monitoring and analyzing of video feeds in real time is not required, as they provide real-time insights with alarm notifications of automated events.
Nowadays, a number of end-use industries, which require an efficient and cost-effective real-time monitoring system, are deploying video analytics technology at an exceptionally high rate. This, as a result, is anticipated to support the worldwide market for video analytics remarkably in the years to come, reports the research study.
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High Cost Incurred in Installing Video Analytics Solutions to Hamper Market
On the other hand, the high cost incurred in the deployment of video analytics systems may hamper the otherwise steady growth of the global market for video analytics in the near future. However, the constant expansion of the retail sector is expected to increase the uptake of video analytics solutions over the next few years, which, consequently, will curb the impact of this restraining factor, supporting this market in the years to come. The augmenting demand for novel software products are also predicted to boost this market over the period of the forecast, states the research report.