Global Video Analytics Market to Project Substantial Growth Owing to Increasing Smart Cities
According to the estimations put forth by Inkwood Research, the Global Video Analytics Market is predicted to grow with a CAGR of 16.70% in terms of revenue during the forecasting years of 2021-2028.
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Video analytics is characterized as the computerized
processing and automated analysis of video content, that is generated,
monitored, and collected during video surveillance. The system helps
organizations detect movements and characteristics of vehicles as well as
people, while overlooking irrelevant activities. Video analytics provides
effective workforce utilization, and enhanced productivity, while enabling
businesses to streamline their operational processes. It also minimizes the
overall cost of video storage and generates automatic alerts, during threats
and abnormalities.
Increase in
Smart Cities to Propel Market Growth
According to a study conducted by the United Nations, the
world is estimated to have 43 megacities with over 10 million inhabitants in
developing regions, by 2030. Moreover, it is also projected that the pace of
urbanization will be the fastest across lower-middle-income and low-income
nations, over the upcoming years. As a result, comprehensive strategies must be
developed with immense care, in order to sustainably regulate urban
development.
Smart city initiatives have often been regarded as the best
strategy to overcome the myriad challenges presented by the urban population’s
growth. Besides, the initiatives also help achieve the global goals of
sustainable development. Since advanced transportation systems are among the
key pillars of smart city developments, video analytics demonstrates significant
assistance, thereby aiding the growth of smart cities.
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Detection
Software is the Dominating Software Types
The approach of implementing algorithms, to extract
information from video surveillance systems is developing as an emerging trend,
across the video analytics market. The detection software segment, as a video
analytics capability, is primarily used for security purposes including, the
government, and homeland security and defense, in addition to retail stores for
protecting their assets. The chief forms of detection software entail, object
detection, intrusion detection, and motion detection.
Asia-Pacific
to be the Leading Region by 2028
Several countries across the Asia-Pacific have adopted video
analytics solutions, on account of the rising proliferation of video cameras
for security and surveillance reasons, the augmenting internet penetration, and
the robust economic development, especially in developing nations. Moreover,
the Asia-Pacific observes high investments by governments in the avenue of
video analytics, for building smart cities.
The demand for video analytics services is fairly high
across the global market, since prominent institutional and infrastructural
spaces necessitate them. Therefore, the competition is expected to remain
intense during the forecasted period due to the market’s lucrative nature.
Some of the leading players operating in the market are,
Cisco, Honeywell International Inc, Bosch GmbH, etc.
About Inkwood
Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with relevant
fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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