by Brianna Crandall — July 18, 2016 — Research firm MarketsandMarkets recently published a report on the video analytics market indicating that the key forces driving the market are rising security concerns and the need for intelligent surveillance systems across the globe, as well as the increasing demand for video analytics for business intelligence.
With the increasing adoption of cloud-based video analytics, the market is expected to gain traction, and is estimated to grow from U.S. $1.69 billion in 2016 to $4.23 billion by 2021, at an estimated compound annual growth rate (CAGR) of 20.2% from 2016 to 2021.
Video analytics application for perimeter intrusion detection
The perimeter intrusion detection application is expected to have the largest market share in the video analytics market during the forecast period. This application plays a key role and enables the camera and other surveillance appliances to intelligently detect suspicious behavior and motion of a person or vehicle entering into the restricted premises or trespassing the defined perimeter.
Defense and public safety vertical
Among the market verticals, the defense and public safety vertical is expected to contribute the largest market share in the video analytics market. The rising sophistication of threats and terrorist attacks has pushed governments to replace their conventional surveillance systems and deploy intelligent video analytics-based surveillance systems.
In addition, emerging economies undergoing huge transformation and development of various critical infrastructures such as nuclear plants, highways, and smart cities are major factors bolstering growth in the adoption of video analytics products and services.
North America largest market share, APAC fastest growth
North America is expected to hold the largest market share and dominate the video analytics market from 2016 to 2021 due to the huge adoption of video surveillance systems and replacement of conventional video surveillance systems for enhancing the safety and security of critical assets in the United States.
The Asia-Pacific (APAC) region is expected to be the fastest-growing region in the global video analytics market. The key reasons for the high growth rate in this region are the increasing adoption of new technologies such as cloud, analytics, and more, along with the development of a large number of critical assets and the commissioning of smart city projects in countries such as India, China, Singapore and others.
Key vendors
The major vendors providing video analytics solutions and services are Avigilon Corporation (Vancouver, Canada), Axis Communication (Lund, Sweden), Cisco Systems (San Jose, California, USA); Honeywell International Inc. (New Jersey, USA), IBM Corporation (Armonk, New York, USA), Agent Video Intelligence (New York, USA), Aventura Technologies Inc. (New York, USA), Genetec Inc. (Montreal, Canada), and others.
The 132-page Video Analytics Market by Type (Solutions & Services), by Applications (Perimeter Intrusion Detection, Pattern Recognition, Counting & Crowd Management, ALPR, Incident Detection and Others), by Deployment Type, by Vertical, by Region — Global Forecast to 2021 is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports.
