MarketsandMarkets expects the video analytics market to grow from USD 3.23 billion in 2018 to USD 8.55 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period. The market growth is expected to be driven by disadvantages of manual video analysis, enterprises’ demand for actionable insights from video data, government investments in emerging technologies to enhance public safety infrastructure, and falling prices of video surveillance equipment.
The service type is expected to witness a high growth rate over the next 5 years. Video analytics services help consult, integrate, and support organizations across industry verticals in effectively dealing with threats, thereby ensuring visibility and security across all business functions. On the basis of services, the video analytics market has been segmented into training and consulting, integration and deployment, and support and maintenance. With the increasing penetration of big data, IoT, cloud, and related technologies, the demand for video analytics services among enterprises is gaining huge traction.
The cloud deployment is expected to grow at a higher rate over the next 5 years. The cloud deployment of video analytics solutions offers various benefits, such as enhanced security, improved scalability, better flexibility, and lower costs. The cloud deployment type provides the option of scalability, whereas enterprises that are more concerned about security tend to opt for the private cloud deployment type. The cloud offers high-end performance and greater security. Moreover, it is highly scalable, flexible, and cost efficient as compared to the on-premises deployment type.
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The facial recognition application segment is expected to grow at a higher rate in the next 5 years. Facial recognition enables the easy identification of people by comparing the live captured images with the digital image data stored in the data repository. The facial surveillance software helps to reduce the time nab a culprit. Also, the application is very helpful in identifying miscreants and searching for people, making it a must have in any video analytics suite.
The transportation vertical is expected to grow at the highest rate over the next 5 years. The vertical covers all modes of transit, including airport, maritime, subways, railways, and other types of public transit. The video analytics software enables active, automated surveillance of public transportation, thereby facilitating protection from vandalism, consolidated surveillance, scalability, reliability, crowd control, passenger and employee safety, and evidence handling.
Asia Pacific (APAC) is projected to be fastest-growing region in adopting video analytics solutions and services, due to the increasing adoption of Internet of Things (IoT) and big data in the region. The vast and diverse locations, and the increasing customer expectations and competition are expected to create operational complexities for enterprises in the region. These complexities have led enterprises to invest in standardized video analytics that can adapt to the changing competitive landscape with minimum customizations.
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