Video Analytics Market to Expand With a CAGR of 20.6% due to Growing Adoption for Enhancing the Efficiency of Businesses, Says TMR

ALBANY, New York, December 19, 2018 /PRNewswire/ --

According to the report from TMR, the global video analytics market registered revenue of US$1.7 bn in 2014 and is expected to attain a value of US$9.15 bn by 2023. The market is projected to expand with a CAGR of 20.6% over the forecast period from 2015 to 2023.

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Transparency Market Research (TMR) observers the global video analytics market has a highly fragmented with a highly competitive vendor landscape. Some of the prominent players operating in the global video analytics market are VCA Technology Ltd., IntelliVision, Genetec Inc., United Technologies Corp., and Vigilon Corp. A growing number of new entrants are expected to increase the level of competition over the forecast period. Some of the leading players in the market are trying to offer cost-effective products and services for expanding globally. Additionally, these players are increasingly taking initiatives such as a merger, acquisition, and collaborations for business expansion in the next few years.

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Based on the end-users, the commercial and industrial segment dominated the video analytics market by accounting the share of 25% in the overall market in 2014. Based on the application, the people recognition segment dominated the market by accounting 30% of revenue in the year 2014. This segment is expected to expand with a 20.0% CAGR over the forecast period. Based on the region, North America is expected to dominate the global video analytics market and likely to remain dominant over the forecast period.

Advantages of Video Analytics to Boost Growth  

Video analytics offer real-time results based on data analytics. The usage of these solutions is growing especially for the security and enhancing the efficiency of businesses by reducing the cost of the workforce. The video analytics is increasingly adopted in urban security, transportation and logistics, healthcare, defense and commercial, residential and industrial sector. The aforementioned factors are boosting the growth of the global video analytics market. Furthermore, growing concerns over security in commercial and residential premises and outlets have boosted demand for video analytics owing to monitoring and understanding around premises. This factor is boosting the growth of the global video analytics market.