Video analytics is a high-tech processing and automatic inspection of the video content generated, collected, or monitored during video observation. An enormous volume of video data is formed through video observation in industries, city surveillance, and through social media and sites, and it also requires lots of memory for storage. Using video analytics automates the video observation process by bringing high-end advantages to users with low cost and systematic service delivery. The Video Analytics market is on the rushing trend considering the global scenario.
According to the study, ‘Global Video Analytics Market to reach USD 26.42billion by 2026.’express that there are some corporates which presently functioning more successfully for dominant the highest growth of the market and obtaining the productive competitive edge while accepting the productive profitmaking strategies and policies such as joint ventures, mergers, and acquisitions, partnership, amalgamation and product development includes the Cisco Systems, Inc., Axis Communications AB, IBM Corporation., Lenovo Group (Avigilon Corporation), Genetec Inc., Aventura Technologies Inc., Agent Video Intelligence Ltd., Honeywell International Inc., Objectvideo Labs LLC, IntuVision Inc.
While the Video Analytics market is firstly operated owing to a surge in demand for IP-based security systems, rise in concern related to public safety & security, falling prices of video observation equipment along with a surge in the volume of unstructured video data on the global scenario. Also, the number of surveillance cameras and the benefit of video analytics are only predicted to extend. As the number of video observation cameras delivered throughout the world in 2006 was 10 million and it covered over 100 million in 2016 and 130 million in 2018. The increasing demand for IP cameras and video observation and storage for the safety of the public is expanding. As the number of attacks and crimes are increasing over the world.
This moves the commercial as well as domestic sector and government to install CCTVs in most of the places for the security and safety of the residents. The video analytics aids in directing the culprit of the attack. Hence charging the market for Video analytics during the forecast period. However, high cost obstructs the market growth over the forecast period of 2020-2026. Although, assumption of the smart technology owing to the perforation of IoT and Machine Learning these video analytics have been changed into Intelligent Video Analytics which presents the market with a profitable growth opportunity.
The regional investigation of the global Video Analytics market is considered for the lead regions like the Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the main country over the world in terms of market share unpaid to increasing surveillance data and requirements intelligent video analytics in the country. Asia-Pacific is also expected to exhibit a maximum growth rate over the forecast period 2020-2026. Elements like assumption of video surveillance over various enterprises and the requirement for storage facilities along with video analytics like motion detection, object detection, and various tools would create profitable growth prospects for the Video Analytics market over Asia-Pacific region. Thus, the global market of video analytics will augment across the globe in the coming years over the forthcoming decades more proficiently.
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Ankur Gupta, Head Marketing & Communications