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Video Analytics Market: Industry Outlook, Growth Prospects and Key Opportunities
The need for enhanced security and demand for gathering insights from customer behavior is driving the video analytics market globally. The market for video analytics is anticipated to expand at a CAGR of 20.6% during the forecast period from 2015 to 2023. The global video analytics market was valued at US$ 1,709.0 Mn in 2014. Some of the key factors driving the growth of the video analytics market include the expanding range of vertical applications, a growing trend toward bringing retail outlets and commercial premises under video analytics due to security concerns and the need to monitor and understand the environment around the premises. Video analytics is widely deployed in residential, commercial and industrial, urban security and public safety, healthcare, defense and border security, transportation and logistics, retail, and other settings.
Video analytics equipment and solutions provide post-event as well as real-time event detection through data analysis. This increases the efficiency and security of businesses and reduces manpower costs. Video analytics equipment manufacturers and solution providers focus on providing technologically advanced products to customers to ensure better work, greater reliability, and increased precision. This has magnified the need for video analytics in various end-use industries. Furthermore, retail industry is transforming itself to deter crime and reduce losses by creating a safer environment for staff and customers. All these factors are expected to help drive the demand for video analytics, thereby helping the market grow during the forecast period.
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In terms of various applications, the global video analytics market is segmented into video indexing, people recognition, license plate recognition, object recognition, incident detection, and others including traffic monitoring, cross-camera tracking, safety alerts, post-event analysis, wide spectrum imagery etc. In 2014, among these, video analytics for people recognition applications was the most preferred, and accounted for around 30% of the revenue of the overall video analytics market.
Moreover, this segment is expected to expand at a CAGR of 20.0% from 2015 to 2023. The most significant factor driving the market for video analytics for people recognition applications is the high demand for video analytics to accurately count the number of people moving through shops, schools, banks, sports and transport facilities, prisons, museums, visitor attractions, airports, and parking lots.
In terms of different end-use industry, the video analytics market is classified into residential, commercial and industrial, urban security and public safety, healthcare, defense and border security, transportation and logistics, retail, and others including education, entertainment, and hospitality. In 2014, commercial and industrial end-users held the largest revenue share of around 25% of the overall video analytics market. However, video analytics deployed in retail industry are expected to grow at the fastest CAGR in terms of revenue during the forecast period from 2015 to 2023.
Geographically, North America is the largest market for video analytics, globally. In 2014, North America accounted for around 36% of the overall video analytics market revenue share. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for video analytics in this region.
The video analytics market is highly fragmented and a few brands have established themselves in the market: Avigilon Corporation, VCA Technology Ltd., Genetec, Inc., IntelliVision, and United Technologies Corporation. A large number of other regional players are located across different geographies. These players are well established in regional markets but have a limited global presence. These regional players offer video analytics for use in regional industries and retail channels. Similarly, the market is highly unorganized within Asia Pacific (APAC), wherein a number of local/regional manufacturers dominate.
The global video analytics market shows the presence of key players including Bosch Security Systems Inc., Genetec, Inc., Avigilon Corporation, VCA Technology Ltd., Milestone Systems A/S, Honeywell International, Inc., Samsung Techwin (Hanwha Techwin), Cisco Systems Inc., United Technologies Corporation, and IntelliVision.