The term video analytics refers to the usage of the algorithms to perceive the functioning in a video from any location. The organizations can function a real-time analysis of their consumers through video analytics, which provides them ample amount of time to recognize their performance and take essential steps. It includes field-proven and expert disposition, enabling the organizations to attain the significant improvements in video surveillance systems. Moreover, video analytics is supporting security and public safety organizations in growing their intelligence and investigative abilities. Furthermore, the players of video analytics are doing significant improvements in the working techniques and developing the functioning of technologies for enhancing the functioning of the organizations and generating the high amount of revenue which further benefitted for leading the fastest market growth and dominating the foremost value of a market share in the coming years more enormously.
According to the report analysis, ‘Global Video Analytics Market – Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023’ states that there are several key players which are presently functioning in this sector more actively for dominating the high value of the market share and leading the highest market growth during the short span of time while effectively facing the problems in reaching the remote and isolated locations, dealing more actively with the issues related to the false alarms and increasing the applications around several industrial verticals include IBM, Cisco, Honeywell, Agent Video Intelligence (Agent Vi), Axis Communication AB, Avigilon Corporation, and several others. Moreover, the players of this market are doing analyzing the key strength of the competitors for knowing the profitable aspects of the market and generating the high amount of revenue which further become proficient for leading the fastest market growth and dominating the handsome amount of share in the coming years.
According to research, it is predicted that the global video analytics market will witness an efficient CAGR of 30.5% during the forecast period of 2017-2023. Moreover, the global market of video analytics is sectored into different sectors which extensively include deployment, software, and services, applications, verticals, and regions. Whereas, on the basis of region, the North America region is set to be the significant region followed by EMEA, Asia Pacific, and Latin America. Many of the video analytics companies have widely financed in the region owing to the significant increase in requirement for the IP-based surveillance cameras, video management software, video analytics applications, and cloud-based video analytics. In addition, EMEA and Asia Pacific region are set to be evolving markets for the key stakeholders as a maximum of the great enterprises and SMEs are showcasing the interest in setting-up cameras, and are building up the significant investments in video analytics. In EMEA, most industries have seen marvelous technological advancements in intelligent video treating such as image processing, automatic detection of incidents, and others.
Although, the significant rise in the demand for the cloud-based video analytics, an increase in the demand for the IoT and the artificial for IoT and artificial intelligence, growth in the opportunities for facial recognition and pattern recognition suppliers and several others are the major growth drivers of this market. Therefore, in the near future, it is anticipated that the market of video analytics will increase around the globe more positively over the forecasted period.
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Ankur Gupta, Head Marketing & Communications