Key Market Players in the Video Analytics Market and Its Opportunities for growth

Posted on 2019-10-30 by MarketsandMarkets in Technology // 0 Comments

The global Video Analytics Market size is expected 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, as per a report by MarketsandMarkets.

The growth of the video analytics market is driven by many factors, such as 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. With an increasing adoption rate of Internet of Things (IoT) and big data among enterprises, the video analytics market is expected to gain major traction during the forecast period.

How is growing inclination toward advanced technologies creating an opportunity for market growth?

Basic video analytics integrated with CCTVs offer functions, such as basic motion detection and human tracking. With the increase in demand for highly efficient systems that can reduce monitoring and analytical effort on the part of the human operator, video analytics vendors are looking forward to enhancing their offerings in the market. Advancements in video analytics with facial recognition, higher definition images, improved compression methods, higher frame rates, and better low-light performance, combined with edge analytics, IoT, AI, high-speed networking, geospatial awareness, and predictive analytics, are allowing vendors to explore new opportunities and expand their customer base. Another opportunity lies in the internet and social platforms, where an individual’s online social circle is scanned and crucial information is provided to authorities. Additionally, edge analytics, when combined with video analytics, allows the analysis of video streams on the cameras itself, thereby reducing the time consumed for transferring the data from the source camera to the server for analysis. Moreover, predictive analytics-enabled intelligent video systems can predict the next course of action for a vehicle whenever it detects an object in its live perimeter. Furthermore, machine learning is empowering video analytics users by equipping their video surveillance systems with advanced video analytics functions, such as anomaly detection. The Internet of Recognition (IoR), a relatively new concept, involves capturing and recognizing an object with the help of single to multiple frames of video and analyzing it to defer what objects are present in the video and analyze their actions. These developments reflect how the integration of smart technologies can enhance the product portfolio of video analytics vendors, thus providing them with a competitive edge in the market.

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Key Market Players for Video Analytics Market

The major players in the Video Analytics Market include Cisco Systems (US), Honeywell (US), IBM (US), Axis Communications (Europe), Agent Vi (US), and Avigilon (US). These players have adopted various growth strategies, such as expansions, acquisitions, partnerships, collaborations, and new product launches. These players have adopted the major strategy of new product launches to achieve further in the global video analytics market.

Axis Communications provides intelligent security solutions with specialization in network video, IP video surveillance, security cameras, and IP cameras. In the video analytics market, the company offers many video analytics applications and the Axis Camera Application Platform (ACAP), an open analytics development platform. Additionally, the company provides product support and learning services for its stakeholders. In line with this, the company has made continuous efforts to diversify and expand its product portfolio and market by adopting both organic and inorganic growth strategies, such as acquisitions, collaborations, and product upgradations.

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