Video Analytics Market to Garner $20.80 Bn, Globally, by 2027 at 22.7% CAGR, Says Allied Market Research

- Rise in demand for IP-based security cameras, surge in volume of unstructured video data, and growth in concern over public safety and security drive the growth of the global video analytics market

PORTLAND, Oregon, July 15, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Video Analytics Market by Component (Software and Services), Deployment (Cloud and On-Premises), Organization Size (Small & Medium Enterprises and Large Enterprises), and Application (Retail, Healthcare, BFSI, Transportation & Logistics, Government, Manufacturing, Mining, and Others): Opportunity Analysis And Industry Forecast, 2020–2027". According to the report, the global video analytics market was pegged at $4.10 billion in 2019, and is estimated to reach $20.80 billion by 2027, registering a CAGR of 22.7% from 2020 to 2027.

Drivers, restraints, and opportunities

Rise in demand for IP-based security cameras, surge in volume of unstructured video data, and growth in concerns over public safety and security drive the growth of the global video analytics market. However, high initial investment cost on systems and infrastructures and increase in number of false alarm alerts hamper the market growth. On the contrary, use of advanced technologies such as AI, machine learning with video analytics and growth in requirement of business intelligence and insights coupled with need of edge-based analytics to recognize and profile applications open new opportunities for the market players in the coming years.

Covid-19 scenario:

The outbreak of the Covid-19 has greatly affected the global video analytics market.

• The shift to work from home with the help of digital collaborative tools would increase demand for high technologies such as cloud computing and video analytics.
• However, the threat of recession and discretionary income reduction would decrease the overall spending of organizations.

Software segment held the largest share

By component, the software segment held the largest share in 2019, accounting for more than two-thirds of the global video analytics market, owing to growth in need to monitor the premises or any facility from any kind of physical threats or suspicious activities and demand for precise image analysis, real-time processing, multiple visual inputs, and enhanced accuracy. However, the services segment is expected to register the highest CAGR of 25.6% during the forecast period, as these services help organizations in project consultation, configuration, installation, security monitoring, and other essential security services.

Download Report Sample (150 Pages PDF with Insights) @

https://www.alliedmarketresearch.com/request-sample/3615

BFSI segment to manifest highest CAGR through 2027

By application, the BFSI segment is anticipated to register the highest CAGR of 24.4% during the forecast period, owing to need to protect the massive amount of sensitive data, increase in fraudulent activities such as fake currency, ATM cloning, and difficulties with remote and isolated locations. However, the retail segment held the largest share in 2019, contributing to more than one-fourth of the global video analytics market, due to increase in need to monitor consumer behavior, buying criteria, the pattern of product selection, and time spending on particular sections.

For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/3615

North America dominated the market

By region, the global video analytics market across North America held the largest share in 2019, accounting for around two-fifths of the market, due to growth in demand for business intelligence and an increase in demand for technologically enhanced public safety infrastructure. However, the market across Asia-Pacific is expected to register the highest CAGR of 25.6% during the forecast period, owing to increased demand for video analytics due to increase in safety concerns, rise in investment by the government for surveillance cameras, and smart city initiatives in the developing countries.

Major market players

• AllGoVision Technologies Pvt. Ltd
• Axis Communications AB
• Aventura Technologies, Inc.
• Honeywell International, Inc.
• Cisco Systems, Inc.
• Intellivision
• IBM Corporation
• Verint Systems, Inc.
• PureTech Systems, Inc.
• Quognify

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:

https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports:

Online Video Platform Market is Expected to Reach $915 Million by 2025

Video Streaming Market Expected to Reach $149.34 Billion by 2026

Video on Demand Market - Global Opportunity Analysis and Industry Forecast, 2019–2026

Digital Video Recorder Market - Global Opportunity Analysis and Industry Forecast, 2020-2027

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States 
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com 
Web: https://www.alliedmarketresearch.com 
Follow Us on: LinkedIn Twitter 

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg