ASDReports has released a report titled “Video Analytics & Intelligent Video Surveillance Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the video analytics & intelligent video surveillance market in terms of market segmentation by software, by application, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global video analytics & intelligent video surveillance market is segmented by application into crowd management and people count, intrusion detection system, traffic monitoring and incident detection, out of which, crowd management and people count segment is anticipated to hold the largest market share of around 39.53% in the year 2027. The segment in the worldwide market of video analytics & intelligent video surveillance is slated to garner a CAGR of 13.79% over the forecast period 2019-2027. Moreover, the crowd management and people count segment is anticipated to possess a Y-o-Y growth rate of 12.80% in 2027 as compared to previous year.
The global video analytics & intelligent video surveillance market was valued at USD 28.13 billion in the year 2018 and is anticipated to record a CAGR of 15.14% during the forecast period, i.e. 2019-2027. The market is further expected to reach a market size of USD 103.83 billion by 2027 with a Y-o-Y growth rate of 14.16% in 2027 as compared to the previous year. Factors such as increasing development of smart cities and high demand for image recognition applications, coupled with rising concerns for safety and security of the public and for reducing the crime rates through time alerts about any unusual activities are considered to drive the growth of the global video analytics & intelligent video surveillance market over the forecast period.
Regionally, the global video analytics & intelligent video surveillance market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to hold the largest market share of around 32.10% in the year 2027 on account of presence of large number of market players in the region along with increasing security concerns. The region is further expected to achieve a CAGR of 14.14% during the forecast period. Moreover, Asia Pacific was valued at USD 4.68 billion in the year 2017 and is expected to gain significant market share over the forecast period.
Growing Adoption of Video Analytics & Intelligent Video Surveillance in Retail
With advancements in technology and growing incidences of attacks and theft in retail outlets around the globe, coupled with growing need amongst retail owners to analyze consumer behavior and total footfall count, all of these factors are raising the demand for the deployment of video analytics & intelligent video surveillance systems. Additionally, numerous features acknowledged in the video analytics & intelligent video surveillance systems, which includes, traffic management, electronic article surveillance and alarm producers amongst others are anticipated to raise the deployment of a greater number of video analytics & intelligent video surveillance systems in the near future.
However, concerns regarding video analytics & intelligent video surveillance systems which possess a threat to cyber security on the back of lack of standardized infrastructure along with rising occurrences of cyber threats in the interconnected world of IoT around the globe are anticipated to hamper the growth of the global video analytics & intelligent video surveillance market.
This report also provides the existing competitive scenario of some of the key players of the global video analytics & intelligent video surveillance market, which includes company profiling of Honeywell International Inc., Bosch Security Systems, Inc., Cisco ), ADT LLC dba ADT Security Services, Agent Video Intelligence Ltd., Textron Systems, Siemens, and Thales Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global video analytics & intelligent video surveillance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Source: ASDReports - Market Research
Date: Jan 8, 2020