Video analytics is a software, program, or computerized processing system for the video which monitors, generates, or collects video content while the video surveillance. Thus, a huge amount of video data is generated by video surveillance in city surveillance, industries, as well as through sites and social media, and it also needs lots of storage or space. In addition, video analytics systems automates video surveillance process by offering improved benefits to the consumers with the very less cost and effective services delivery. Huge number of factors such as rise in demand for industrial automation process boosting the need for video analytics across different industries such as financial services, airports, retails, banking, manufacturing, and others. Likewise, increase in demand for IP-enabled security infrastructure and systems, as well as rise in concerns about security and safety to life and assets are some of the key factors responsible for increasing the demand for video analytics since the past few years.
In addition to this, video analytics utilizes services and software for precisely monitoring video surveillance feed as well as delivering alerts in case of any temporal events. However, video analytics provides efficient video surveillance system and it also hugely reducing human errors. The growing demand for video analytics has rapidly growing over the years due to the collective security concerns across the world. Likewise, video analytics system is basically used for the huge number of applications such as facial recognition, motion detection, crowd counting, license plate detection, as well as traffic monitoring, and others. Thus, video analytics offers numerous applications across different industries such as hospitality, BFSI, education, retail, transportation, and others. On the other hand, rise in number of false alarms while poor lighting and bad weather conditions and huge costs related with the video analytics installations are expected to hinder the growth of the video analytics market across the globe.
Additionally, increase in need on business insights and intelligence, and rise in requirement of edge-based analytics and profiling & recognizing applications are some of the key factors likely to offer huge number of lucrative opportunities for the development of the video analytics market globally. Likewise, the capability to combine with the originally employed IP, analog, or megapixel cameras within advancements, thus reducing the need for the adoption of other hardware, this is also the key factor driving the growth of this market. The main featured provided by the video analytics service comprise tamper detection, people counting, ALPR, motion detection, as well as auto track detection. Service providers offer advanced video analytics services and solutions with an additional option according to the consumer requirements. This factor is also resulting in improved productivity of businesses and enhanced delivery of results to consumers. Geographically, North America is one of the major market for adopting video analytics system across the region. The region is dominated for highest revenue-generating region in the year 2018. Asia Pacific also estimated to be the fastest growing market over the prediction period.