LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global video analytics market to grow to USD 9.58 billion by 2021, at a CAGR of close to 34% over the forecast period, according to their latest report.
“The adoption of video analytics in decision-making processes is increasing swiftly, with increasing focus on improving the functioning of the system operators and not eliminate their need”
The research study by Technavio on the global video analytics market for 2017-2021 provides detailed industry analysis based on sector (government sector, commercial sector, banking and financial services, traffic management sector, and residential sector) and geography (the Americas, APAC, and EMEA).
|The global video analytics market encompasses devices that capture and measure the geometry of physical objects or environments using lasers or light, which are then used by software to produce 3D models for inspection or modification. The Americas constitute the leading regional segment, driven by the developed infrastructure in the mature market.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global video analytics market:
- Enhanced decision-making capabilities of users
- Enhanced processing power of collected data
- Rising demand for improved security arrangements
Enhanced decision-making capabilities of users
“The adoption of video analytics in decision-making processes is increasing swiftly, with increasing focus on improving the functioning of the system operators and not eliminate their need,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
Video analytics highlights any unusual activities prominently and helps the operators to be more effective. Further, a large number of surveillance cameras are installed to continuously monitor the premises and help the operators in reducing the reaction time during an emergency and improve the effectiveness.
Enhanced processing power of collected data
The vast amount of data collected through CCTV cameras is integrated with video analytics to increase the processing power of the data collected. Arrays and algorithms in the video analytics software allow users to set customized filters and other settings based on the location of installation. Additionally, video analytics-enabled surveillance cameras can be controlled through smart technologies such as smartphones through an app, which increases their efficiency and capable of being integrated into smart buildings. Such impressive factors of the system are encouraging more end-users to adopt these solutions.
Rising demand for improved security arrangements
The frequency and intensity of security breaches and related threats to safety and security of any given system are increasing at a high rate. Threats such as incidences of robbery, theft, shoplifting, and terrorist attacks are on the rise, and enterprises are adopting innovative and advanced technologies to combat such threats.
“To increase safety and ensure security, governments and large enterprises are increasingly adopting video analytics solutions to control anti-social activities. Many developed countries such as the US and the UK have stringent regulations mandating the installation of video surveillance cameras in public places like hospitals, airports, railway stations, and shopping malls,” says Ujjwal.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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