Video analytics is beneficial for monitoring video streams in near real-time. While video monitoring, video analytics helps analyze the events or specific behavior patterns in a monitored environment, thereby enabling users to analyze insights obtained from the data and make smart and better decisions.
According to MarkNtel Advisors, the Global Video Analytics Market is likely to witness around 23.3% CAGR during the forecast period, i.e., 2021-26. The market growth primarily attributes to the surging adoption of Video Analytics, which owes to its ability to identify real-time actions, helping end-users get valuable insights & alerts, coupled with the burgeoning security & safety concerns.
Additionally, a burgeoning trend of constructing smart cities shall also lead to spur the installation of video analytics solutions, thereby propelling the market growth across the globe, further states the research report, “Global Video Analytics Market Analysis, 2021.”
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Avigilon, Cisco, Axis Communications, Agent VI, AllGoVision, Aventura Systems, Genetec, i2V, IntelliVision, intuVision, PureTech Systems, Qognify, Honeywell, IBM, iOmniscient, BriefCam, Digital Barriers, IPSOTEK, Gorilla Technology, Bosch Security|
|Unit Denominations||USD Million/Billion|
Global Video Analytics Market Growth Spurred Amidst COVID-19
The COVID-19 crises have rapidly shifted consumers' focus on public safety & security. Hence, the demand for installing Video Analytics across hospitals, retail shops, & other public sites increased for contact tracing, physical distancing management, and face mask detection amid the pandemic.
Further, the need for installing video analytics in organizations is increasing significantly to adhere to the public safety norms relating to physical distancing, face masking, building occupancy, and sanitation. Hence, the demand for video analytics is likely to grow and fuel the overall market growth in the post COVID situation, too.