Video Analytics Market to grow Upto USD 16.86 Bn : Enhanced decision-making capabilities of users and rising demand for improved security arrangements to boost market advancement
Technavio Analyst Quoted ~“Improved security arrangements are notably driving the market advancement worldwide owing to factors like increase in the frequency and intensity of security breaches and security attacks ” .The Video Analytics Market is likely to experience steady growth because of the enhanced decision-making capabilities of users and rising demand for improved security arrangements.
An additional, USD 16.86 billion is predicted to be added to the market between 2023 and 2027, growing at a compound annual growth rate of 22.54%.
Shortage of skilled workers and High initial set-up cost and lack of awareness are expected to hinder the growth of the market. However, Growing preferences for internet protocol (IP) cameras over analog cameras and Rising construction of smart cities will have a positive impact on the video analytics market during the forecast period.
Video Analytics Market Analysis
Leading market players that are contributing significantly to this market growth are Agent Video Intelligence Ltd., Alarm.com, AllGoVision Technologies Pvt. Ltd., BriefCam Ltd., Canon Inc., Cisco Systems Inc., Genetec Inc., Gorilla Technology Inc., Honeywell International Inc., Huawei Investment and Holding Co. Ltd., i2V Systems Pvt. Ltd., Infinova, International Business Machines Corp.,etc. Our report comes with a profiled analysis of the market players.
Technavio’s analysis of the Video Analytics Market also includes: