Latest News- Video Analytics Market: Government sector is expected to lead the End-user segment during 2024-2028

The Video Analytics Market is being driven by Enhanced decision-making capabilities of users

The Video Analytics Market is expected to grow at a CAGR of 33.01% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 37492.5 million. In the realm of video surveillance, IP cameras have emerged as a preferred choice over traditional analog or conventional cameras. IP cameras, which transmit control data and image data over an IP network, offer several advantages. Unlike their analog counterparts, which are commonly used in closed-circuit television (CCTV) systems, IP cameras provide higher frame rates, enabling better capture of movement-intensive areas. Furthermore, IP cameras incorporate encryption technology, safeguarding against unauthorized access and signal replacement. The substantial cabling requirements, low image quality, positioning limitations, and port limitations associated with analog cameras have further fueled the shift towards IP cameras. These factors collectively contribute to the growing market demand for video analytics solutions based on IP cameras. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Government sector
  • Commercial sector
  • Banking and financial services
  • Traffic management sector
  • Others
• Deployment
  • On-premises
  • Cloud
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Enhanced decision-making capabilities of users
• Rising demand for improved security arrangements
• Requirement for reduced workforce and availability of filters

However, the market also witnesses some limitations, which are as follows:

• Shortage of skilled workers
• High initial set-up cost and lack of awareness
• Limitations associated with video analytics

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Market Scope in Video Analytics Market Research Report

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Research Analysis Overview

The Video Analytics Market is experiencing significant growth due to the adoption of advanced technologies such as 'intelligent cameras' and 'edge-based architecture.' These technologies enable capabilities like 'aggression detection,' 'crowd counting,' 'intrusion detection,' and 'perimeter defense.' Additionally, 'camera tampering' and 'loitering detection' are becoming increasingly important. Geopolitical tensions and macro-economic factors influence market growth. Edge computing devices, 'AI capabilities,' and 'IoT devices' are driving the edge technologies trend. Interoperability complexities, 'access control,' 'facial recognition technology,' 'ad spending,' 'heat mapping,' and 'retail shrinkage' are other key factors shaping the market.

Market Research Overview

The Video Analytics Market is a segment of the global application software industry, focusing on intelligent solutions for security and business optimization. Key technologies include intelligent cameras with deep learning capabilities, edge-based architecture, and advanced analytics for aggression detection, crowd counting, intrusion detection, perimeter defense, camera tampering, loitering detection, tripwire counting, human traffic flow, people counting, crowd density, audience profiling, and face indexing. Technavio's market analysis calculates the market size based on the combined revenue of companies providing these specialized video analytics software solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/