The rise in the need for video surveillance drives the demand for video analytics market across numerous industries.
PORTLAND, PORTLAND, OR, UNITED STATES, January 30, 2024 /EINPresswire.com/ -- According to the AMR Report, The U.S. video analytics market size was valued at $ 1,608.5 million in 2019, and is projected to reach $ 7,165.6 million by 2027, growing at a CAGR of 20.7% from 2020 to 2027.
Video analytics involves the automated processing and analysis of video content generated through surveillance systems in various sectors such as industries, city surveillance, and social media platforms. The substantial volume of video data produced requires efficient processing to deliver cost-effective and streamlined surveillance services.
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The growing demand for video surveillance, particularly in government, BFSI, retail, airports, and manufacturing, propels the expansion of video analytics. Challenges in manually tracking suspicious incidents within vast video datasets, heightened concerns for safety and security, and the desire to extract actionable insights from extensive video sources contribute to the market's growth.
In terms of components, the video analytics software segment dominated the market in 2019 and is expected to maintain its prominence. The services segment is anticipated to experience notable growth, driven by the increased adoption of digital technologies across diverse industries.
In the U.S. market, the cloud deployment segment is poised for significant growth, attributed to its low investment requirements, ease of use, and lower maintenance costs.
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The retail sector claimed the largest share of the video analytics market in 2019 and is projected to witness substantial growth. This growth is fueled by the rising need to monitor consumer behavior, purchasing patterns, product selection trends, and the time consumers spend in specific retail sections. Additionally, the demand for video analytics in the retail industry is propelled by the necessity for solutions related to customer engagement, queue management, loss prevention, and store optimization.
The report delves into the market's growth prospects, constraints, and trends, utilizing Porter’s five forces analysis to assess the impact of factors such as supplier bargaining power, competitive intensity, threat of new entrants, substitute threats, and buyer bargaining power on the U.S. market.
Numerous industries are undergoing significant changes due to the integration of IoT, machine learning algorithms, artificial intelligence, smart devices, and robotics. One notable example is the retail sector, where video surveillance is employed for tasks such as facial recognition, foot traffic analysis, and behavior assessment. This utilization of video analytics has the potential to enhance customer experiences. Furthermore, the incorporation of video analytics can revolutionize processes across production, distribution, and maintenance. Its applications include real-time analytics, post-event video management system (VMS) forensics, and cloud-based on-demand analytics. The emergence of the Internet of Recognition (IoR), which involves recognizing objects across frames in a video, is regarded as the next frontier in video analytics solutions.
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Key Stakeholder Advantages:
• This research provides a comprehensive analysis of current trends and future projections in the U.S. video analytics market, aiding stakeholders in identifying lucrative investment opportunities.
• Through a thorough examination of market size and segments, the study assesses the market's potential, identifying favorable conditions.
• The report offers insights into key drivers, restraints, and opportunities shaping the video analytics market landscape.
• Quantitative analysis of the market from 2019 to 2027 showcases the industry's financial prowess.
• Porter’s five forces analysis elucidates the influence of buyers and suppliers in the video analytics sector.
The U.S. video analytics market is dominated by key players such as AllGoVision Technologies Pvt. Ltd, Aventura Technologies, Inc., Axis Communications AB, Cisco Systems, Inc., Honeywell International, Inc., IBM Corporation, Intellivision, PureTech Systems, Inc., Verint Systems, Inc., Quognify, and others.
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