Video Analytics Market Expected Reach $21,778.0 Million by 2027, Grow a CAGR Of 22.7 % Forecast
WILMINGTON, DE, UNITED STATES, November 30, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Video analytics Market By Component, Deployment Mode, Organization Size, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2020-2027,”
The global video analytics market size was valued at $4,102.0 million in 2019, and is projected to reach at $21,778.0 million by 2027, growing at a CAGR of 22.7% from 2020 to 2027.
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Rise in demand for automation of video tracking and management drives the demand for video analytics across various industries such as banking, financial services, retail, airports, manufacturing, and others. In addition, demand for IP-based security cameras, and growth in concern over safety and security pertaining to life & assets are expected to fuel the market growth during the forecast period.
However, increase in number of false alarms during bad weather or poor lightning conditions and the high cost of initial installment are anticipated to restrict the market growth. Furthermore, use of advanced technologies such as AI, machine learning with video analytics, rise in requirement of business intelligence and insights, and increase in need of edge-based analytics to recognize and profile applications are the major factors expected to provide opportunities for the video analytics market growth.
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Competitive Analysis:
The competitive environment of Video Analytics Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Video Analytics Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
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 Many More
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Post COVID-19, the size of the video analytics industry is estimated to grow from $5,186.0 million in 2020 and projected to reach $21,778.0 million by 2027, at a CAGR of 22.70%. The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. With the emergence of the global health crisis, various business systems have been facing unprecedented challenges right from product development to sales and services, thereby leading to closure of companies. However, video analytics and surveillance technology has gained a double fold growth to support government lockdowns and social distancing measures, which plays a significant role in containing the pandemic.
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