City Surveillance to Hold Highest Video Analytics Market Share
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Video analytics software eliminates the drawbacks of traditional video surveillance systems by offering capabilities that are instrumental in detecting abnormalities and crimes, thereby ensuring optimum operational efficiency in public safety.
The demand for video analytics software is being driven by its ability to be integrated with the existing analog, Internet Protocol (IP), or megapixel cameras in enterprises, thus eliminating the need for the deployment of additional hardware.
The global video analytics market is expected to grow from USD 4.9 billion in 2020 to USD 11.7 billion by 2025, at a CAGR of 19.0% during the forecast period, according to Reportlinker market report cited by salamancapress.com.
Governments across the world are seeking advanced solutions to minimize the threats to their citizens.These threats could range from organized criminal acts to random acts of violence.
Video analytics plays an important role in city surveillance and is being used for controlling traffic on highways or freeways, tracking data from remote locations, managing the crowd flow, detecting motion for identifying over-speeding vehicles, facial recognition by law enforcement authorities, and identifying camera tampering.
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Factors that are expected to drive the growth of the market include the increased investments and focus of governing institutions on public safety, need to utilize and examine unstructured video surveillance data in real time, the growing need among enterprises to leverage Business Intelligence (BI) and actionable insights for advanced operations, government initiatives in emerging technologies to enhance the public safety infrastructure, the reduced cost of video surveillance equipment and long-term Return on Investment (RoI), demand for enhanced video surveillance, and more.
Restraints to the market growth include the increasing cyberattacks and data thefts, government regulations related to Closed Circuit Television (CCTV) surveillance, investments in existing legacy surveillance systems to prevent the implantation of new advanced solutions, and privacy concerns among citizens.
Geographically, the video analytics market in APAC is expected to witness exponential growth, mainly because of the rising awareness about the potential security threats to individuals, and the growing manufacturing industry.
The rapid growth in mobile devices manufacturing has considerably reduced the cost of camera components, thereby making it cheaper for Small and Medium-sized Enterprises (SMEs) and private individuals to install surveillance cameras.
Attend i-HLS’ InnoTech Expo in Tel Aviv – Israel’s largest innovation, HLS, and cyber technologies expo – on November 18-19, 2020 at Expo Tel Aviv, Pavilion 2.
