In one of its latest reports, Marketsandmarkets predicts that the video analytics market is expected to grow from $1,537.9 Million in 2015 to $3,971.2 Million by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period from 2015 to 2020.
The report, entitled, “Video Analytics Market by Type (Hardware, Video Analytics Software, and Services), Applications (Intrusion Management, Crowd Management, Situation Indication, License Plate Recognition, Pattern Recognition) – Global Forecast to 2020” defines and segments the video analytics market globally into various segments and provides an in-depth analysis and forecasting of regional video analytics market size.
Marketsandmarkets analysts identify the key driving factors, restraints, challenges, and opportunities which are impacting this market and shaping the future roadmap. The report also focuses on key adoption trends, future opportunities, and business cases in this market. Marketsandmarkets expects that increased adoption of video analytics solutions across the retail industry will drive this market with high growth rate as the video analytics solution provides valuable insights of the customer behavior to make strategic decisions.
The video analytics market is broadly segmented by type: hardware, video analytics software, & services; end user: residential security, commercial & industrial security, urban security & public safety, critical infrastructure protection, airport & maritime security, retail industry, entertainment & casinos, defense intelligence & border security, transportation and logistics, and others; application: intrusion management, crowd management, situation induction, license plate recognition, pattern recognition, & others, and by region: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.