According to a new market report published by Transparency Market Research entitled, “Video Analytics Market (Application – Video Indexing, People Recognition, License Plate Recognition, Object Recognition, Incident Detection, and Others; End-use Industry – Residential, Commercial and Industrial, Urban Security and Public Safety, Healthcare, Defense and Border Security, Transportation and Logistics, Retail, and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” the global video analytics market was worth US$ 1,709.0 Mn in 2014 and is expected to reach US$ 9,151.2 Mn by 2023, expanding at a CAGR of 20.6% from 2015 to 2023.

Video analytics technology is widely deployed in various end-use industries that demand an efficient and cost-effective real-time monitoring system. Video analytics eliminates the need for human monitoring and analysis of video feeds in real time. The video analytics equipment and solutions provide post-event and real-time event detection through data analysis.

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In terms of revenue, Asia Pacific is expected to be the largest regional market for video analytics, accounting for more than 35% during the forecast period. Rest of Asia Pacific is projected to be the most attractive regional market for video analytics during the forecast period. The region accounted for a major share of the video analytics market in Asia Pacific in 2014. Growing economies and large construction projects in China and India, coupled with demand from the public sector, are projected to be major drivers of growth in demand for physical security in the region.

The video analytics market in Europe is projected to expand significantly during the forecast period. The EU7 countries are projected to form the most attractive regional market for video analytics during the forecast period. In France and Germany, the industrial and commercial sectors are experiencing rapid expansion; these sectors are driving the growth in demand for video analytics products. Moreover, the Russian government is expected to invest significantly in physical security measures to strengthen security at airports, stadiums, and hotels by 2017. Thus, investments in infrastructure in Europe are projected to augment demand for video analytics in the next few years.

The U.S. held the largest demand for video analytics in 2014 in North America. The growing threat of terrorism and the need for the security of property and individuals have resulted in increased demand for physical security systems in North America. The video analytics market in Latin America and Middle East & Africa are anticipated to witness moderate growth in the near future. In the Middle East, the unstable political situation and direct terrorist threats have led to high adoption of physical security measures in the region. Growing focus on increasing safety and security measures in Brazil including the installation of IP-based cameras in the region is expected to boost demand for video analytics in the near future.

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The global video analytics market, in the current situation shows the presence of key players including Bosch Security Systems Inc., Genetec, Inc., Avigilon Corporation, VCA Technology Ltd., Milestone Systems A/S, Honeywell International, Inc., Samsung Techwin (Hanwha Techwin), Cisco Systems Inc., United Technologies Corporation, and IntelliVision among others.

The global video analytics market is segmented as follows:

Video Analytics Market Analysis, by Application

Video Indexing
People Recognition
License Plate Recognition
Object Recognition
Incident Detection
Others

Video Analytics Market Analysis, by End-use Industry

Residential
Commercial and Industrial
Urban Security and Public Safety
Healthcare
Defense and Border Security
Transportation and Logistics
Retail
Others

In addition, the report provides cross-sectional analysis of the video analytics market with respect to the following geographical segments:

North America
The U.S.
Rest of North America

Europe
EU7
CIS
Rest of Europe

Asia-Pacific
Japan
China
Oceania
Rest of Asia Pacific

Middle East and Africa (MEA)
GCC Countries
Rest of MEA

Latin America
Brazil
Rest of Latin America

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