Global Intelligent Video Analytics Market Size, Share & Trends Analysis Report 2020 – 2027
The Global intelligent video analytics market Is anticipated to reach USD 7.72 billion Market by 2027 growing at a cagr of 22.5% over the forecast period. can be attributed to key driving factors such as growing investment in video analytical solutions bye Government and private institutions. Moreover, the growing demand for public safety and security has enabled the government to install video surveillance cameras in all major cities does it has become necessary to monitor the data collected by these video cameras in order to reduce the crime rate. additionally, the need for business intelligence in order to strategize the business by collecting actionable insights using the intelligent analytical platform is expected to boost the market demand.
The reduced prices of video surveillance cameras are acting as a supporting role for the growth of the global intelligent video analytics market. the automation of the surveillance system by integrating intrusion and alarm systems with advanced video analytics platforms is expected to improve the demand for this software in the upcoming future. The intrusion management segment is expected to account for the largest Market share over the forecast period, Government is installing advanced surveillance cameras in public places including parks government buildings bridges monuments, and other public places in order to offer better safety to their citizens and decrease the rate of organized crimes and violence.
The AI-based intelligent video analytics solutions are gaining prominence in recent years, for instance, IntelliVision offers a full-fledge AI-based IVA solution with features such as video motion detection, camera tamper/fault detection, Intrusion Detection, Line Crossing, Object Abandoned, Loitering, and Video Object Counter. Artificial intelligence has opened new opportunities for future developments in this technology, we can expect a lot more features in the upcoming few years.
A growing number of smart cities has increased the adoption of cameras for improving security, these cameras generate huge data every day and in order to properly use the data for improving safety and security, companies are developing specialized platforms for focused on smart cities. For instance, NVIDIA launched its NVIDIA Metropolis platform For Smart Cities, the platform utilizes NVIDIA Jetson cameras and NVIDIA DeepStream SDK for delivering highly accurate results.
Based on the component, the intelligent video analytics Market can be segmented into software and services. The software segment accounted for greater than 60% market share in 2019, most of the major companies including IBM, NVIDIA, Cisco, IntelliVision offer software-based intelligent video analytics platforms.
The services segment is growing at a moderate growth rate, this segment includes services such as Consulting, training, setup, repair, and maintenance services. Companies such as Accenture are among the leading players in IVA consulting.
The global intelligent video analytics market has been segmented based on deployment type into on-premise and cloud segments. The on-premise segment accounted for the largest market size in 2019, as most of the major IVA software is deployed on-premise for easy data accessibility and data analysis.
The cloud segment is gaining prominence in the last 5 years, it is anticipated to grow at a cagr of 24.7% between 2020 to 2027. The cloud-based intelligent video analytics solutions for certain advantages such as secured storage of data, remote accessibility, and faster performance compared to the on-premise counterpart.
Global intelligent video analytics market can we check mint based on the application into intrusion management, traffic monitoring, incident detection, facial recognition, crowd counting, and others. The intrusion management segment accounted for the largest Market share in 2019, demand for Housing safety and security along with a growing number of crimes is expected to boost the demand for intelligent video analytics for intrusion management.
The facial recognition segment is gaining importance as security cameras are used for the detection of criminals and fugitives. the usage of cameras for traffic management is well-practiced worldwide, intelligent video analytics helps detection of vehicles Breaking the traffic laws and sending tickets accordingly.
North America is expected to account for the largest Market share in the Global intelligent video analytics market. specifically, the United States has witnessed high investment in the installation of surveillance systems by both Government and private entities. the Asia Pacific region is anticipated to emerge as the fastest-growing market for intelligent video Analytics over the forecast period.
The global intelligent video analytics market is highly competitive in nature and it is dominated by, leading technological Giants such as Cisco, IBM, Accenture.
Market by component, 2017-2027 USD million
Market by deployment type, 2017-2027 USD million
Market by application, 2017-2027 USD million
Market by region, 2017-2027, USD million
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