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Since past few years, internet of things is acting as a primary driving force in several industries. IoT applications are more valuable when incorporated with video analytics. Video surveillance devices and solutions are a major part of implementing security measures, and applying video analytics makes these surveillance systems more efficient.
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Video Analytics MarketSet to Exceed $10.87 Billion By 2026 | CAGR: 23.9% “Video Analytics Market Share, Size, Trends, Industry Analysis Report, By Type (Software, Services); By Deployment Model (Cloud, On-premise); By Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection); By End User (BFSI, Critical Infrastructure, Education, Transportation, Government, Smart Cities, Retail); By Regions, Segment Forecast, 2020- 2026”
Video Analytics Market Estimate & Forecast to 2026 The global video analytics market size is expected to reach USD 10.87 billion by 2026 according to a new study by Polaris Market Research. Since past few years, internet of things is acting as a primary driving force in several industries. IoT applications are more valuable when incorporated with video analytics. Video surveillance devices and solutions are a major part of implementing security measures, and applying video analytics makes these surveillance systems more efficient. This technology helps reduce the workload on management and security staff, and helps capture the full value of security video by making the IP camera system more intelligent in its work. Globally, video analytics is largely being used on several cities, in retail, automation, and other industrial and manufacturing sectors. As there is growing demand for industrial automation across various industrial sectors, the demand for this technology is rapidly increasing in retail, banking, financial services, manufacturing, airports, and other sectors. Additionally, increasing number of application of this technology such as motion detection, license plate detection, facial recognition, crowd counting, and traffic monitoring among others are also enhancing the adoption of this technology and thus, is expected to fuel the market growth during the forecast period. Furthermore, growing trend of BYOD, IOT, artificial intelligence, and machine learning, and growing usage of cloud-based video analytics solutions are also fueling the market growth. These and many such factors are driving the growth of the market.
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Video Analytics Market Estimate & Forecast to 2026 Though many factors are driving the market growth, there are several issues that have a negative impact on the market. Factors such as impact of poor lighting or bad weather conditions, high investment for installation, and privacy concerns are expected to hinder the market growth during the forecast period. Furthermore, development of smart cities, increasing inclination towards advanced technologies, increasing necessity of business intelligence and insights, demand for enhanced video surveillance, and growing need of edge-based analytics and recognizing & profiling applications are some of the factors providing significant growth opportunities during the forecast period. The global market is dominated by North America as people here are largely investing in video surveillance systems to replace the conventional surveillance systems in order to enhance the safety and security around. The key players in the market include International Business Machines Corporation, Cisco Systems Inc., Axis Communications, Genetec Inc., Agent Video Intelligence Ltd, Honeywell International Inc., Aventura Technologies Inc., Qognify, Avigilon Corporation, Puretech Systems Inc., Intuvision, Inc., and Allgovision Technologies Pvt. Ltd among others. Browse Complete Report
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