According to a recent market research report published by Transparency Market Research, the global video analytics market is estimated to expand at a CAGR of 20.6% during the period between 2015 and 2023. The report, titled “Video Analytics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” projects the global video analytics market to reach a valuation of US$9,151.2 mn by 2023.

Video analytics technology is being increasingly used across various sectors as it is cost-efficient and an efficient real-time monitoring system. Video analytics eliminates the need for human monitoring and analysis of video feeds in real time. Intelligent video analytics systems with automatic event and alarm notifications are high in demand, especially from the retail sector.

The report studies the global video analytics market across five key regions: Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. North America has emerged as the largest market for video analytics. In 2014, the region held about 36% of the overall market revenue. However, during the forecast period, Asia Pacific is anticipated to be the fastest growing region in the market due to growing demand from countries such as India, China, Japan, South Korea, and Australia.

It states that the increase in installations of IP cameras and the demand for high-definition and advanced cameras with better video quality are driving the demand from the global video analytics market. The rapid expansion of the retail sector and deployment of video analytics therein have further augmented the growth of the market.  During the forecast period, the demand for both replacement and new software products is expected to boost the growth of the market.

The report segments the global video analytics market into people recognition, video indexing, object recognition, license plate recognition, incident detection, and others including cross-camera tracking, traffic monitoring, post-event analysis, safety alerts, and wide spectrum imagery. Video analytics for the people recognition application was most preferred in 2014 and held around 30% of the market revenue. During the period between 2015 and 2023, this application segment is anticipated to expand at a CAGR of 20.0%.

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