The global video analytics market was estimated at US$1.85 billion in 2014 and is expected to reach $11.21 billion by 2022, growing at a compound annual growth rate (CAGR) of 25.2 percent, according to a recent study by Market Research Reports.
Some of the key drivers of the video analytics market include the transition of video scrutiny system from analog to digital, surfacing of open standards, and increase in the efficiency of video scrutiny system, the study found.
While video analytics intricacy, clubbed with higher cost of maintenance of analytics, is the key inhibitor of video analytics market, the government sector is investing in video scrutiny as the amorphous videos of poor quality cannot be used for investigation purpose, the study showed.
The global video analytics market is broadly segmented by the type as hardware and software. By end user, market is categorized as residential security, commercial and industrial security, urban security and public safety, critical infrastructure protection, airport and maritime security, retail industry, entertainment and casinos, defense intelligence and border security, transportation and logistics, and others, the report identified.
Based on application, global video analytics market is classified as intrusion management, crowd management, situation induction, license plate recognition, pattern recognition, and others, it found. By geography, market is segregated as North America, Europe, Asia-Pacific, and rest of the world.