The research report on ‘global video analytics market’ assesses the current and future scenario of this vertical. It holds substantial information regarding the market valuation, industry size, and projected growth rates.
Selbyville, Delaware, June 16, 2021 (GLOBE NEWSWIRE) — According to expert analysts and seasoned forecasters, worldwide video analytics market, valued USD 4235.82 million in 2020, is projected to register a year-over-year growth rate of 16.05% CAGR during 2021-2028, subsequently amassing a valuation of USD 11121.01 million by the end of the forecast period.
The market, as pert the report, is analyzed in terms of product deployment model, software types, application spectrum, and geographical ambit. All segments and sub-divisions are individually assessed to uncover the top revenue generation pockets for 2021-2028. Lastly, the report provides conclusive data on the competitive landscape by evaluating the major players, emerging contenders, and new entrants in the industry.
Surge in installations of surveillance cameras owing to rising security needs, and growing demand for public safety are fostering the industry growth. Moreover, increased application of video analytics in healthcare industry is expected to present new opportunities for growth in the upcoming years.
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Speaking of the factors hindering global video analytics market expansion, lack of awareness, privacy concerns, and high technology costs associated with the technology are negatively impacting product demand.
North America video analytics market is on track to grow substantially in the upcoming years, registering 13.41% CAGR during 2021-2028. United States and Canada govern the competitive dynamics in this region. Increasing deployment of surveillance at important sites like banks, railway stations, and others, along with spike in economic growth has necessitated the installation of advanced security systems and video analytics in Canada. Whereas, the industry in United States is largely driven by high demand for security in critical locations like airport.
In the United States, the increasing use of IP cameras has replaced analog cameras. These cameras are equipped with advanced face and object recognition software, which automatically mines surveillance footage and creates a giant searchable database. Moreover, the country’s political structure largely supports the adoption of video surveillance systems. For instance, the Department of Homeland Security offers billions of dollars as security grants to state agencies to install video surveillance cameras. The governmental support is estimated to augment the need for video analytics, driving the growth of the video analytics market within the US.
Cisco is a technology company having expertise in computer networking products. Its key products consist of switches, routers, security products, videoscape software, and cable modem, among others. Its products are categorized into infrastructure platforms, applications, security, and other products. The video analytics solutions are offered under the security category. Cisco is headquartered in the United States.
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Latin America video analytics industry size is slated to expand at a CAGR of 19.92% through 2028. This can be ascribed to factors such as escalating demand for surveillance systems in the booming real estate sector, rising crime rates, followed by increasing government efforts towards public safety. Moreover, better accessibility to new technologies and telecommunication facilities in countries like Chile is supporting the regional market growth.
Furthermore, the growing demand for security systems, such as surveillance technology, among various end-user industries is estimated to support the market’s evolution in Rest of Latin America. Chile is among the major economies with better access to new technologies and telecommunication facilities compared to other countries in the region. This advancement in technologies will support the adoption of video surveillance systems for public…