Video Content Analytics Industry
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Video Content Analytics Industry. The growth sectors of the Video Content Analytics Industry are identified with precision for a better growth perspective.
The global video content analytics (VCA) market is predicted to grow at a 24.25% CAGR over the forecast period (2015-2021), reveals the new Market Research Future (MRFR) report. Video Content Analytics or Intelligent Video Analytics (IVA) simply put, is an automatic analysis of CCTV images for creating valuable information about the content. It has a vast range of uses such as detecting intruders, wrongly parked cars, and left packages, and also counting events such as people leaving or entering an area.
VCA is used in various domains including safety and security, smoke and flame detection, home automation, transport, automotive, retail, healthcare, and entertainment. It can be utilized successfully in various applications such as monitoring buildings or plant for safety and health, automatic traffic event as well as incident detection, sabotage detection or camera failure, people counting, internal and external intruder detection, and more.
Various factors are driving the growth of the video content analytics market. These factors, in accordance with the Market Research Future (MRFR) report, include increasing penetration of IoT as well as related technologies such as serverless architecture and big data, burgeoning need from enterprises, and demand for industrial automation. Additional factors boosting market demand include an increase in demand for IP-based security infrastructure and systems, and growing demand across various industries, including manufacturing, airports, retail, financial services, banking, and others.
On the contrary, high initial installment cost, poor lighting conditions, and growing incidences of false alarms at the time of bad weather are factors that may hinder the video content analytics market growth over the forecast period.
Market Segmentation
The Market Research Future report offers a wide segmental analysis of the video content analytics market based on application, software, and architecture.
Based on software, the video content analytics market is segmented into license plate recognition, recognition, detection, and others.
Based on application, the video content analytics market is segmented into transport and logistics, commercial, and government.
Based on architecture, the video content analytics market is segmented into edge and server. Of these, the server segment will have the largest share in the market over the forecast period.
Regional Analysis
Based on the region, the video content analytics market report covers growth opportunities and the latest trends across the Asia Pacific, Europe, North America, and Rest of the World. Of these, North America will lead the market over the forecast period. This is owing to the burgeoning demand for advanced surveillance system due to increased crime rate and security threats in the region. It is predicted to grow at a 24% CAGR over the forecast period.
In the APAC region, the video content analytics market is predicted to have significant growth over the forecast period. This is owing to the growing use of video content analytics in traffic management systems and various government operations. The Asia Pacific region with a vast population and multiple infrastructure projects will boost the market growth in this region at the fastest CAGR.
In Europe, the video content analytics market is projected to have favorable growth. The current technological advancements have resulted in the incorporation of such technology with AI that in turn is propelling the market growth in this region.
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