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The Video Analytics Market Witnessed a Lot of New Product Launches by Key Players from 2013 to 2016
Video analytics is also referred to as Video Content Analysis (VCA) or intelligent video analysis. It is a generic term used to describe computerized processing and analysis of recorded video streams. MarketsandMarkets forecast the video analytics market size to grow from USD 1.69 Billion in 2016 to USD 4.23 Billion by 2021, at a CAGR of 20.2% from 2016 to 2021. With the increase in the adoption rate of video analytics in retail and other industries such as healthcare, education, and others for business intelligence along with security needs, the video analytics market is expected to grow rapidly.
The key players in the video analytics market include Avigilon Corporation (Vancouver, Canada), Axis Communication (Lund, Sweden), Cisco Systems (San Jose, California, U.S.), Honeywell International Inc. (New Jersey, U.S.), IBM Corporation (Armonk, New York, U.S.), Agent Video Intelligence (New York, U.S.), Aventura Technologies Inc. (New York, U.S.), Genetec Inc. (Montreal, Canada), and others. These players have adopted various strategies such as new product developments, partnerships, agreements and collaborations, and mergers and acquisitions to achieve growth in the global video analytics market.
The video analytics market witnessed a lot of new product launches by key players from 2013 to 2016. For instance Axis Communication launched AXIS Perimeter Defender, a high-end video analytics application for intrusion detection for the enterprise market; and Agent Vi launched InnoVi, a cloud-based video analytics SaaS including a capability of analyzing videos in real-time. Whereas Aventura launched a platform and integrated its entire video intelligence suite, for license plate and face recognition application; Cisco introduced Cisco Spark, which offers meeting, calling, and messaging features; and intuVision launched new version of software for intuvision retail and parking for queue management.
The key players also adopted the strategy for partnerships, agreements, and collaborations as another major strategy to expand their footprints in the video analytics market. For instance Agent VI partnered with Vigilant Technology to integrate its savVI technology in Vigilantís Net VR; Agent VI partnered with Pelco; and Axis Communications partnered with Solink to provide analytics solutions to banking and retail industry.
Companies also adopted the strategy of mergers and acquisitions to increase their geographic presence and expand their product portfolio into potential markets. Axis Communication acquired Cognimatics, to provide store optimization solutions to retail industry; Honeywell acquired RSI Video technologies, to increase its product portfolio and offer its customers with video verification solutions; and IBM acquired Clearleap Inc. to boost its cloud-based video analytics offerings by leveraging IBM Watsonís platform.
Globally, video analytics vendors are continuously innovating to enhance their products and services to improve the userís experience for safety and security along with provide them with the real-time business intelligence. Video analytics software is being adopted by various verticals, such as defense & public safety, transportation & logistics, hospitality & entertainment, retail, Banking, Financial Services, and Insurance (BFSI), airport & marine port, commercial and industrial area, critical infrastructure security which have bolstered the growth of video analytics market globally.
Video Analytics Market by Type (Solutions & Services), by Applications (Perimeter Intrusion Detection, Pattern Recognition, Counting & Crowd Management, ALPR, Incident Detection and Others), by Deployment Type, by Vertical, by Region - Global Forecast to 2021
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