HOME Research Insight New Product Launches, and Product Developments are the Major Growth Strategies Adopted by the Vendors in the Video Analytics Market

New Product Launches, and Product Developments are the Major Growth Strategies Adopted by the Vendors in the Video Analytics Market

Video analytics is enabling organizations to gain actionable insights into their massive pool of video streams by automating the analysis of recorded or live videos. By reducing human effort and facilitating high-end security applications, the video analytics market is gaining traction across the globe.

Factors such as high demand for intelligent video surveillance systems and huge government investments in upcoming projects such as smart cities are fueling the growth of the video analytics market. The global market size for video analytics is projected to reach USD 11.17 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period from 2017 to 2022.

Major vendors in this market include Cisco Systems (U.S.), Honeywell International Inc. (U.S.), International Business Machine Corporation (IBM; U.S.), Axis Communications (U.S.), Agent Video Intelligent (U.S.), AllGoVision Technologies Pvt. Ltd. (India), Avigilon Corporation (Australia), Aventura Technologies Inc. (U.S.), Genetec Inc. (Canada), i2V System Pvt. Ltd.(India), Intellivision Technologies (U.S.), IntuVision (U.S.), PureTech Systems Inc. (U.S.), and Qognify .(U.S.). Players in this market have adopted different strategies to expand their presence and enhance their market shares. Partnerships, collaborations & agreements, expansions, new product launches, and product developments are the major growth strategies adopted by the vendors in this market. Cisco Systems, IBM, Honeywell, Avigilon and Axis are the major players in this market having their presence across the globe. The companies offer video analytics products with various features such as incident detection, intrusion management, people/crowd counting, traffic monitoring, automatic number plate recognition, facial recognition, and associated services.

Cisco Systems is an established global player offering dedicated software and related services in the video analytics market. It has its business spread across three regions: the Americas; Asia-Pacific, Japan & China (APJC); and Europe, Middle East & Africa (EMEA). The company, in order to dominate the video analytics market as well as to bring innovation in its products and services, has executed organic and inorganic strategies. For example, Cisco Systems has made significant upgrades in its video surveillance monitoring software. In 2016, the company invested USD 6.30 billion in its research and development (R&D) activities to enhance its existing product portfolio in order to deliver new products and features to gain competitive advantage.

Honeywell is global player in four segments: aerospace, home & building technologies, performance material & technologies, and safety & productivity solutions. The company provides significant features to support its state-of-its-kind video analytical solutions. Apart from its scalable product portfolio, the company has actively executed various acquisitions, agreements, and new product launches as well. In March 2016, Honeywell acquired RSI Video Technologies to meet the ever growing demand for video verification and professional monitoring. Additionally, Honeywell has a strong financial position, and its net sales increased by 2% in 2016. The company has also executed cost reduction activities, and increased its investments in R&D to launch innovative products in the video analytics market.

Related Reports:

Video Analytics Market by Type (Software and Services), Application (Intrusion Management, Incident Detection, Crowd/People Counting, Traffic Monitoring, ANPR, Facial Recognition), Deployment Model, Vertical, and Region - Global Forecast to 2022

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