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The market share for video analytics is predicted to grow from $1,537.9m in 2015 to $3971.2m by 2020, according to the latest report released by Marketsandmarkets.
At this rate the market’s Compound Annual Growth Rate (CAGR) would stand at a handsome 21% annually for the period 2015-2020.
Called Video Analytics Market by Type (Hardware, Video Analytics Software, and Services), Applications (Intrusion Management, Crowd Management, Situation Indication, License Plate Recognition, Pattern Recognition) – Global Forecast to 2020 the report analyses the global market by segment and region.
Analysts at Marketsandmarkets also sought to gauge future trends for the industry, prominent among them how the retail industry is harnessing the technology to better understand consumer behaviour, helping the industry improve customer service, shop layout and other business functions. Thanks to the rise of video analytics surveillance is becoming about so much more than deterring crime and catching criminals.
The report divides the industry into hardware, video analytics software, and services; esidential security, commercial & industrial security, urban security & public safety, critical infrastructure protection, airport & maritime security, retail industry, entertainment & casinos, defense intelligence & border security, transportation and logistics, and others; intrusion management, crowd management, situation induction, license plate recognition and pattern recognition.
The industry’s region specific segmentations encompass North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.
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Global Video Analytics market Projected to Grow 21% Annually to 2020The market share for video analytics is predicted to grow from $1,537.9m in 2015 to $3971.2m by 2020, according to the latest report released by Marketsandmarkets.
Bhavesh Kumar
IFSEC Insider | Security and Fire News and Resources
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