Marketsandmarkets valued the global market at $US1.53 billion in 2015 and predicts serious growth over the next 5 years.
“We estimate that in 2020 the total video analytics market size, globally, would be $3.9 billion,” Marketsandmarkets research analyst Dheeraj Katkar told SSN.
Marketsandmarkets examined 2 types of video analytics; edge-based, which has analytics built into the camera, and server-based; where video is uploaded to a server.
“The most common approach is a hybrid approach, in which server-based as well as edge-based combinations are being used in different scenarios,” Katkar said.
According to Katkar, “Cloud-based subscription services leverage analytics to extract information from videos and images is a key growth area in the market.”
"Threat to civil infrastructure and urban security" is one of the drivers for this market, Katkar said, especially with a “prevention-focused approach.”
According to Katkar, false alarms remain an issue and “each false alert necessitates human assessment increasing additional stress on the operational and system management.” ♦