Video Analytics Market worth 8.55 Billion USD by 2023

The report "Video Analytics Market by Type (Software and Services), Application (Intrusion Management, Incident Detection, People/Crowd Counting, Traffic Monitoring), Deployment (On-Premises and Cloud), Vertical, and Region - Global Forecast to 2023", The global video analytics market size is expected to grow from USD 3.23 Billion in 2018 to USD 8.55 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period. The growth of the video analytics market is driven by many factors, such as disadvantages of manual video analysis, enterprises' demand for actionable insights from video data, government investments in emerging technologies to enhance public safety infrastructure, and falling prices of video surveillance equipment. With an increasing adoption rate of Internet of Things (IoT) and big data among enterprises, the video analytics market is expected to gain major traction during the forecast period. Early buyers will receive 10% customization on reports. The demand for video analytics software is being driven by its ability to be integrated with the originally deployed analog, IP, or megapixel cameras within establishments, thereby eliminating the need for the deployment of additional hardware.