The network camera and video analytics market is expected to reach $5.76 billion by 2017, according to aglobal market report on network cameras and video analytics.
The report—Network Camera & Video Analytics Market Global Forecast Trend & Analysis, Segmentation by Technology Function Resolution Product & Service Type, System-Architecture, Verticals, Application & Geography (2012-2017)—is by MarketsandMarkets,a global market research and consulting company.
The study saysthe global network camera market is estimated to be worth $1.85 billion in 2012 and expected to reach $4.5 billion in 2017 at a compound annual growth rate (CAGR) of 19.5 percent from 2012 to 2017.
The global network camera market is evenly distributed across various geographies, the study says. As of 2011,Americasled the suppliers segment with share of 30 percent, but theAsia-Pacific (APAC) marketis expected to grow at a relatively higher CAGR during the projected period, according to the study.
The key factors driving the video analytics market are the transition of video surveillance system from analog to network digital systems, emergence of open standards and increase in the efficiency of video surveillance system; while the video analytics complexity, clubbed with higher cost of maintenance of analytics and occurrence of false alarm are key inhibitors of video analytics market, the report says.
Video analytics market’s non security application like entertainment and visual communication are considered as lucrative markets, the study says. The global video analytics market is estimated to be worth $250 million in 2012 and expected to reach $1.26 billion in 2017 at a CAGR of 38.6 percent from 2012 to 2017, the report says.
The video analytics market is expected to be led byAmericasduring the projected period, but the APAC market is expected to grow at the highest rate, according to the report. That is expected to be primarily due to the growth of technology and an increasing awareness about network video surveillance, the study says.