Global Video analytics Market to reach USD 26.42 billion by 2026

INDORE, India - June 14, 2020 - PRLog -- Bizwit Research & Consulting LLP's Recent Analysis on Global Video Analytics Market (https://www.bizwitresearch.com/reports/global-video-analytics-market-to-reach-usd-26-42billion-by-2026/) is poised to raise up to USD 26.42 billion by 2026. The significance of video analytics is gaining traction among both medium and large-scale organizations operating on the global scenario. Video analytics is precisely a computerized processing & automatic analysis of the video graphic content generated and monitored during video surveillance. In the present scenario, a high amount of data is generated on a routine basis through video surveillance in residential spaces, commercial industries, and city surveillance which calls for the demand and utility of video analytics. Video analytics are primarily being deployed as it benefits in reducing crime rates & safeguarding public & private areas along with it also acts as evidence. The video analytics market is driven by escalating investments on smart cities, surging the number of criminal incidents among both developed and developing countries, rising need to examine & utilize unstructured video surveillance data in real-time along with escalating adoption of facial recognition and biometric fingerprint systems in both government & public sectors. Moreover, the surging focus and investments towards smart cities are acting as a key driving factor towards the demand and utility of the video analytics market. According to Xinhua News Agency, In the year 2017, The central government of China has launched a new policy referred to as the China Belt and Road Initiative (BRI) which consists development of smart cities that would be equipped with advanced information & communication technologies and networks. The China government is aiming to become a leader in terms of smart city development as the government has aligned around 500 pilot projects considering the development & deployment of smart cities. The government of China and the Government of the Philippines have partnered to develop around 407 hectares of new smart cities named as New Manila Bay City of Pearl. Also, Malaysia and China have also teamed to establish a smart & green city under BRI which is named China Smart Creation Smart Eco-valley in Bentong province of the country. This is a $900 million joint venture between two  Malaysian developers and 10 Chinese companies paving the way for the growth and development of the video analytics market.

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