Factors such as increased demand for surveillance systems in the booming real estate sector, rising crime rates and an increase in government efforts to ensure public safety can be attributed to this. Moreover, better accessibility in countries such as Chile to new technologies and telecommunications facilities encourages regional market growth. home
Moreover, the increasing demand for security systems, such as surveillance technology, is expected to support market trends in rest of Latin America among various end-user industries. Chile is among the major economies with better access than other countries in the region to new technologies and telecommunications facilities. This technological advancement will support the adoption of public safety video surveillance systems. Video analytics will help to obtain valuable data by analyzing the video, and will help to boost the progress of the market in video analytics. Honeywell is a diversified technology and manufacturing company that offers aerospace products and services, building security and safety technologies, sensing and other services. Its segments include aerospace, building and home technology, performance materials and security solutions. The production, sales and R&D activities of the company are extended to various regions, including Latin America.
Europe
Europe's progress in video analytics will increase by 13.74% over the evaluation period as a result of the growing concerns over terrorism, rising security investments and the high level of government interest in the deployment of state-of-the-art technology systems. In addition, the flourishing tourism industry in Spain and neighboring countries has reinforced demand across the region for video analytics solutions.
Spain is one of the leading economies in the region, generating a great deal of revenue from the tourism sector. The stable growth of the tourism industry is largely based on safety, which increases the adoption of public safety surveillance systems. The efficient security system for banks, government buildings and embassies increases also the need for video monitoring. This growth in public area surveillance cameras is expected to increase the demand for video analytics solutions. As stated above, these factors are expected to drive the growth of the Spanish video analytics market.
Asia-Peace
Asia Pacific's market growth in video analytics is expected to increase by 19.5% in CAGR during 2021-2028. In view of rapid economic growth and increasing government emphasis on social security, China will likely enjoy high demand for surveillance solutions. Similar trends will increase demand for video analytics in the region in other emerging economies. Moreover, increasing tension between countries like North Korea and South Korea has forced governments to use security solutions actively to strengthen internal security.
In Japan, the market studied is mainly driven by the increase in video surveillance. The increasing penetration of IP monitoring systems across many vertical lines is influencing the demand for solutions from video analytics. Furthermore, due to the rise of global terrorism, the Government is investing substantially in the implementation of security systems across public areas such as airports, metro and other crowded areas. Government support, together with growing demand for video monitoring, are therefore key factors which extend the scope and growth of the Japanese market for video analytics.