Video Analytics: Focus Your Attention Where It Matters Most..!!

 

 

According to a new market research report titled, ‘Video Analytics Market by Component (Software & Services), Application (Facial Recognition, People Counting, ANPR, Video Telematics), End-use Industry (BFSI, Education, Healthcare, Retail, Manufacturing, Government)—Global Forecast to 2029,’ the video analytics market is expected to reach $19.3 billion by 2029 at a CAGR of 21% during the forecast period 2022­–2029.

The key function of video analytics is to automatically recognize temporal and spatial events in videos. Video analytics software are used to review the surveillance videos recorded with a video surveillance system. Video analytics surveillance system is highly efficient; it reduces the workload on security & management staff and helps capture the full value of security video by making IP camera systems more perceptive at work.

The growth of the video analytics market is primarily d riven by factors such as the growing implementation of video analytics in surveillance across different end-use industries, including banking, financial services, and insurance (BFSI), education, healthcare, retail, transportation, and manufacturing. In addition, the technological advancement in deep learning, artificial intelligence & edge computing has led to an improvement in the efficiency & accuracy of video analytics, further boosting the demand for this market.

The Impact of COVID-19 on the Video Analytics Market

In the first quarter of 2020, the world was hit by the COVID-19 pandemic. The spread of COVID-19 disease has had an unprecedented impact on public health and industrial structures, accelerating social reforms in several areas. Though the macro challenges, such as disrupted supply chains, decentralized workforce, and the provision of safe and healthy employee workspaces, were different in past recessions, the market players had to deal with these monumental challenges.

COVID-19 disease has severely impacted almost all major industries, including education, logistics & supply chain, healthcare, BFSI, retail, and manufacturing. In the second quarter of 2020, the COVID-19 pandemic spread to almost all parts of the world, forcing the governments to impose restrictions on all economic and social activities. Several governments have started adopting video analytics to monitor the situation and keep the public safe. The video analytics software are in high demand due to factors such as facial recognition, crowd management, people counting, and intrusion & access control. The adoption of video analytics has radically helped the local governments keep the spread of the virus to a minimum. This has further boosted the global demand for video analytics software.

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In March 2021, Honeywell International, Inc. (U.S.) announced that it is working with San Diego International Airport (SAN)'s accelerator program, the Airport Innovation Lab, to test the use of advanced video analytics technology to enhance airport health and safety. Using deep-learning, artificial intelligence, and video analytics, the Honeywell Pro-Watch Video Management System (VMS) uses cameras to identify if the airport's occupants are complying with guidelines around social distancing and wearing masks. Under the recommended operating conditions, the advanced analytics provides an industry-leading level of accuracy, isolates, and reports instances of non-compliance to the airport staff.

The video analytics market is segmented based on component (software and services), deployment mode (cloud and on-premise), application (facial recognition, intrusion, & access control, object & pattern detection, people counting, crowding & flow management, automatic number plate recognition (ANPR) system, video telematics, and vehicle counting), end-use industry (BFSI, education, aerospace and defense, healthcare, manufacturing, retail, automotive, transportation & logistics, government, agriculture, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.

Based on component, in 2022, the software segment is estimated to account for the largest share of the video analytics market. The large market share of the segment can be attributed to the growing adoption of video analytics software by various end-use industries. However, the services segment is expected to grow at the highest CAGR during the forecast period due to the growing demand for managed & professional services.

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Based on deployment mode, in 2022, the cloud-based segment is estimated to account for the largest share of the video analytics market. The high growth of this segment is attributed to the benefits offered by cloud-based systems such as flexibility, quick & easy global real-time data access, scalability as per user demand, and technology upgradation with the latest firewall.

Based on application, the people counting segment is estimated to account for the largest share of the video analytics market in 2022. During the COVID-19 pandemic, end-use industries such as healthcare, BFSI, education, retail, and governments widely adopted video analytics for people counting. It helps these industries maintain social distancing, safeguard premises, and monitor crowd density at their places. However, the video telematics segment is expected to grow at the highest CAGR during the forecast period.

Based on end-use industry, in 2022, the BFSI segment is expected to account for the largest market share. The BFSI sector has adopted video analytics for security & surveillance of banks, surveillance of premises, face & mask detection, and monitoring of people's behavior in banks. However, the healthcare segment is expected to become the fastest growing market during the forecast period. The growing need for surveillance of hospital premises, maintaining social distancing, and keeping hospital premises safe are the major driving factors for the fast growth of this segment.

Based on geography, in 2022, North America is projected to account for the largest share of the market. This can be attributed to the increased adoption of video analytics in various end-use industries, such as healthcare, BFSI, manufacturing, and education. These industries have adopted video analytics to monitor their workforce effectively during the pandemic. However, the Asia-Pacific region is projected to have the fastest-growing CAGR during the forecast period due to the rapid adoption of emerging technologies in their planned smart city projects. Also, the healthcare, education, and manufacturing sectors are widely adopting video analytics to improve their efficiency and performance.

The report also includes an extensive assessment of the key strategic developments by leading market players over the past four years (2019–2022). The video analytics market has witnessed product launches & enhancements that enabled companies to broaden their product portfolios, partner with other key players, sign contracts with other industry players, and acquire SMEs to boost their market presence.

In July 2021, Gorilla Technology Group, Inc. (R.O.C.) partnered with Tekwind (Japan), a leading hardware distributor in Japan, to deliver Gorilla IVAR (an edge AI video analytic platform) and help expand the company’s presence in the country.

The key video analytics software players operating in the market include AllGoVision Technologies Pvt. Ltd. (India), Axis Communications AB (Sweden), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), IntelliVision (U.S.), Verint Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Gorilla Technology Group, Inc. (R.O.C.), i2v Systems Pvt. Ltd. (India), ADT, Inc. (U.S.), Agent Video Intelligence Ltd. (U.S.), IntuVision, Inc. (U.S.), Avigilon Corporation (Canada), Stanley Convergent Security Solutions, Inc. (U.S.), Eagle Eye Networks (U.S.), and Milestone Systems A/S (Denmark).

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Scope of the Report:

Video Analytics Market, by Component

• Software
• Central Processing Software
• Edge Processing Software
• Services
• Managed Services
• Professional Services

Video Analytics Market, by Deployment Mode

• Cloud-based
• On-premise

Video Analytics Market, by Application

• Facial Recognition
• Intrusion & Access Control
• Object & Pattern Detection
• People Counting
• Crowding & Flow Management
• Automatic Number Plate Recognition (ANPR) System
• Video Telematics
• Vehicle Counting

Video Analytics Market, by End-use Industry

• BFSI
• Education
• Aerospace & Defense
• Healthcare
• Manufacturing Industry
• Retail
• Automotive, Transportation, and Logistics
• Government
• Agriculture
• Others (Event Management, Hospitality, Entertainment)

Video Analytics Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Netherlands
• Rest of Europe (RoE)
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Australia & New Zealand
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• UAE
• Israel
• Rest of Middle East & Africa (RoMEA)

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Rapid Diagnostics: Industry Analysis, and Future Applications..!!

 

According to a new market research report titled "Rapid Diagnostics Market by Product (Kits [OTC, Professional], Readers), Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy, Drugs of Abuse), End User (Hospitals, Diagnostic Labs, Home Care) — Global Forecasts to 2029", published by Meticulous Research^®, the rapid diagnostics market is expected to grow at a CAGR of 8.9% from 2022–2029 to reach $18.20 billion by 2029.

A rapid diagnostic test (RDT) is a medical diagnostic test intended to provide diagnostic results efficiently and immediately (within 1 hour). RDT kits are widely used in hospitals, clinics, and diagnostic laboratories for the qualitative and quantitative detection of specific antigens, antibodies, and genetic material or proteins associated with a specific health condition or disease.

The growth of the overall RDT market is driven by key factors, such as the growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the increasing aging population, the growing necessity for rapid decision making in emergency departments, and emerging technological innovations.

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Impact of COVID-19 on the Rapid Diagnostics Market

The COVID-19 pandemic positively impacted the rapid diagnostics market in terms of revenue; however, the pandemic negatively impacted the sales of routine testing kits used mainly to screen cancer, blood glucose, cardiac markers, lipid profile, cholesterol, and other infectious diseases. The COVID-19 pandemic led to a reduction in the number of overall diagnostic testing conducted globally, which translated further into reduced instrument installations and reduced sales of reagents and consumables, but the loss of sales occurred in routine testing kits was compensated by high sales of COVID-19-related tests. The loss of sales of routine testing kits was mainly affected due to factors such as:

• The restrictions on local travel and public gatherings discouraged patients from visiting physicians, health practices, and hospitals. These restrictions largely affected elderly patients.
• As many hospitals diverted their resources towards treatment and management of COVID-19 infections, it was observed that hospitals and health practices experienced a certain level of operational disruptions leading to delays or cancellations of patient visits, especially for non-critical procedures.
• Companies operating in the market reported an increase in forward purchases in the first quarter of 2020 as distributors stocked up products in anticipation of lockdowns, which resulted in supply chain disruptions. This led to a higher level of sales prior to restrictions being imposed, followed by a lower level of sales during the second quarter of 2020.

To tackle the pandemic, governments worldwide depended on rapid diagnostic kits to diagnose COVID-19 infections. Also, various governments took several initiatives to support the testing needs of their respective countries. Some of them are listed below:

• In May 2021, the Indian Council of Medical Research (ICMR) approved the self-use Rapid Antigen Test for COVID-19 developed by Mylab Discovery Solutions Pvt. Ltd. (India), designed for home testing to screen symptomatic individuals and people who came in contact with infected patients.
• In April 2021, the Japanese Government launched a new COVID-19 negative proof system known as, TeCOT (COVID-19 Testing Center for Overseas Travelers) on smartphones, via which a certificate was provided to individuals whose PCR test for COVID-19 was negative. The main aim of this application was to support the smooth movement of people traveling overseas for work.
• In December 2020, the French Government launched a mass COVID-19 screening campaign in the French cities of Le Havre, on the Normandy coast, and Charleville-Mézières to control the spread of the disease.
• In November 2020, Chinese authorities ordered mass testing of the entire city of Manzhouli after some suspicious cases of COVID-19 infections were identified in the city.
• In October 2020, the Italian Health Ministry announced rapid COVID-19 diagnostics tests to be conducted throughout the country to control the rising incidences of COVID-19 infections.
• In June 2020, to promote the number of COVID-19 tests conducted across the country, the Indian Council of Medical Research (ICMR) encouraged other manufacturers/developers of rapid diagnostics kits with antigen detection assays to come forward for validation.

It was observed that during the COVID-19 pandemic, many diagnostics products were launched to fulfill the demand for COVID-19 infection diagnosis. Also, companies operating in the market started to hold web meetings and webinars to interact with their customers and shareholders and provide product descriptions, customer demonstrations, and applications training.

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Thus, the COVID-19 pandemic negatively impacted the sales of routine testing kits globally, but high sales of the COVID-19-related tests compensated for the loss of sales in routine testing kits.

Rapid Diagnostics Market: Future Outlook

The overall rapid diagnostics market is segmented based on product (kits and test readers/analyzers), platform (immunoassays, molecular detection, and other platforms), application (blood glucose testing, cardiac metabolism testing, infectious diseases testing, coagulation testing, pregnancy & fertility testing, fecal occult testing, hematology testing, tumor/cancer markers testing, drugs of abuse testing, urinalysis, and cholesterol testing), end user (hospitals & clinics, diagnostic laboratories, home care/self testing, and other end users) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

Based on product type, the kits segment is estimated to account for the largest share of the overall rapid diagnostics market in 2022. The large share of this segment is attributed to the rising adoption and repetitive kits usage. In addition, the growing portfolio of disease-specific kits for the early diagnosis of chronic diseases and the increasing technological advancements are other factors supporting the growth of this segment. However, the test readers/analyzers segment is expected to witness the fastest growth rate during the forecast period. The high growth rate of this segment is attributed to the capabilities of these devices to simultaneously read multiple tests in one scan and scale large volumes. In addition, healthcare facilities adopt analyzers for quick analysis compared to centralized lab analyzers due to their features, such as compact size, portability, and easy accessibility.

Based on platform, the immunoassays segment is estimated to account for the largest share of the overall rapid diagnostics market in 2022. The large share of this segment is attributed to the capability of immunoassay kits to provide fast and accurate results with high sensitivity in point-of-care diagnostics. Countries worldwide require rapid and accurate SARS-CoV-19 testing kits to tackle the COVID-19 pandemic. Thus, companies have started developing immunoassay kits that provide results with higher sensitivity, accuracy, and speed. For instance, in May 2021, Stream Bio (U.K.) and Chelsea Technologies (U.K.) formed a joint venture, Brightline Diagnostics (DX), and created a unique platform known as Claritas that couples fluorescent lateral flow test with a highly sensitive handheld reader, delivering significant advantages over existing assays. However, the molecular detection segment is expected to witness the fastest growth rate during the forecast period. The growing need for advanced diagnostic techniques and the launch of innovative technologies are factors attributed to the high growth rate of this segment. In addition, the high demand for rapid PCR diagnostic kits due to the COVID-19 pandemic further boost the growth of this segment. For instance, countries such as Japan and India rely heavily on RT-PCR kits to diagnose and manage COVID-19 infections. Also, numerous countries worldwide have made negative COVID-19 RT-PCR test reports mandatory for international and local travelers.

Based on application, the infectious disease testing segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the rising prevalence of infectious diseases and the growing demand for affordable infectious disease testing in emerging markets. For instance, in the U.S., the number of estimated new hepatitis A virus (HAV) infections increased by nearly three folds in 2017 compared to 2014. However, the tumor/cancer markers testing segment is expected to witness the fastest growth rate during the forecast period. The growing incidences of cancer among the general population is the major factor attributed to the high growth rate of this segment. According to WHO, cancer was the leading cause of death globally in 2020, accounting for approximately 10 million deaths. Furthermore, nearly 70% of deaths out of the total deaths from cancer occur in low- and middle-income countries; therefore, early detection is extremely important to reduce mortality, enhance survival, and save treatment costs. Thus, healthcare workers utilize various rapid diagnostic kits for the early detection of cancer.

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Based on end user, the hospitals & clinics segment is expected to witness the fastest growth rate in the forecast period. The rising number of hospitals worldwide and the increase in healthcare access & expenditure are attributed to the high growth rate of this segment. For instance, the American Hospital Association has reported that the total number of registered hospitals in the U.S. was estimated to grow by 12% to 6,210 in 2019 from 5,534 hospitals in 2018. Similarly, in India, according to the Health Management Information System Portal (HMIS), as of 2018, there were around 37,725 hospitals, which was an increase of 7.0% from 35,416 hospitals in 2013.

Geographically, North America is estimated to command the largest share of the global rapid diagnostics market in 2022, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The large market share of this region is mainly attributed to the high number of laboratory tests performed annually in North America, the rising prevalence of chronic diseases coupled with the increasing aging population, and the rising number of inpatient hospitalizations. For instance, the U.S. Department of Health and Human Services reported that the number of patients with HIV is growing with a CAGR of 2.5% in the country. It is assumed that 40% of new HIV infections in the U.S. are transmitted by people living with undiagnosed HIV; this boosts the demand for related rapid testing products throughout the country.

However, Asia-Pacific region is expected to be the fastest-growing regional market due to the growing geriatric population, the rising prevalence of infectious & chronic diseases, and various government initiatives to promote health awareness.

Key companies operating in the global rapid diagnostics market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), ACON Laboratories, Inc. (U.S.), Creative Diagnostics (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), BioMérieux S.A. (France), Alfa Scientific Designs, Inc. (U.S.), BTNX Inc. (Canada), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc (Ireland) among others.

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Scope of the Report

Rapid Diagnostics Market, by Product

• Kits
• OTC Kits
• Professional Kits
• Test Readers/Analysers

Rapid Diagnostics Market, by Platform

• Immunoassays
• Lateral Flow Assays
• Serological Assays
• Other Immunoassays
• Molecular Detection
• Polymerase Chain Reaction (PCR)
• Other Tests
• Other Platforms

(Note: Other Immunoassays includes flow through immunoassays and agglutination assays; Other Tests includes microfluidic and microarray devices; and Other Platforms include coagulation tests, glucose monitoring systems, dipsticks, and other rapid diagnostic platforms)

Rapid Diagnostics Market, by Application

• Blood Glucose Testing
• Cardiac Metabolism Testing
• Infectious Diseases Testing
• Influenza Testing
• HIV Testing
• Hepatitis Testing
• Sexually Transmitted Diseases (STD) Testing
• Healthcare Associated Infection (HAI) Testing
• Respiratory Disease Testing
• Tropical Disease Testing
• Other Infectious Disease Testing
• Coagulation Testing
• Pregnancy and Fertility Testing
• Fecal Occult Testing
• Hematology Testing
• Tumor/Cancer Markers Testing
• Drugs Of Abuse Testing
• Urinalysis
• Cholesterol Testing

(Note – Other infectious disease testing includes meningitis, norovirus [stomach flu], hand, foot and mouth disease [HFMD], and pertussis)
Rapid Diagnostics Market, by End User

• Hospitals & Clinics
• Diagnostic Laboratories
• Home Care/Self Testing
• Other End Users

Rapid Diagnostics Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• China
• Japan
• India
• Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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