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.
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).
To gain more insights into the market with a detailed table of content
and figures, click here: https://www.meticulousresearch.com/product/video-analytics-market-5274?utm_source=Article&utm_medium=Social&utm_campaign=Product&utm_content=06-07-2022
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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