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)
TOP
10 COMPANIES IN VIDEO ANALYTICS MARKET
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