Video Analytics Market Worth $19.3 Billion by 2029

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.

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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).

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

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