Video Analytics Market to Witness the Highest Growth Globally in Coming Years 2022-2028
Video analytics is a technique that uses a unique algorithm to evaluate a digital signal to perform a security-related function. It provides security to key infrastructures based on a robust method of recognizing and detecting intruders, creating an alarm upon detecting a specific activity. The healthcare sector started appreciating the benefits of video analytics. Foot traffic past a closed drugstore, for example, may be deemed typical in the evening. However, loitering around the drugstore entrance might indicate a break-in is imminent. A fence-climbing alarm is another example of applied video analytics.
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Avigilon Corporation; AXIS COMMUNICATIONS; Agent Video Intelligence Ltd.; Honeywell International Inc.; AllGoVision Technologies Pvt. Ltd; Hangzhou Hikvision Digital Technology Co., Ltd.; Dahua Technology Co., Ltd.; Huawei Technologies Co., Ltd.; NEC Corporation; and BriefCam are among the major companies operating in the video analytics market.
Many countries' public transportation industries are seeing significant government investments in public safety, as these industries are prone to various mishaps and crimes. According to Axis Communications' poll 2021, 97% of respondents from 30 countries had security cameras installed in their vehicles. The Vias Institute, a Belgian research center for road safety and security, and Room40, a firm specializing in security monitoring analytics, are planning to use the scene analytics technology to collaboratively address road challenges and other public areas of Belgium. Thus, rising public awareness and increasing public safety concerns drive the video analytics market growth.
On the basis of component, the video analytics market is segmented into solution and service. The market analysis by deployment, the market is bifurcated into cloud-based and on-premise. The market analysis by application, the market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. On the basis of vertical, market is segmented vertical into BFSI, hospitality and entertainment, education, manufacturing, defense and border security, retail, transportation and logistics, and others. The video analytics market analysis, based on geography, is segmented into five major regions North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
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Impact of COVID-19 Pandemic on Video Analytics Market
The COVID-19 pandemic impacted almost every major industry, including education, logistics & supply chain, healthcare, BFSI, retail, and manufacturing. The COVID-19 pandemic in the second quarter of 2020 compelled governments to impose restrictions on different commercial and social activities worldwide. Several governments were using video analytics to monitor the situation and ensure public safety. Further, the demand for video analytics-based face recognition, crowd management, people counting, and intrusion and access control tools increased in the last few years.
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