Video Analytics Market by Component (Software & Services), Application (Facial Recognition, People Counting, ANPR, Video Telematics), End-User (BFSI, Education, Healthcare, Retail, Manufacturing, Government) - Global Forecast to 2029

The Video Analytics Market is expected to register a CAGR of 21% from 2022 to 2029 and reach USD 19.3 billion by 2029. Video analytics has been touted as a solution to assist those providing security to critical infrastructures with a powerful means for identifying and detecting intruders, tracking people or objects, and producing an alarm on types of behavior.

The growth of the video analytics market is primarily driven 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.

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.

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Growing concerns for security & surveillance during the COVID-19 pandemic to drive the growth of the market

The global pandemic of COVID-19 heightened security & surveillance concerns among a large part of the world. Governments adopted video analytics technology to monitor the situation. As workplaces reopened, there was still a need for continuous monitoring and adherence to certain hygiene and social protocols such as social distancing, preventing crowds indoors, and monitoring employees for illness symptoms

Video analytics helped and empowered organizations, especially healthcare, to continuously and effectively monitor occupancy in hospitals. Be it the number of visitors or individuals in specific areas, the technology enabled the monitoring of occupancy and ensured adherence to norms that were prescribed.

Video analytics abilities helped in various other aspects of the business as well. Law enforcement agencies used integrated facial recognition cameras to identify suspects, and healthcare providers used the technology for contact tracing of COVID-19 patients.

Key Findings in the Video Analytics Market Study:

In 2022, the software segment is expected to dominate the market

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 this segment is driven by the growing adoption of video analytics software by the end-use industries. However, the services segment is expected to grow at the highest CAGR during the forecast period. The fast growth of this segment is driven by the growing demand for managed & professional services.  

In 2022, the people counting segment is expected to account for the largest share of the market

Based on application, the people counting segment is estimated to account for the largest share of the market in 2022. During the COVID-19 pandemic, end-use industries such as healthcare, BFSI, education, retail, and governments have 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 become the fastest-growing segment due to factors such as low maintenance, improved safety, and driver retention.

In 2022, the cloud-based segment is expected to register a larger share of the market

Based on deployment mode, the cloud segment is estimated to account for the largest share of the video analytics market during the forecast period. The high market growth of this segment is attributed to its flexibility of systems, quick & easy global real-time data access, scalability as per user demand, and technology upgradation with the latest firewall. The cloud segment is also expected to become the fastest-growing segment during the forecast period.

In 2022, the BFSI segment is expected to account for the largest market share

Based on end-use industry, the BFSI segment is expected to account for the largest market share. The BFSI sector has adopted video analytics for security & surveillance of the banks, surveillance of premises, face & mask detection, and monitoring of people's behavior in the bank. 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.

In 2022, North America to account for the largest share of the market

Based on geography, North America is projected to account for the largest share of the video analytics market in 2022. The high market growth of this segment is attributed to the increased adoption rate from the regional end-use industries. Sectors such as healthcare, BFSI, manufacturing, and education 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.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments by the leading participants in the video analytics market over the last few years. Some of the key players operating in the market are 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), among others.

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 and Access Control
• Object and Pattern Detection
• People Counting
• Crowding and Flow Management
• Automatic Number Plate Recognition System
• Video Telematics
• Vehicle Counting

Video Analytics Market, by End User

• BFSI
• Education
• Aerospace and Defense
• Healthcare
• Manufacturing Industry
• Retail
• Automotive, Transportation & 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
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Australia & New Zealand
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
• Rest of MEA

 Key Questions Answered in the Report: