Video Analytics Market (2022-2029)

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.

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.

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.