1. A video analytic system comprising: a depth stream sensor that collects depth stream data; a spatial analysis module connected to receive and analyze the depth stream data on a frame by frame basis, wherein the spatial analysis module iteratively identifies objects of interest based on local maximum or minimum depth stream values within each frame, removes identified objects of interest, and repeats until all objects of interest have been identified, wherein the spatial analysis module comprises: a separator module that applies an adaptive depth threshold to remove those pixels located in a depth range not likely to correspond to objects of interest; a local minimum depth detector module that identifies within the remaining pixels a minimum depth pixel corresponding to an object located closest to the depth stream sensor; and a flood fill module that receives the minimum depth pixel from the minimum depth detector and identifies or fills neighboring pixels that should be included as part of the identified object of interest a temporal analysis module connected to receive objects of interest identified by the spatial analysis module in a frame, wherein the temporal analysis module associates each object of interest in the current frame with an object of interest identified in a previous frame, wherein the temporal analysis module utilizes the association between current frame objects of interest and previous frame objects of interest to generate temporal features related to each object of interest; and an analytics module connected to receive the temporal features generated by the temporal analysis module, wherein the analytics module detects events based on the received temporal features.