AI-powered Video Analytics Market
Rise in the demand for technological advancements and integration of artificial intelligence in the field of video analytics across the industries for the inspection of the business functions drive the market growth. In addition, demand for security cameras for the surveillance of assets and machineries are expected to propel the growth of this market.
However, high cost of installment, security breaches by hackers, and lack of internet infrastructure in developing nations are anticipated to restrict the growth of market. Furthermore, rise in the necessity of business intelligence, insights to understand consumer behavior, and collection of data for analytical computation are the major factors that provide opportunities for the growth of AI- powered video analytics market.
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Artificial intelligence and machine learning play a key role toward the growth of this market. With the help of these, technology companies track the buying behavior of customers based upon which they enhance their product offerings. Hence, they utilize various advanced technologies like artificial intelligence and machine learning integrated video analytics software. For instance, Bosch is working on developing an AI integrated video analytics software which is projected to have the capabilities to detect face mask, observance of social distancing norms, and temperature scanning to stop the spread of COVID-19 virus in office premises.
The rise in need to observe consumer behavior, such as buying & selection pattern, and time spent by customers in retail stores, in order to modify product offering by the retailers is responsible for the growth of the market. In addition, transportation, BFSI, and government sectors have also contributed toward the growth of the market. Moreover, retail segment is expected to have the largest share in the AI-powered video analytics market during the forecast period.
COVID-19 Scenario Analysis
1. The outbreak of COVID-19 virus in December 2019 affected majority of the countries around the globe with the World Health Organization declaring it a public health emergency. The pandemic is expected to have negative impact on the global artificial intelligence powered video analytics market in 2020.
2. With rise of the global health crisis, various enterprises are facing several challenges in operating business functions like production, sales, and after sales services, thus resulting in shutdown of business functions. However, video analysis and surveillance technology were able to make a significant growth in the market with the help of government initiatives, such as surveillance on public places for lockdown and social distancing measures, which played significant role in limiting the spread of disease.
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The AI-powered video analytics refers to the surveillance system used by the enterprises to keep an eye on the business operations and detect time & space events in videos automatically. In addition to this, it is very complicated to maintain and monitor video surveillance while dealing with number of cameras as it uses lot of manpower. The main objective of this software is to identify, recognize, and track the object with real time video analytics. Furthermore, storage of space for data and rise in cases of internet breach in video surveillance are the major challenges for this market. However, the adoption of the latest technology by the various sectors like retail, healthcare, and traffic control are expected to propel the growth of AI-powered video analytics market in the upcoming years.
Key Benefits of the Report
1. This study presents analytical depiction of the AI-powered video analytics market along with the current trends and future estimations to determine the imminent investment pockets.
2. The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
3. The current market is quantitatively analyzed to highlight the growth scenario of the market.
4. Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
5. The report provides a detailed market analysis based on the present and future competitive intensity of the market.
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