Growth in use of digital devices and smartphones generates large volumes of video data. it’s not feasible to trace and supervise the high volume of data manually. Further, digitalization and increase in internet penetration also generates huge amount of data. Several industries like retail, BFSI, energy & utilities, and healthcare and little and medium enterprises (SMEs), residential buildings either have installed or are getting to use cameras for security reasons.
The implementation of video analytics has helped enterprises to trace and monitor large chunks of video data including web videos, commercial video programs, and first-person social networking videos. This ensures effective use of video management systems
“Global Video Analytics Market was Valued at US$ XX Bn in 2018 and it is Expected to Reach More than US$ 17.6 Bn by 2027, Likely to Grow with the CAGR of 20.8% During the Forecast Period”
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The retail sector dominated the general video analytics market size in 2017 and is predicted to exhibit significant growth during the forecast period. the expansion of this sector is especially attributed to the rise in got to monitor consumer behavior, buying criteria, the pattern of product selection, and therefore the time a consumer spends on particular sections within the retail industry. Additionally, growing requirement of solutions for customer engagement, queue management, loss prevention, and store optimization is additionally driving the necessity of video analytics within the retail industry.
North America is predicted to account for the most important market size during the forecast period. North America is predicted to carry the highest market share and dominate the market from 2018 to 2027, thanks to the presence of an outsized number of solution vendors within the US. The APAC region is witnessing momentous growth opportunities, due to increasing technology income in major countries, like China, Japan, and India, and therefore the demand for cost-effective analytical software.
For instance, on October 2018, Honeywell announced that it has upgraded video management system (VMS), equIP Series cameras line, and MAXPRO network video recorders (NVR) with extended capabilities. Key industry players like Aventura Technologies, Inc., Quognify, AllGoVision Technologies Pvt. Ltd, Axis Communications AB, Honeywell International, Inc., Cisco Systems, Inc., IBM Corporation, PureTech Systems, Inc., Intellivision, Verint Systems, Inc., among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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