Market Trends of AI Video Analytics Industry
Retail Sector is Expected to Hold Major Share of the Market
- Retail analytics refers to gathering and analyzing retail data such as sales, inventory, customers, and so on to gain valuable insights into shop performance. Retailers have conducted this study for years to better understand their customers' demands and current trends and make better marketing and operational decisions. Artificial intelligence and machine learning, for example, aid in this process. Intelligent software accelerates and improves retail analysis through automation and the ability to analyze vast amounts of data. It gives store managers detailed information about customer behavior. It measures foot traffic in businesses, allowing them to make informed decisions about optimizing store operations and improving the customer experience.
- Further, checkout counters are a significant bottleneck in the flow of consumers through a store. With fewer consumers and low registers, checkout lines get long, and the customer experience could be better. On the other hand, having fewer records open can result in idle checkout employees and lower profitability. By monitoring wait lengths to determine whether to open or close registers, video analytics can assist shops in maintaining the appropriate number of open records at any time. This is accomplished using store cameras to monitor zones at each available register. If the average number of individuals in the open register zones surpasses a predetermined level, Neal's solution can automatically send notifications to store staff to open the registers.
- Moreover, the rise in retail stores would create an opportunity for AI video analytics players to develop new tools to cater to a wide range of retail customers. For instance, According to the Bureau of labor statistics, in the 3rd quarter of 2022, there were 1,061,539 private retail trade establishments in the united states which is a rise from the 1st quarter of 2022 private retail establishments, i.e., 1,049,543. Further, according to the National Bureau of Statistics of China, there were 292,383 retail chain stores in China last year.
- By utilizing facial recognition technology, retailers can manage their operations more intelligently. Shop owners can study the behaviors of particular consumers and provide them with their preferred shopping experience by spotting similar faces around the store. Retailers may voluntarily offer customers the products they have used in the past when a return client visits the store, for instance. This fosters a solid bond of trust between the customer and the business. In such circumstances, the likelihood of customer retention is greatest.
- In February 2023, Google Cloud and Accenture announced new initiatives to help retailers modernize their businesses and benefit from cloud technology, including updates to Accenture's widely used ai. The Retail platform integrates Google Cloud's leading data analytics, AI, and product discovery capabilities. In addition, the two firms agreed on go-to-market campaigns to equip retailers with the technology and tools they need to transform store operations, building on collaborative customer achievements.
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Asia-Pacific Market will be the Fastest Growing Market
- Asia-Pacific is one of the most significant regions to deploy AI-based Video surveillance systems to curb crimes and generate real-time data to integrate into the system. Being one of the hubs for the IT sector, the Ai base surveillance has helped the region attract many businesses worldwide for investment, thus generating revenues and attracting FDI, creating safe business opportunities for the residents.
- China is one of the largest country's video surveillance markets. The country has built a vast surveillance network that utilizes cameras powered by facial recognition software, including cameras installed on buildings, streets, and lamp posts that can identify individual faces. For instance, Dahua Technology launched its Cooper-I Series XVR, which offers AI functions, including SMD (Smart Motion Detection) Plus and AI Coding. These advanced features are enabled by default and eliminate extra configuration, making the installation process significantly easier and faster.
- India's Union Budget noted the country depends heavily on technology. It was made evident with the fiscal budget 2021 India believes AI-based video surveillance and AI/Ml technology will help shape technology in India. India Finance Minister Nirmala Sitharaman said during the Fiscal budget 2021-2022 that The Ministry of Corporate Affairs (MCA) 's revamped portal version 3.0, MCA 21, will use data analytics, AI, and machine learning to make regulatory filings easier for businesses. This will make MCA-21 a 'single point of information and promote ease of doing business, re-adjudication, and online compliance monitoring.
- The high installations of CCTV would create an opportunity for the players to develop new AI video analytics solutions to capture the market share. For instance, in June 2022, The command-and-control room for the city's effort to install closed-circuit television (CCTV) cameras was set up by the Nashik Municipal Smart City Development Corporation (NMSCDCL). Up to 800 CCTV cameras could be put throughout the city as part of this INR 169 crore project, and more than 100 cameras have already been installed. By December 2022, the remaining cameras were to be installed.
- Japan has been actively developing AI video analytics technologies in recent years. There are companies in Japan that specialize in developing AI video analytics for public safety and security, such as Konica Minolta and SoftBank. Additionally, organizations in Japan have been using AI video analytics in response to the pandemic, for example, to monitor social distancing or enforce mask-wearing. There are also companies in Japan that specialize in AI-based video surveillance solutions, such as Gorilla Technology Group. Bosch Security and Safety Systems in Japan offers a video surveillance (VSaaS) service that uses built-in video analytics for AI-based data analysis. Japan's government is also leading in regulating AI technology, focusing on creating multistakeholder and agile governance frameworks to address AI's impact.
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