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AI in Video Analytics Market is set to be driven by a rise in demand among enterprises for actionable insight
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The in-depth analysis conducted by analysts at TMR provides an extensive report about the ongoing market scenario. It enlightens the stakeholders with the market trends, industry drivers, constraints, opportunities, and challenges in the AI in video analytics market. AI in video analytics market is analyzed based on component, deployment type, application, industry, and region. This report is essential for insights into the AI in video analytics market during the forecast period of 2021-2031. The impact of COVID-19, in particular, is also covered in this report.
AI in Video Analytics Market: Key Trends and Opportunities
The paradigm shift in intelligent software has surpassed the conventional surveillance methods. The advanced surveillance systems have pervasive self-learning capabilities which can be utilized in the given space.AI can monitor the surveillance cameras 24/7. Furthermore, it can provide real-time analysis, map, track and control suspicious movements and save lives. The government bodies of various countries are indulging in setting up surveillance infrastructure to provide a secure environment to the masses. In addition, the scope for use in smart homes and healthcare software may propel the growth of the AI in the video analytics market. All these aspects may influence the growth of AI in video analytics market. AI is creating immense impact due to its self-learning capabilities. It detects the objects and provides signals if there is any threat.
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Issues such as area monitoring, vehicle analytics, traffic monitoring, parking occupancy, and people tracking can be resolved by using AI in video analytic techniques. AI in video analytics technology allows the surveillance software to identify irregular activities and provide utmost safety. The benefits of AI in video analytics are leading the world to a level of sophistication. These aspects may create immense opportunities for the AI in video analytics market.
Video analytics provides advanced security, process optimization, and quality checks in the retail, healthcare, building, and construction sectors. Applications include touch-less access to offices, reducing patient waiting time at healthcare units, customer behavior and product assortment at retail stores, inspection, and diagnosis of pipeline condition at energy and utility companies. These advancements may provide ample growth opportunities to the AI in video analytics market.
The COVID-19 pandemic has changed the growth projections of many industries and sectors. However, many relaxations have been introduced after a brief period of lockdown, which is proving to be a boon for the growth of the AI in video analytics market.
AI in Video Analytics Market: Competitive Prospects
AI in video analytics is used in various industrial applications such as healthcare, transportation, retail, and security. The key players in the AI in video analytics market are focussing on configuring the devices for better performances. Competition in the AI in video analytics market is intense owing to the presence of well-established key players. Heavy investments for research and development activities are being made to remain at the forefront in the cutthroat competition. New technologies are proving to be key growth strategies of players in the AI in video analytics market. Key players collaborate with research organizations and government departments for insights into required advancements. Detailed discussions and presentations with clients add to the impact of AI in video analytics market.
Some of the key companies operating in the global AI in video analytics market are AllGoVision, IBM Corporation, Agent Video Intelligence Ltd., NICE Systems, Viseum International Limited., Cisco Systems, and Object Video Labs, LLC.,
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AI in Video Analytics Market: Regional Analysis
The global AI in video analytics market can be segmented into North America, South America, Asia Pacific, Europe, and Africa based on region. In the current scenario, North America commands the AI in video analytics market, mainly because of the wide use of AI in video analytics tools by enterprises in the region. The development of AI in video analytics tools by technology companies is also fueling the AI in video analytics market in the region. Asia Pacific is expected to be an emerging region in the AI in video analytics market in the coming years. Businesses in the region are increasingly adopting AI in video analytics tools to eliminate threats. Furthermore, the region is a home pitch to some world-class technology companies and is witnessing entry into the AI in video analytics market.
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