LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global AI-powered video analytics market to grow at a CAGR of close to 42% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the growing attention among organizations for supply chain visibility as one of the key emerging trends in the global AI-powered video analytics market. The growing interest among organizations to obtain visibility over the entire business supply chain from the perspective of both the enterprise and consumers has led to the adoption of AI-based video analytics applications. These applications help monitor, detect, and identify unusual changes in the supply chain of an organization. Enterprise can monitor product performance through data manipulation, provide resourceful insights, and identify the key performance areas responsible for increasing or decreasing the sales of a product. Moreover, the alert systems in AI-based video analytics enable managers, suppliers, partners, and customers to identify problem areas and together work toward achieving a solution to reroute their resources.
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In this report, Technavio analysts highlight the use of M2M technology for remote patient monitoring as a key factor contributing to the growth of the global AI-powered video analytics market:
Growing demand for data integration and visual analytics
Rising IT complexity has made the process of deploying and maintaining reliable data interfaces more difficult. Globally, enterprises are now adopting data integration solutions to overcome such instances. AI-powered video analytics offers on-demand accessibility to real-time synthesis of data and real-time analysis for effective decision-making. This feature allows enterprises to monitor, transform, and deliver data: understand business processes; and bridge the gap between business and IT. Similarly, it helps enterprises integrate technical and business processes from various sources and convert them into meaningful business insights.
According to a senior analyst at Technavio for IT professional services, “The need for analysis, transformation, monitoring, and interpretation of data has become a priority to facilitate smooth functioning of different business operations owing to an exponential surge in data volume.”
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Global AI-powered video analytics market segmentation
This market research report segments the global AI-powered video analytics market into the following end-users (retail, transportation, infrastructure, and enterprise) and key regions (the Americas, APAC, and EMEA).
Of the four major end-users, the retail segment held the largest market share in 2017, accounting for nearly 38% of the market. The market share for this end-user is expected to decrease nearly 2% by 2022. The fastest growing end-user is transportation, which will account for nearly 24% of the total market share by 2022.
The Americas was the leading region for the global AI-powered video analytics market in 2017, accounting for a market share of nearly 52%. By 2022, APAC is expected to witness the highest growth of nearly 4%.
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