Rise in the use of AI in video analytic techniques for different purposes such as vehicle analytics, area monitoring, parking occupancy, people tracking, and traffic monitoring is estimated to drive the sales prospects in the AI in video analytics market in the years ahead.
AI in video analytics technology is gaining traction owing to its ability to offer the surveillance software to recognize non-standard activities as well as deliver highest level of safety. Hence, rise in awareness about the advantages of this technique are generating promising business prospects in the AI in video analytics market. Furthermore, a rise in the focus of government authorities on setting up strong surveillance systems is boosting the market growth.
Video analytics is being utilized for different purposes such as process optimization, quality checks, and advanced security in many industry verticals such as healthcare, retail, and building and construction sectors. This technique is being increasingly adopted as it offers different advantages such as decreases patient waiting time at healthcare units, provides touch-less access to offices, helps in inspection & diagnosis of pipeline condition at energy and utility companies, and product assortment and customer behavior at retail stores. On the back of these applications of the technology, the global AI in video analytics market is anticipated to gather exceptional growth avenues in the forthcoming years.
Presence of many well-entrenched players such as IBM Corporation, AllGoVision, NICE Systems, Agent Video Intelligence Ltd., and Viseum International Limited makes the competition levels in the global AI in video analytics market highly intense. Hence, the market enterprises are using different strategies to stay ahead of the competition. For instance, several organizations in the market for AI in video analytics are focused on offering advanced services. Hence, they are seen increasing cash in-flow toward R&D projects.
North America: Prominent Region for Market Players
South America, North America, Europe, Africa, and Asia Pacific are some of the key regions of the global AI in video analytics market. Of them, North America is one of the leading regions for companies operating in the AI in video analytics market owing to increased use of varied AI in video analytics tools by regional enterprises.
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