AI-based video analytics is creating lucrative opportunities across retail, healthcare and construction. Here are the five trends redefining the market.
Unprecedented times have reshaped conventional work practices, and AI-based video analytics solutions have gained significant market traction as a result. Video analytics is creating lucrative opportunities for market players across sectors including retail, healthcare, and building & construction, as organizations look to extract meaningful, structured insight from the footage they already capture.
Introduction to Video Analytics
AI-enabled video content analysis is expanding rapidly. Governments monitor traffic congestion while organizations extract structured metadata from live or recorded footage using artificial intelligence and deep learning. Modern AI-enabled video analytics capabilities include human action recognition, anomaly detection, contextual understanding, emotion recognition, wide-area surveillance, and video search & summarization.
The Five Trends Driving the Market
- Decision Intelligence: Gartner projected that by 2023 more than 33% of large organizations would have analysts practising decision intelligence, blending decision management and support to automate or semi-automate documented, auditable decisions.
- X Analytics: a Gartner-coined term for analytics across varied data types, text, video and audio, which helped medical experts during the pandemic by analyzing research papers, social media and clinical trial data.
- Augmented Data Management: combining ML and AI to optimize operations, examining operational data samples and tuning configurations for stronger security and performance.
- Rising Cloud Acceptance: leaders increasingly depend on cloud services, though data teams still face challenges aligning services with the right use cases and controlling costs.
- Blockchain in Data and Analytics: an emerging technology offering full lineage transparency, though experts expect ledger database management systems to replace most permissioned blockchain uses.
Conclusion
Combining AI and ML within video analytics software can exponentially expand the capabilities of the analytics, offering better and more sustainable results. Leaders across every sector are encouraged to leverage these technologies to uncover patterns and achieve positive, measurable outcomes.