Visual Analytics Market

Global Visual Analytics Market Size & Growth (2021 – 2026)

The global visual analytics market is foreseen to expand from $ 4.26 billion in 2019 to $ 8.51 billion by 2025, at an annual development rate (CAGR) of 20.4% over the outlook period.

Video analytics is software used to monitor video transmissions in real time. Monitoring videos helps recognize various attributes, events or behavior patterns of the respected environments. The software can create automatic alerts and allow forensic analysis of conventional data to recognize related patterns, trends, and incidents. The software allows its users to analyze, organize and share any information obtained from the data to make better and smarter decisions.

Video analytics are implemented in city, shops, vehicles, and workplaces and are used to gain insight for decision making. The video surveillance industry uses it to analyze threats, recognize, mitigate and monitor. China is investing heavily in facial recognition capabilities.

Video analytics is not only implemented to produce heat maps of customer movement and store planning, but it is also widely adopted to combat retail organized crime. As an example, Inpixon, a dedicated indoor positioning and data analytics company, has worked with the National Association Against Organized Commercial Crime (NAORCA Worldwide) to tackle retail crime.

Recent Developments:

• March 2020: Motorola Solutions introduced the latest addition to its video analytics and security portfolio, Avigilon Control Center (ACC) 7.6. ACC 7.6 is the latest version of the company's video management software, which enables multiple business customers to efficiently monitor their facilities with new features and AI-based facial recognition scans.
• October 2019: Canon and Agent Video Intelligence have formed a partnership to launch the first AI-based cloud video analysis service in Singapore. Collaboration with Agent Vi will enhance Canon's suite of visual networking solutions, providing businesses with seamless connectivity with maximum productivity and low cost.
• Alteryx announces the opening of its new office in France. With this expansion, the company is accelerating its growth and offering its analytical solution to its customers in southern Europe, namely: Renault and Caisse d'Épargne.
• Oracle announced the opening of the new Innovation Lab in Deerfield, Ill. To explore digital transformation and the latest technology. This new construction and engineering innovation lab allows users to interact with pioneering solutions such as visualization, autonomous vehicles, connected devices, drones, augmented reality, and artificial intelligence tools.

Market Growth and Trends:

Retail segment is expected to account for a major share in future

• Today, a lot of information is captured in retail stores in the form of videos, which are used for loss prevention, theft analysis and post-accident analysis. Real-time video analytics can reveal diverse information from store-captured videos and help improve store operations and customer experience.
• The retail sector is also focusing on the deployment of innovative solutions to increase security and the customer experience, for which some of them are implementing facial recognition technology. From security to advertising, there are a plethora of facial recognition apps in use in retail. From sending personalized ads to identified buyers to identifying gender, age, number of customers, and capturing product display time, the apps are endless.
• For example, the large US retailer Walmart claimed that it was using image recognition cameras during registration to identify the theft. Having used the innovation in more than 1,000 stores, the organization has also invested in ensuring the safety of its customers and associates. Companies like Identiv Inc. have a dedicated product portfolio called 3VR Retail Optimization Analytics that is dedicated to demographics, queuing, people counting, and timeout analysis.
• The cashless store implementation is gaining traction, with a range of cameras and sensors, tracking customer movements and items retrieved from shelves, and processing data using computer vision and computer vision, machine learning to determine who to bill for which. In November 2019, Amazon Go announced plans to expand as no-pay shopping begins to permeate the retail landscape.

Impact of Covid-19 on Visual Analytics Market:

Government surveillance is increasing around the world due to the COVID-19 outbreak. From Israel to South Korea to China, governments around the world are using technology to track the COVID-19 epidemic as they compete to stop its spread. They combine location data, camera footages, and credit card data to recognize the patterns of COVID-19 in their countries. Being able to quickly analyze massive video data in terms of real-time situational awareness is increasingly essential for complex investigative procedures, especially in coronavirus-related emergencies.

Market Drivers and Restraints:

The main factor driving the adoption of visual analytics is the increasing demand for analytics tools among companies and the increased use of visually oriented data. Visually controlled data enables users to quickly view, interpret, and analyze information. Also, with the help of visual analysis, users can create their reports and dashboards using visualization tools like charts, graphs, pivot table widgets and others. These tools help define the data in easy, interpretable terms. By investing in a visual analytics tool, these organizations can be assured that they are taking a step in the right direction to empower users, increase productivity, and have a positive impact on the overall business.

The main challenge in halting the global visual analytics market is the lack of qualified personnel capable of working on advanced business intelligence tools. Furthermore, visual analysis tools cannot be completely relied upon, as these tools may also contain errors. Therefore, it can be risky if the results of these tools are not verified correctly. Other challenges are the lack of adequate governance and inconsistent data.

GLOBAL VISUAL ANALYTICS MARKET REPORT COVERAGE:

Global Visual Analytics Market segmentation:

The global visual analytics market is divided by component, deployment, organization size, business function, industry, and region.

Global Visual Analytics Market By Component: 

the global market is bifurcated into Software and Services.

Global Visual Analytics Market By Business Function:

the market comprises IT, sales and marketing, finance, supply chain, and HR.

Global Visual Analytics Market By Deployment:

 the market is forked as cloud and on-premises.

Global Visual Analytics Market By Organization Size:

The organization size includes SMEs and Large enterprises.

Global Visual Analytics Market By Industry:

 the global visual analytics market is classified into IT, Retail, BFSI, Manufacturing, Military and Defense, and Transportation and Logistics, among others. The retail segment is foreseen to expand with a considerable CAGR in the coming years. The supply chain area of every industry deals with large and complex structures. To cope with such complex structures, organizations have invested in information technology to improve the quality and availability of data. For instance, DynCorp implemented the visual analysis tool from Qlik Software, which is a leader in visual analysis and business intelligence.

Regional Analysis:
North America is one of the most important regions in the global video analytics market. The region, particularly the United States, is one of the leading innovators and investors in technology. In addition to this, the high adoption among end-user industries and the involvement of regional governments in the development of video surveillance infrastructure further drive the adoption of video analytics solutions in North America.

Key market players:

The global visual analytics market consists of some major players and new market entrants including IBM Corporation (US), Oracle (US), SAP (Germany), SAS Institute (US) , Tableau Software (USA), Microsoft (USA), MicroStrategy (USA), TIBCO Software (USA), Qlik (USA) and Alteryx (USA).