TechNavio, the independent tech-focused global research firm has released its report on the Global Intelligent Video Analytics (IVA) Market. The market is posting a CAGR of 34.12 percent from 2013-2018, with greater demand for integration of IVA with business intelligence tools being cited as one of the major growth drivers.
The report indicates that as more organizations implement video surveillance systems, the amount of unstructured data generated is increasing exponentially. This has led to a need for increasingly sophisticated systems to process and analyze the data.
IVA helps end-users automatically detect events of interest and recognize a range of behaviors on a real-time basis, without an operator having to view the video. The technology distinguishes objects in motion based parameters such as size and shape, providing advanced monitoring capabilities for end-users that help them conduct highly sophisticated video surveillance.
Research from TechNavio has identified the following factors as major market growth drivers:
• Increasing Generation of Unstructured Video Data
• Increasing Security Concerns
• Increasing Demand for IVA with Business Intelligence (BI) Tools.
“When operational data is integrated with BI features, companies can generate profits by identifying and implementing profitable projects, increase sales by applying fact-based selling tools, enhance customer loyalty, and retain customers by optimizing customer experience management,” says Faisal Ghaus, Vice President of TechNavio.
“Organizations can use IVA solutions combined with BI tools to predict the future behavior of potential and existing customers, which is a major driver for the growth of the market over the forecast period.”
The TechNavio report also delves into trends and challenges that could impact market growth over the projected period.
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
TechNavio (technavio.com) is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.
We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.
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