The business environment is facing changes in customer needs and rising price pressures due to intense competition. This has accelerated the need for enterprises to use metrics for measuring the performance of various business operations.
Enter Intelligent Video Analytics
Intelligent video analytics (IVA) solutions help enterprises to rise ahead of their rivals since they transform raw video data into useful information that can be displayed on a real-time basis. Moreover, IVA provides marketing teams with significant insights such as head count, vehicle count, and other information that help them to identify customers’ buying behavior.
IVA helps companies to make strategic decisions by coordinating their various departments, therefore enabling them to respond to the customers in a better way. This has benefited several companies and helped them achieve a competitive edge over their rivals.
That being said, it shouldn’t come as a surprise that the global intelligent video analytics market is expected to grow at a CAGR of 33.20 percent from 2014-2019.
Growing Data Volume of Unstructured Video
Many organizations and residential buildings are adopting video surveillance for security reasons. The government sector is also investing in video surveillance. Unstructured videos of poor quality cannot be used for investigation purpose and hence, the videos are converted into better quality videos to get proper information.
Further, the growing usage of digital devices and smartphones has resulted in increased volume of video data either uploaded or downloaded on social network sites such as YouTube, Facebook, and others. All these factors have generated a lot of unstructured video data in recent years that need to be analyzed to get meaningful insight and to justify the investments made.
Integration of IVA Solution with BI Tools
The global IVA market is witnessing a growing demand for IVA solutions that incorporate BI tools that help companies to make better decisions by providing accurate, reliable, consistent, and easy-to-understand data in an actionable format.
When operational data are integrated with BI, companies generate profits by identifying and implementing profitable projects, increase sales, enhance customer loyalty, and retain customers by optimizing customer experience management. This also helps organizations to predict the future behavior of the potential and existing customers.
