Audio and Video Analytics Software Market: Introduction
- Video analytics is an automatic analysis and computerized processing of video content generated, collected, or monitored during video surveillance. Audio analytics is about analyzing and understanding audio signals captured by digital devices.
- Video analytics software is used to analyze video feeds and alert security, whereas audio analytics software is used to detect audio for video and security systems. In most cases, audio analytics software are processed with video analytics software, for surveillance in public areas.
- The COVID-19 outbreak has been the main catalyst for the growth and adoption of audio and video analytics software. Organizations, institutions, and governments are now focusing on surveillance across the world. Besides, governments globally have ramped up measures to adopt audio and video analytics software to swiftly respond to the crisis of COVID-19. This is expected to enhance the demand for audio and video analytics software among government agencies for public safety.
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Global Audio and Video Analytics Software Market: Market Dynamics
- Video surveillance needs are increasing, and the demand for video and audio analytics is growing in various sectors such as retail, government, and BFSI, among others. This increasing need is facilitating the growth of the audio and video analytics software market.
- Another factor which is expected to drive the audio and video analytics software market during the forecast period is the inefficiency of surveillance authorities to physically monitor and recognize suspicious events from various video data, thus leading to the growing need to find actionable observations from a large amount of audio and video data generated.
- Rising concerns about ensuring the protection and safety of the population across developed and developing countries is projected to enhance the growth of the audio and video analytics software market.
- An increase in demand for IP-based security cameras is expected to increase the demand for audio and video analytics software.
- Growing adoption of Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML) for security systems is expected to drive the demand for audio and video analytics software across the world.
- Increasing investment for smart city development from government bodies and private construction companies across developed and developing economies is expected to trigger the demand for audio and video analytics software during the forecast period 2020- 2030.
North America to Account for Major Share of the Global Audio and Video Analytics Software Market
- In terms of region, the global audio and video analytics software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global audio and video analytics software market, due to government initiatives and investment in smart city development in the U.S and Canada. This factor accelerates the growth of the audio and video analytics software market in the North America region.
- The audio and video analytics software market in Asia Pacific is expected to hold significant share due to rising infrastructure investments by governments for smart cities in developing countries. In addition, the China government has launched an initiative called ‘Made in China 2025,’ to promote industrial growth. In the same way, India launched the ‘Make in India’ initiative, all of which is expected to fuel the growth of the audio and video analytics software market across Asia Pacific.
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Global Audio and Video Analytics Software Market: Competitive Landscape
Key Players Operating in the Global Audio and Video Analytics Software Market
Companies operating in the audio and video analytics software market are increasingly investing in research and development to develop new and innovative techniques to provide audio and video analytics software. The audio and video analytics software market is highly fragmented with the presence of numerous manufacturers in both developed and developing regions. Key players operating in the global audio and video analytics software market are:
- Analytics Vidhya
- Audio Analytic Ltd.
- Avaya Inc.
- Aventura Technologies, Inc.
- Avigilon Corporation
- Bosch Sicherheitssysteme GmbH
- Cisco Systems, Inc.
- Honeywell Corporation
- IBM Corporation
- Inflow Technologies
- Milestone Systems A/S
- NICE Ltd.
Global Audio and Video Analytics Software Market: Research Scope
Global Audio and Video Analytics Software Market Segmentation, by Component
Global Audio and Video Analytics Software Market Segmentation, by Deployment
- On- premise
Global Audio and Video Analytics Software Market Segmentation, by End-user
- Retail and e-commerce
- IT & Telecom
- Transportation and Logistics
- Others (Life Sciences, and Construction)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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