The global visual analytics market is foreseen to reach USD 10.78 billion in 2024 and USD 47.60 billion by 2032, growing at a CAGR of 20.4% during the forecast 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 users to analyze, organize, and share any information obtained from the data to make better and smarter decisions.
Video analytics are implemented in cities, 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 them. 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.
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, some of which 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.
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
20.4% |
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Segments Covered |
By Component, Deployment, Organization Size, Business Function, Industry, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
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) and Others. |
the global market is bifurcated into Software and Services.
the market comprises IT, sales and marketing, finance, supply chain, and HR.
the market is forked as cloud and on-premises.
The organization size includes SMEs and Large enterprises.
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.
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.
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).
In 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.
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.
By Component
By Business Function
By Deployment Mode
By Organization Size
By Industry
By Region
Frequently Asked Questions
The primary drivers of the global visual analytics market include the exponential growth of big data, the rising need for real-time data analysis, and the increasing adoption of visual analytics tools for business intelligence and decision-making purposes. Additionally, advancements in technologies like AI and machine learning are further augmenting market growth.
The integration of AR and VR technologies with visual analytics tools is revolutionizing data visualization and decision-making processes. These immersive technologies enable users to interact with data in novel ways, fostering deeper insights and enhancing user experiences across industries such as gaming, healthcare, and architecture.
Emerging trends in the visual analytics market include the convergence of analytics with other emerging technologies like IoT (Internet of Things) and blockchain, the proliferation of self-service analytics tools empowering non-technical users, and the increasing focus on predictive and prescriptive analytics capabilities to anticipate future trends and optimize decision-making processes.
Regulatory frameworks, such as GDPR in Europe and HIPAA in the United States, are influencing the adoption and deployment of visual analytics solutions by imposing stringent data protection and privacy requirements. Compliance with these regulations is paramount for organizations leveraging visual analytics to ensure ethical data handling practices and mitigate legal risks.
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