VIDEO ANALYTICS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

In retail stores, a lot of information is captured in videos for loss prevention, theft analysis, and post-analysis when a mishap occurs. Hence, real-time video analytics can unravel various insights from videos captured in stores and help improve store operations and the customer experience.

Moreover, the global retail sector is also focusing on deploying innovative solutions to increase security and customer experience, for which a few are implementing facial recognition technology. From security to advertisements, many face recognition applications are being used in retail. From sending customized ads to identified shoppers to identifying gender, age, and customer count to capturing glance time on products, the applications are endless.

As per Zenith, global ad spending is increasing steadily; last year, it stood at USD 722.84 million. Additionally, ad spending worldwide is expected to reach around USD 885 billion by the end of 2024. Hence, a significant share of the expenditure is on gaining consumer insights into target the consumer segment. This is where video analytics finds a prime opportunity, where video analytics can be used for heat mapping, customer services, and reducing retail shrinkage. The growth opportunities in this space are ample for the technology's growth.

For instance, the prominent US retailer Walmart has affirmed that it utilizes image recognition cameras at registration to identify theft. Having used the innovation in more than 1,000 stores, the organization has also invested in ensuring safety for its customers and associates. Moreover, companies like Identiv Inc. have a dedicated product portfolio known as 3VR Retail Optimization Analytics that engages in demographics, queue line, people counting, and dwell time analytics.

As per the India Brand Equity Foundation, by 2026, the total retail market in India is expected to surpass 1.7 trillion, representing an increase of over 80% compared to 2018. This significant rise in India's overall total retail market will significantly augment the market's growth throughout the forecast period.

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