Ivideon Presents a Multifunctional Cloud-Based Video Analytics Service for Offline Businesses
Ivideon, a partner of the Rusnano Sistema investment fund and a resident of the Skolkovo information technology cluster, has presented Ivideon Analytics, a cloud-based end-to-end analytics service. By using consolidated video surveillance data from sales and service points in offline businesses, customer behavior can be analyzed in real time.
“Currently Ivideon counts more than 1,000 companies in the retail sector among its clients. Some of these are already using our video analytics service. It has been demonstrated that the use of face recognition technology can help retailers reduce losses from theft and fraud by up to 60%, and cut payroll expenses by 25%. Ivideon Analytics offers many other digital solutions which can open up new possibilities for marketing analysis: personalization of consumer behavior, help in understanding of how the sales area operates, and Customer Journey Map analysis. Ivideon’s computer vision technology can make any offline business transparent, allowing operators to observe and analyze processes that would otherwise be invisible. Ivideon currently has a 2/3 share of the cloud analytics market in Russia, and this new solution will allow us to grow further and increase our foreign sales,” said Andrey Yudnikov, CEO and founder of Ivideon.
Allied Market Research has valued the global video analytics market at $4.1 bln, and has forecast that its compound annual growth rate (CAGR) will be 22.7% over the next 7 years. The research agency considers that the main factor in the growth will be the increase in demand for cloud-based video surveillance services and in the volume of video data produced. Globally, video surveillance cameras generate more than 850 petabytes of video data every day. Another factor in the development of this market will be the increasing role played by AI and machine learning technologies in video analytics. The main business areas in which video analytics solutions are already in use and are being developed are the retail, medicine, logistics, financial services and manufacturing sectors.
In response to general market trends and consumer demands, Ivideon has developed Ivideon Analytics, an end-to-end video analytics service. This solution unites Ivideon’s existing analytical modules in a combined dashboard, providing information on visitor numbers, their age range and whether or not they wear masks, face-recognition data for both regular and new visitors, calculations on the average length of a customer visit, customer conversion rates and how long it takes to make a sale, and comparative data for different dates and data on the proportion of new visitors.
Ivideon Analytics’ face recognition function can help a business prevent incidents of theft. A blacklist of potentially dangerous visitors to shops can give shop managers or security staff advance warning of an approaching risk. Ivideon Analytics also has an anti-fraud function, which can monitor suspicious till operations.
The fact that Ivideon Analytics is a cloud-based system means that it is affordable for even small businesses as no expensive equipment or software needs to be purchased, and no installation or integration is required. In order to use the system, it is enough to activate one or more cameras, which may be of any brand, and enable the Ivideon Analytics system to access the camera feed. The system supports 98% of the video surveillance equipment currently on the market, and will cost the client about RUB 3,150 a month.
For large retail chains Ivideon Analytics also offers a “shop of the future” service: an additional module which conducts shelf analysis and automates merchandizing functions.
Ivideon offers direct access to API data, allowing the solution to be integrated into any corporate business system. All data, organized in different categories, can be visualized via the dashboard.
The RUSNANO Group includes the RUSNANO Joint Stock Company, the RUSNANO Management Company and the Fund for Infrastructure and Educational Programs. Thanks to RUSNANO’s investments, there are currently 138 factories and R&D Centers opened in 37 regions in Russia.