Ericsson (NASDAQ:ERIC, news, filings) and TRU Recognition, a leading innovator in vision-based recognition technology today announced their partnership to validate the LIFT Smart Video Platform and perform a pilot program in Australia.
PRESS RELEASE
OCT 03, 2024
This innovative solution is set to transform how enterprises utilise vision-based recognition technology, to enhance decision-making processes and improve customer experience, while reducing implementation cost and risk, and delivering faster time to value.
LIFT Smart Video Platform uses TRU Recognition’s Advanced AI Video Analytics IP Framework with Ericsson’s cutting-edge 5G capabilities, enabling businesses to scale video-driven AI use-cases across all areas of the business, including, sales, operations, security, and customer experience and make better data-driven decisions in real time.
The LIFT Smart Video Platform is being deployed at a time when the global video analytics market, is projected to grow to $386 billion by 2031. In the ANZ region alone, the market is expected to double from $700 million in 2024 to $1.3 billion by 2030. The platform’s value proposition is its ability to reduce time-to-value and enhance AI coverage, flexibility and accuracy in this rapidly expanding field.
The initiative arrives at a critical juncture as two major Australian retailers adopt the LIFT Smart Video Platform in pilot programs, to address their specific loss prevention and shrinkage challenges, while driving improvements in customer experience nationwide.
Key Features of the LIFT Smart Video Platform:
- Real-Time Video Analytics: AI-driven insights from live video streams, enabling immediate action on critical events.
- Scalability: Powered by Ericsson’s advanced 5G technology, the platform supports both public and private networks, offering unmatched scalability for enterprise needs.
- Flexibility and Simplicity: Addresses all enterprise use case requirements while providing video stream processing either on-premise, at the edge or centrally to ensure the most cost effective video data management and cloud computing set is beingutilised.
- Enhanced Security and Privacy: The platform includes robust security and privacy management features, ensuring compliance with the highest standards.
- Multi-Industry Applications: Suitable for diverse industries including retail, public safety, transportation, and manufacturing, with use cases ranging from theft detection to operational monitoring.
Max Bolkovsky, CEO of TRU Recognition says, “This collaboration goes beyond technology—it’s about a commitment to innovation. We aim to empower enterprises by eliminating barriers to progress and ensuring their investments in Vision AI are future proof. We’re thrilled about the potential of this partnership and the profound impact we can make on industries alongside forward-thinking companies that recognise the transformative power of vision-based innovation”.
Emilio Romeo, Head of Ericsson, Australia, and New Zealand, says, “Together with TRU Recognition, we are setting a new standard for what is possible with Visual AI and 5G in the enterprise sector. The LIFT Smart Video Platform exemplifies how advanced connectivity can unlock new capabilities in video analytics, driving value for our customers and their operations. This technology will see enterprises manage diverse and multiple dimensional business challenges, from strategic decision-making and operational efficiency to improving customer experience across key industries.”
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ABOUT ERICSSON:
Ericsson’s high-performing networks provide connectivity for billions of people every day. For nearly 150 years, we’ve been pioneers in creating technology for communication. We offer mobile communication and connectivity solutions for service providers and enterprises. Together with our customers and partners, we make the digital world of tomorrow a reality.www.ericsson.com
ABOUT TRU RECOGNITION:
Our mission is centred on bringing the ecosystem of intelligent video analytics (IVA) together to ensure customers’ vision AI investments and innovations are future-proofed while maintaining the highest standards of security, privacy, and ethics. We empower enterprises to lower costs, elevate customer experiences, and mitigate risk by strategically leveraging our platform.
www.trurecognition.io/tru-platform
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