At the beginning of 2022, more than 1 billion CCTV cameras were installed in the world. Can you imagine how much content they produce?
Its analysis is done by a special software. And according to the latest research, in the coming years, the demand for video analytics will grow by leaps and bounds.
Today, video monitoring and analytics systems are being implemented practically in all aspects of life. While at the beginning they were mostly used by security and law enforcement agencies, now video analytics has become available and demanded by municipal authorities and the private sector.
Endless Possibilities
In populated areas, video monitoring is used to control traffic. In retail, it creates effective strategies for product placement and identifies shoplifters. The malls are responsible for monitoring consumer flows. Industrial enterprises, warehouses, and banks use video analytics to improve productivity, quality control and identify emergency situations.
Now it is clear that the possibilities of video technologies are almost limitless and very effective. As a result, the demand for video monitoring stimulates the growth for video analytics.
Development Triggers
The increase in terrorist threats and the COVID-19 pandemic have significantly pushed the demand in the video surveillance market. Humanity has realized that it wants to live in a safe environment and work smarter, not harder. Nowadays, rapid progress in the development of artificial intelligence, neural networks and cloud computing has made video technologies available to the general public.
When these factors converged, first big business, and then government agencies and mid-level enterprises realized the effectiveness of video monitoring. It has been used to increase the productivity of employees and reduce costs, and the development of software analytics has taken video surveillance beyond its original security concept. Currently, video technologies help business management to confirm or deny the validity of decisions made. In other words, AI partially takes over the management of business processes.
Today, more than 80% of surveyed executives indicate that they plan to either use video analytics in their business, or invest in its development.
Areas of Future Use
According to experts, in the next few years, an increase in demand for video surveillance systems is predicted in the areas of medium and small businesses.
In retail, this is dictated by the need to fight losses from improper storage of goods and theft. In the banking sector — control over financial transactions.
Industries such as hospitality and aviation have already begun to invest heavily in surveillance to counter the threats of crime and terrorism.
Specialists in marketing and merchandising are becoming more aware that video surveillance cameras combined with video analytics can provide numerous analyses of customer behavior and their interaction with products.
The video surveillance market is expected to reach $71 billion by the end of 2030.
Most likely, video analytics will begin to infiltrate conservative industries such as healthcare and construction. And of course, one of the main applications of the future is smart cities. A whole new trend is video analytics for body-worn surveillance cameras and surveillance drones.
Geography of the Demand
Analysts say that the demand for video surveillance systems will grow particularly fast in the Asia-Pacific region, namely in China, India, and Japan. It is primarily there the main companies producing such equipment, and the crime situation in these countries remains at an insecurely high level.
Great popularity will be seen in North America and in Europe, where infrastructure is being improved while the number of traffic accidents is increasing and concern for public safety is growing. Separately, experts highlight Saudi Arabia.
Going forward, video analytics will continue to evolve at the rapid pace, moved by the desire to provide increased business intelligence, empower to work more efficiently, effectively, and safely. After all, the world is becoming increasingly digital.