What is Video Analytics and Why is it Becoming Such a Big Player?
Explosive trends in the video analytics market has really caught the eye of business intelligent departments. This little known software is quickly picking up speed for an expansive amount of applications. From security to public safety to crowd management, video analytics have begun to see a big boom on the business world.
Video analytics, or intelligent video analytics, is software that is used to monitor video streams in near real-time. While monitoring the videos, the software identifies attributes, events or patterns of specific behavior via video analysis of monitored environments. Video analysis software also generates automatic alerts and can facilitate forensic analysis of historical data to identify trends, patterns and incidents. The software enables its users to analyze, organize and share any insight gained from the data to make smarter, better decisions. It can promote enhanced coordination across and within agencies and organizations. Its applications are widespread, including monitoring vehicle patterns or violations of traffic laws, or people entering restricted areas during defined time frames. The data can then be sorted by time and date or over an extended time period to create a trend analysis.
A simple function of video analytics is motion detection with a fixed background. More technical functions can include egomotion estimation (the 3D motion of a camera within an environment) and video tracking. From here can come identification (such as a specific vehicle—worst case scenario one in an Amber Alert) and behavior analysis. The technology used to accomplish video analytics include sensors, cameras, image compression techniques and connectivity techniques.
Video analytics come with many benefits to businesses especially in the security and public safety realms. It is often used to enhance these two sectors with comprehensive intelligence, security and investigative capabilities. The data derived from video analytics is designed to produce actionable intelligence to help enable city or infrastructure planners, law enforcement, or even managers and administrators to understand and respond to current situations. Other industries that have used video analytics applications also include education, transportation, banking and financial institutions, casinos, and gaming, and government industries.
There is also an increasing demand for video analytics for non-security reasons. One such reason that has really begun to catch a hold is counting and crowd management applications. This application can help end-users to measure the flow of people at certain exit and entry points within a building, facility or door all within real-time or during periodic reporting. Industries such as retail and entertainment have begun to use it for these applications. It helps in monitoring dwell time in retail stores and also people counting for concerts and more. Video analytics, however, aren’t just meant for the business world. Other beneficial applications can include flame and smoke detection and even home automation.
In the Global Video Analytics Market Report of 2016, Research and Markets estimated the video analytics market to grow from the USD 1.69 billion of 2016 to USD 4.23 billion by 2021 (a nearly 21 percent growth rate). The sudden increase in popularity of the video analytics market comes from an increase in security threats and the need for intelligent surveillance. The market is also driven by the increased use of cloud computing, the growing demand for automation, the need for infrastructural safety and for securing computing environment. Technological advances will continue to also affect market growth significantly. Especially as certain aspects such as ease of installation, HD quality video recording, enhanced user friendliness and biometric recognition technology are enhanced.
At the moment, North America is projected to have the largest hold in the market share from 2016 to 2021 as there has been a large adoption of video surveillance systems. APAC however, is expected to be the fastest-growing region in global intelligent video analytics market. This is due to the fact that this region has an increasing adoption of new technologies such as analytics, cloud, and also the development of smart city projects in countries such as Singapore, China, and India.