The video analytics market looks promising as the technology of video analytics remains in its infancy. There seem a wide range of emerging applications across various industries.
What is the future of video analytics in the coming years?
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The global video analytics market size is expected to grow from around US$ 2 billion in 2018 to nearly US$ 10 billion by 2026.
Video analytics is basically a computerised processing and automated analysis of created, captured or tracked video content during video surveillance. Video surveillance, public security and social media web forums produce a large amount of video data, which requires a lot of storage. Video analysis automates the video surveillance process by providing users with cost-effective services and high-end benefit.
The growth in the use of digital devices and smartphones creates large amounts of video data. The high volume of data cannot be tracked and manually controlled. In addition, digitalising and increasing internet penetration generates an enormous amount of data. Many industries such as banking, financial services and insurance (BFSI), power & energy, and health care and small and medium enterprises (SMEs), have either installed or are preparing to use cameras for security reasons. The video analytics can help organisations track and analyse large sections of video data, including web videos, commercial video services and social networking videos.
The development of the video analytics industry is expected to drive increased demand for data-based IP surveillance and services and increased concern for life and safety. Video analytics software has a variety of features that make it easy to integrate into any monitoring system. Various leading producers, including Milestone, are developing software for video analytics.
They are mostly used for decision-making purposes. Several industries are rapidly changing with IoT adoption, machine learning algorithms, smart devices, robotics and artificial intelligence. For instance, the Video surveillance sector uses video analytics to evaluate, identify, prevent and track threats. They are mainly used to detect motion, recognition visual and reading license plates, counting people, calculating resources for retail stores, identifying long check-out lines and sending a warning.
Nonetheless, the growth of the video analytics market is expected to face some challenges due to the number of false alarms in bad weather, poor lighting and high initial installation costs.