The incorporation of video analytics in surveillance has witnessed a sharp incline in the last few years across different industry verticals, such as manufacturing, healthcare, transportation, and banking, to name but a few. According to Allied Market Research, in 2019, the global video analytics market was valued at £3.5 million. Furthermore, it is projected to reach £19 million by 2027, a 22.7% increase in compound annual growth rate (CAGR) from 2020 to 2027.
The development of smart cities simultaneously has come up as one of the protruding factors fueling the demand for top-end video analytics solutions in more than one way. The growing use of connected devices and video surveillance systems in developed and developing countries have increased market growth. According to a report by Consumer Technology Association, expenditure on smart cities worldwide will hit almost more than thirty-four billion USD (£34.7 billion) by 2020.
The retail sector globally also incorporates video analytics to streamline its business and operations. Video analysis is being increasingly included to process proper store planning and customer movements, thus helping retail check crime.
The deployment of checkout-free stores is also getting popular nowadays. In 2019 only, Amazon Go declared its expansion as checkout-free shopping worldwide.
During the first quarter of 2021, Honeywell International proclaimed collaborating with SAN’s (San Diego International Airport’s) ammeter program, the Airport Innovation Lab, to assess and examine the use of innovative video analytics technology to perk up airport health and safety measures altogether. Taking recourse to video analytics, AI, and deep learning, the pro-watch VMS by Honeywell takes in advanced cameras to detect if the occupants in the airport are acting following the guidelines regarding wearing masks and social distancing. The advanced analytics doles out a perfect level of precision and reports cases of noncompliance to the airport staff.
The global health crisis, i.e., the Covid-19 pandemic, even intensified the security & surveillance measures across the world. Government bodies in most countries were seen to incorporate video analytics technology to keep a check on the situation. However, even if the workplaces started reopening, there was still a deep need for constant surveillance of the mandatory hygiene protocols such as inhibiting indoor crowds, observing employees for sickness symptoms, social distancing, and many more. Here, video analytics empowered several industry spheres, specifically healthcare, to monitor occupancy in clinical settings endlessly. Be it the count of individuals in explicit areas or the number of visitors, the technology facilitated proper occupancy monitoring. It made sure that all the imposed norms were perfectly adhered to. These factors had a sheer positive impact on the global video analytics market.
The key players in the industry are emphasizing crafting complete intelligent video content solutions utilizing avant-garde technology like the cloud, Artificial Intelligence, and machine learning. Several organizations also provide cutting-edge solutions and supplementary services to stand out in the market. For example, a prominent name in the domain Openpath declared an integration alliance with Cisco Meraki to formulate a new-fangled VMS (Video Management System). The company’s cloud-based solutions will be perfectly integrated with the smart camera stakeout by Openpath to let the users make highly enriched business decisions.
On the other hand, Axis Communications came up with their new product Axis Object Analysis in November 2020. It has the full potential to identify vehicles and human interferences. This high-end AI-based solution can be ideally put across warehouses, parking lots, and public buildings. Also, the intelligent solution that controls the technology effectively represses false alarms like negligible movements of objects and shadow drives.
At the same time, a top-end internet-based VSS is being arrayed up at seven hundred fifty-six railway stations across ten railway precincts in India, along with twenty-six stations of NCR. As per the officials, once the AI-enabled Video Surveillance System is installed, a notification would be initiated spontaneously on spotting any “known criminal” inside the railway premise. The project has been consigned to RailTel, under the close supervision of the Ministry of Railways, India. RailTel has confirmed the wrap-up and will carry through the same, which is expected to be fully executed by January 2023.
Article by Koyel Ghosh, blogger at Allied Market Research.