The rise of Artificial Intelligence (AI), machine learning, and computer vision is a driving force behind video analytics within the surveillance market, making it increasingly challenging to balance the need for security (or information) and desire for privacy. The market, however, is not homogeneous on where it falls in this balancing act and as a result, ABI Research, a market-foresight advisory firm providing strategic guidance on transformative technologies, projects the video analytics market will surpass US$4 billion by 2023.
“Surveillance is often viewed through the lens of security and enforcement, but it is also a critical tool for information gathering — generating heat maps, people and vehicle counting, granting access or enabling user profiles for markets such as retail, hospitality, smart home/IoT, and more,” said Michael Inouye, Principal Analyst at ABI Research. “Adding further to this diversity, tolerances for pushing security over privacy can differ quite dramatically depending on the region or a country’s government and regulations.”
The implementation of video analytics can occur on-device (cameras), on-premise, or in the cloud, providing a significant degree of flexibility in the size and scale of computer vision deployments – including support for both IP and analog camera systems. This flexibility creates strong opportunity especially considering the roughly 400 million surveillance cameras around the world for both the leaders in the total video surveillance market (i.e., Hikvision) and companies who have specializations in video analytics, such as Aimetis (a Senstar Company), IntelliVision, and PureTech Systems.
“China represents a substantial market opportunity in the video surveillance market, not only due to its size and population but the government’s ability to implement the most comprehensive and extensive surveillance state in the world. Information gathered from video surveillance is matched to other data sources like communication, social networking, shopping habits and more to create exceptionally detailed digital profiles. While facial recognition has had mixed results, China has had early successes here, regardless of where a country’s or region’s stance falls on the privacy balancing act, the value of video analytics in the surveillance industry, particularly when matched with other sources of information from the IoT, is undeniable and it will increasingly become part of our everyday lives,” Inouye concluded.