The video analytics market has seen a very high rate of growth in the last few years. This growth can be attributed to two main reasons – The improvements in the big data analytics systems and the massive increase in the amount of data that is being generated and is available to be analysed. The applications of video analytics are wide ranging from the security implications to better management of space.
What is Video analytics?
Video analytics can be described as the use of the video received from various sources such as cameras to obtain various insights on the happenings and then using these insights to help make better decisions or for other uses such as solving crimes. The video analytics software is advanced in such a way that they are able to efficiently process the video in real time and gain useful insights from it.
How It helps?
The applications for the video analytics range from better planning of the day to day work for a business to preventing unauthorized access to restricted areas for organisations. Retail business can harness the power of AI based video analytics to enhance the shopping experiences of its customers by obtaining insights on the current way in which customers are moving around their organisations and knowing the issues that they face while looking out for certain products. This improves the loyalty of the customers to the brand and thus gets better sales.
Organisations such as those in the healthcare or banking fields can use the power of real time analytics to prevent unauthorised access to restricted facility areas where privacy and data confidentiality are important.
Government organisations can make use of the power of video analytics to improve the transportation system as a whole by identifying the current bottlenecks that lead to traffic jams and thus improve the situations of the roads. Video analytics can also be very helpful in preventing and solving crimes in the cities. The improvements in the camera resolutions and the power of AI have been very helpful in solving crimes at much faster rates than ever before. Video analytics can even help in preventing potential issues even before they arise by predicting them using the real time data that they obtain.
Major growth factors:
The major factors that are improving the video analytics for better results include:
Availability of more and better data: The video data that is available today is higher than ever before. One major thing which is improved is the quality of the video data that is available. With the surveillance cameras being of higher resolutions than before, the better-quality leads to much easier analytics.
The improvements in Facial recognition: The improvements in the facial recognition systems helps in better understanding of the data. This is particularly useful in the security area of applications.
Better processing and AI: The development of edge processing lead to a significant reduction in the transportation overhead for the data. The improvements in the capabilities of AI also plays a major role in the adoption of video analytics.
The video analytics is expected to grow at a huge rate in the future which will lead to better decision making for the organisations and better experiences for the people.