The rise of artificial intelligence has been instrumental in drastically raising accuracy levels to meet market demands.
The world of computer vision has evolved rapidly in recent years, and computers are now more accurate than humans in some application areas. A new application of computer vision called video analytics (VA) has emerged. VA deals with the extraction of data from incoming video and the generation of results that are meaningful to humans. According to a new report from Omdia, the boost in accuracy levels has resulted in increased market awareness, more providers and new uses cases.
Maturing computer vision algorithms, coupled with increasing computational capacity and increased camera resolution, have all helped to increase accuracy. Video analytics solutions are finding strong usage in security applications, being an ideal solution that meets the needs of surveillance system operators, security officers, and corporate managers. However, many industries have adopted VA systems in different application areas that extend well beyond security. According to principal analyst Anand Joshi, “Business intelligence, where the data generated by VA is used for business purposes, is emerging as another strong use case driven by the retail market. The intelligence has been used for marketing, operations analysis, and other business purposes.” Omdia forecasts that global VA revenue will increase from $1.1 billion in 2018 to $4.5 billion in 2025.
Omdia’s report, “Video Analytics”, examines the market trends surrounding VA technologies and presents forecasts through 2025. It presents an in-depth analysis of the significant market drivers, market barriers, application markets, and technology issues, in addition to detailed profiles of key industry players. The major application markets covered include government, retail, consumer, smart city, critical infrastructure, and other. Market forecasts are segmented by world region, application market, use case (security vs. business intelligence), and intelligence location (edge vs. on-premises/cloud). An Executive Summary of the report is available for free download on the firm’s website.