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Consumer Video Surveillance Market to Top $1 Billion in 2018
November 8, 2018 | IHS MarkitEstimated reading time: 4 minutes
Video analytics software can analyze live or recorded video streams to detect, classify and track predefined objects or behavioral patterns. It is used to automate the monitoring process and can be particularly effective in proactively identifying events as they happen and extracting information from recorded video.
For many years, the only way to deliver analytics to consumers in the video surveillance industry was by developing rules-based algorithms. Rules-based analytics rely on a structure of “if-this-then-that” commands, which are designed by developers to help the camera decide outcomes. These rules are fairly rigid by design and, as a result, these types of camera analytics are unable to solve problems they are not already programmed to encounter. However, rule-based analytics are still an excellent method for completing relatively simple tasks quickly and efficiently.
Deep learning, on the other hand, is one of the fastest-growing fields in artificial intelligence. It can enable computers to interpret large amounts of data in the form of images, sound and text. Deep learning analytics have yet to manifest in the consumer market as they are only just emerging in the professional security market. However, IHS Markit expects that as the adoption of cloud-based software services in the consumer industry develops and evolves, deep learning analytics are a natural next step.
Battery-Powered Cameras Charge Market Adoption
Battery-powered cameras represented about 24% of standalone network cameras globally in 2017, which is expected to grow to 28% in 2022.
“The introduction of battery-powered cameras has changed the face of the consumer video surveillance industry dramatically over the past five years, as their flexibility and ease of installation has enabled wider adoption of security cameras in the residential sector,” Kozak said. “The success of these products has also raised general consumer awareness of home-surveillance systems. Battery life remains a key end-user concern, which is why suppliers are now offering swappable battery-pack accessories. When the camera battery life is running low, the user can simply detach the spent battery pack and immediately replace it with a fully charged replacement. This solution provides consumers with a clear and simplified battery management process.”
About IHS Markit
IHS Markit is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80% of the Fortune Global 500 and the world’s leading financial institutions.
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