In 2016, the video surveillance industry was valued at over $30 billion and is expected to rise to $75.64 billion by the year 2022, with a CAGR (Compounded Annual Growth Rate) of 15.4 percent between 2017 and 2022.
The private security industry, on the other hand, has been booming since the year 2010 and is projected to continue through 2020. As a matter of fact, a study by the Institute of Finance Management and ASIS, the US security industry was revealed to be a $350 billion market. Specific occupations within security such as security guards, investigators and detectives are all expected to see growth of around 20 percent at the end of the decade, out performing the average for every other job.
But, what are the factors fueling the growth of surveillance and security in businesses?
Although surveillance systems have long been a part of the world’s progressive business ecosystem, the majority of deployed devices are analog-based surveillance systems. And because such devices have very limited functionality, they are now being replaced by modern and more advanced IP-based surveillance systems.
These surveillance systems are able to accommodate multiple use cases including access breach into a restricted area, fire hazards, theft, vandalism, identification of violence and more and can trigger an alert with the specific department without human intervention. This has transformed surveillance systems from just the “dumb devices” that monitors a particular area to a more understanding and helpful greater pan-industry device.
2. Big Shift in Standard Approaches To Criminal Activities
The private security sector shifted from the processing norm of criminal activities to one of preventive measures. This is particularly true since detectives and private investigators are increasingly employed in order to do background checks, an emerging priority for most companies, especially those who work with important information and data.
3. Business Intelligence and Machine Learning
Video analytics, when accompanied by a subset of Artificial Intelligence and Machine Learning has the capability to offer deeper insights into work dynamics which often go overlooked otherwise.
For example, video analytics can have the ability to identify the level of satisfaction of customers by doing an analysis of a customer’s facial expressions while Machine Learning can be used to establish relevant connections. Over the due course of time, such connections can be tested by the system. Also, the system can analyze whether digital signage may influence the purchasing decision and buying behavior as well as what kind of musical arrangements enhances the overall ambiance of the business.
Additionally, it can help in footfall forecasting which enables the business to intuitively prepare themselves in advance. All of this can greatly increase the overall value that businesses gain from their operational units, individually.
4. Wide-Angle Views
The traditional analog-based PTZ surveillance cameras have an inadequate field of view which means it has limited area it can effectively monitor. This limit leaves blind spots in monitoring which require an operator to tilt, pan or zoom the camera to achieve the desired vision.
But, it is not possible to access these blind spots during a retrospective analysis through a feed that has been recorded earlier. Moreover, such a feed can only be accessed through in-house video walls, not remotely, limiting the effectiveness.
With the emerging 360° and 180° cameras, you can now transfer higher definition videos with a wider area of coverage. In addition to transferring greater functionality to businesses and eliminating blind spots, these technology advancements reduce the number of cameras needed to monitor a scene.
These cameras develops a “ball of video” that can be broken down in order to create several virtual cameras that are typically used by security personnel. And because there are no blind spots, it also enables businesses to conduct a retrospective tracking of events and even using recorded feeds.
5. Cloud Technology
The arrival of cloud computing has allowed businesses to enjoy a more sophisticated IT application, software, and infrastructure on a “pay as you go” basis. This eliminates technology acquisition, infrastructure deployment, and maintenance costs as well as equipping business with flexibility when it comes to downscaling and upscaling operations. This makes it a more cost-effective approach since it doesn’t involve a large-scale capital lock-in on infrastructural spends.