The need for proactive security and business intelligence is boosting the demand for video analytics solutions in Europe, Middle East and Africa (EMEA). The lack of awareness among end users about video analytics, coupled with inflated promises of earlier generation of analytics, resulted in a huge gap between its capabilities and customer expectations. However, significant advancements over the years and its current ability to offer intelligent analysis of video hold promising opportunities in security as well as nonsecurity applications.
New analysis from Frost & Sullivan, “Analysis of Video Analytics Applications in the EMEA Market,” found the market earned revenues of US$48 million in 2008 and estimated it to reach $264 million by 2015. The application segments covered in this research are commercial, transport and government.
“The falling prices of video analytics are paving the way for increased adoption, even in small and medium-sized applications,” said Frost & Sullivan Senior Research Analyst Archana Rao. “The ability of the technology to analyze large volumes of data (video) and distinguish the valuable bits of information yields significant cost savings in terms of limiting monitoring personnel.”
The shift from reactive to proactive analysis of video helps prevent security breaches in addition to achieving cost savings on meager resources and the time taken to retrieve data for meaningful analysis. This, combined with the falling price and integration with business processes, offers all end users a high return on investment (ROI).
“However, complex technology combined with the relatively slow migration to Internet protocol (IP) in the video surveillance space and an uncertain economic environment is hindering the large-scale adoption of analytics,” Rao said. “The current video analytics solutions continue to suffer from the unrealistic expectations set in the early stages of the market. Additionally, low awareness about its real benefits, the lack of open platforms and price sensitivity restrain its widespread adoption.”
Educating end users about the ROI and setting clear expectations are critical factors for growth of the market.