The global video surveillance market size is expected to grow to USD 74.6 billion by 2025, at a CAGR of 10.4%, according to a Markets & Markets report. The ever-increasing requirement of safety, coupled with a boom in smart cities, has led to a rise of the security market in the country. Notwithstanding the current pandemic, here are six trends to boost video technology adoption in the coming year.
1. Need for smarter, safer cities
By 2030, India is expected to have 155 tier-I cities, 104 tier-II cities and 331 tier-III and IV cities, as per Anarock Research. This burgeoning urban sprawl is expected to further raise the demand for video technology solutions as one of the measures to ensure public safety.
In February 2019, the government of India teamed up with state governments for a pilot Safe City project to be run in eight metropolitan cities in India: Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Hyderabad, Lucknow and Ahmedabad at a total cost of Rs. 2919.55 crore.
With funding from the central government’s Nirbhaya fund, there will be a high emphasis on women’s safety in this project.Cameras will be installed in public places, intersections, buses, and other critical areas. A centralized control room will be set-up in each city, security vehicles will be equipped with dashboards for live streaming, GPS tracking and other advanced features will be implemented.
While the zeal to use advanced video technology to ensure public safety is appreciable, the government must ensure that it is balanced with citizens’ right to privacy. There is a need for more transparency on how the visual data collected by these cameras will be used, and the opinions of digital rights groups and experts must be considered before implementation.2. Demand for industry-specific solutions will increase
The demand for customized video technology solutions is growing across industry verticals including Financial Services, Retail, Healthcare and Manufacturing. The availability of IP-based cameras and open platform VMS has enabled a lot of new functionalities which are being exploited for industry-specific uses across sectors. Retail outlets, for instance, use video technology for stock verification, crowd management, trend analysis, POS integration and personalized service to customers. In the Financial Services sector, video analytics is being used to identify suspicious activity in ATMs and get real-time alerts about the same to reduce the incidence of theft.
In the healthcare sector where theft of expensive surgical equipment and drugs remain a concern today, video technology is seen to be increasingly employed to tackle the problem. Likewise, in manufacturing, where fully automated plants are replacing manual activity, motion detection functionality in IP cameras immediately identifies any stoppage of crucial machines like conveyors, thus eliminating loss of time in problem identification.
Going forward, the ability to customize solutions for industry verticals will be key differentiators for video technology solution vendors and will benefit end users looking for better functionality from their video solutions.
3. Open platform software adoption will soar
Thanks to the growing awareness of its capabilities and declining prices, the adoption of IP-based surveillance systems is expected to increase manifold in the coming years. IP cameras can leverage IoT and AI technologies to provide additional capabilities beyond mere security. They can enhance operational efficiency, aid in real-time responses and provide valuable business intelligence, which could prove instrumental in enhancing customer experience and in boosting the overall profitability. An important principle underpinning all these capabilities is the interconnectivity of systems, which is enabled by an open platform VMS. As IP cameras go mainstream, and users can look to take advantage of technologies such as IoT, AI and smart devices. Open platforms that support multiple technologies and avoid vendor lock-in will be in high demand. Open platform video management software (VMS) promises flexibility, choice and possibilities that future proof your solutions. We expect end-users to opt for resellers or solution providers who can support them with a flexible and customizable platform and communicate the right value and benefits of the open VMS.
As video cameras become more connected to diverse systems because of increased IoT adoption, cybersecurity concerns are likely to increase. Hackers gaining access to cameras to record videos, selling camera access to third parties, or even using cameras to spy on shops or steal credit card information could become a common occurrence. Customers will need to be aware of and seek out sophisticated security protocols in video solutions, such as high-level encryption of web and mobile user access, authentication and authorization of third-party applications, physical separation of camera and client networks, and vulnerability scoring systems. Customers must increasingly evaluate video management solution vendors on these criteria to ensure that their advanced, feature-rich video solutions are secure and stable.
5. Demand for Cloud-based video surveillance solutions will increase
Cloud-based video solutions are gaining in popularity due to their efficiency, flexibility, cost-effectiveness, and security. Small and medium-sized businesses are mainly enthusiastic about video as a Service (VSaaS). VSaaS enables hosting of hardware and software of security operations in the cloud so that users can access their IP cameras and IoT devices and check video footage or alarm linkage from anywhere. With no on-site server installation and system configuration required, it is often more convenient than traditional video solutions.
Cloud also enables metered use so users can distribute costs over a contract term and pay only for the services that are used. Popular cloud services providers like Amazon offer flexible and scalable VSaaS solutions with elastic compute, storage and networking capabilities. VMS solutions that integrate well with AWS VSaaS will witness increasing traction.
6. Smart search will become increasingly popular in video solutions
Smart Search is an advanced feature based on motion detection that helps users review videos in sizable numbers or huge file sizes. Users can search for a specific activity based on pre-described smart search settings. Combined with metadata search and indexing, this feature can make searching and reviewing relevant video content much faster. With smart search, organizations can improve the speed and efficiency of their security reviews, strengthening their overall security infrastructure.
Video technology solution poised for growth
This growth can be expected to be exponential, alongside increased penetration in smaller cities. The advent of new technologies also means that we can expect increased sophistication of use and integration. Our future will hinge on not just new uses and applications, but also enhancing the security, operational efficiencies, and ROI of existing solutions.