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 report from Tractica, the boost in accuracy levels has resulted in increased market awareness, more providers and new uses cases. According to Tractica, the global revenue for VA is set to increase from $1.1 billion in 2018 to $4.5 billion in 2025.
The need for security and safety has been the primary driver of VA solutions, and many companies offer products pertaining to the security needs of businesses. However, business intelligence, where the data generated by VA is used for business purposes, has emerged as another strong use case driven by the retail market. Over the past several years, VA has proven to be an ideal solution that meets the needs of surveillance system operators, security officers, and corporate managers.
Maturing computer vision algorithms, coupled with increasing computational capacity and increased camera resolution, have all helped to increase accuracy. 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.”
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