Posted by Priyansha Sinha | Last Updated: 16-Nov-18
Video analytics technology is greatly transfiguring the landscape of IoT today and formulating new opportunities across multiple industry verticals. The neoteric innovation is enabling cameras to identify objects, people, and situations automatically and implies machine learning algorithms to the video feeds. Apparently, these applications are comparatively new, but there are a handful of factors that are promoting its growth. These include the increased sophistication of analytical algorithms, lower prices for software, hardware, & storage and the ease of overall implementation.
One of the most powerful advantages of video for businesses is indubitably its applicability across numerous use cases in diverse industries. Despite this, there are still not enough eyeballs to monitor each and every aspect of this data. Keeping up with thousands and thousands of hours of video can sure be a tedious task for any enterprise. This has resulted in making video feeds the most crucial yet untapped resources in today’s world.
Video Analytics And The Internet of Things
Intelligent video analytics assists the public safety and security organizations to devise comprehensive intelligence and investigate capabilities with the help of videos. Using facial recognition analytics, one can find critical information and relevant images across multiple camera types as well as the video files. Selected live-streaming cameras along with the pre-recorded video ingestion from both motion & fixed cameras can be fully supported.
For an instance, the retailers are potentially using IoT applications combined together with video analytics to access the demographic profile, age range, and behaviors of their clients & customers. Based on the gathered data, they can easily select the right products to display and even design or redesign the overall layouts of their stores.
Some Of The Prime Features
Apart from what has been long said and done, a new era of video technology has finally begun and the Internet of Things is greatly amplifying its applications across multiple industries. Few of the recent advances that have massively led to a huge craze & the industries excited about video analytics are:
- Greater Accuracy
- Real-time processing
- Better business insights
- More innovative use cases
- Access to more nuanced analyses and large data sets
- Increased processing capability
- Development in big data analytics
Business Evolution With IoT Technology And Video Analytics
Well, these improvements have eventually helped the businesses to identify the value & potential of video analytics technology across many industries, including those of supply chain, manufacturing, and logistics.
As per the surveys, the Global Video Analytics Market is estimated to reach $13,381 million by the year 2023. And not to forget, one of the main reasons for its sturdy rise has to be the value addition of the Internet of Things.
Usually, IoT applications provide more value when they inculcate video analytics. For example, a lot of IoT applications use Bluetooth beacons to send & receive location data whenever they connect with the customer’s smartphone in stores. This data allows the retailers to count the total number of visitors to their store. Well, on the other hand, a video analytics application can doubtlessly furnish more detailed info on particulars such as age group and gender of the shoppers which ultimately adds a lot of value to the insights.
What are your thoughts on the expansion of IoT in multi-business verticals? If you are a business and looking for video streaming services, let us know. We can surely help you in more than one ways.