Video content analytics, also called intelligent video analytics has garnered interest all across the world in both industry and academics. The advancement of deep learning has brought forth a new era for video content analytics where it is able to automate tasks that humans once could only think of. Whether it’s for security measures such as CCTV surveillance or public safety like license plate and facial recognition and smart parking, the technology has made a significant headway.
In this blog, you’ll get some valuable insights on it’s use-cases and future expansion.
How can video content analytics benefit businesses?
Usually, it is used to perform real-time monitoring such as temporal & spatial movements, object characteristics, as well as behavior in relation to the environment being monitored. However, video content analytics can also be used to gain forecasts by analysing historical data which helps in detecting trends & patterns that businesses can use to answers questions like:
- What time is the customer present most at my store and what is their age demographic?
- How many times is a red light run on the street and what are the license plates of the vehicles that are breaking traffic laws
What Industries are embracing video content analytics?
The Healthcare industry increasingly takes advantage of video surveillance systems to ensure the safety of patients, staff as well as visitors. It are most commonly used to monitor crimes such as robberies, child abduction etc.
In addition to surveillance, video content analytics is also used to facilitate operations like alerting staff when a patient hasn’t been checked on, analyze visitor traffic to find ways to reduce wait time. It is also highly successful for at home monitoring for older patients, and mental healthcare to help doctors analyze patient behavior and body language.
An increase in cars on a roads can lead to accidents as well as traffic jams, if adequate measures are not taken to control the situation. Traffic analysis can be used to adjust traffic light control systems and also determine accident spots. Vehicle counting is another scenario in which video content analytics proves highly beneficial as determining the types of vehicles on the road such as cars, trucks, buses, bikes etc can provide insights about the traffic. Installing speed cameras and licence plate recognition can also help police authorities detect individuals in case of accidents and help build a smarter and safer cities .
Some highly actionable insights can be gathered by this method such as the number of customers that walk into the store, their demographics such as age and gender, their walking patterns, how long do they take to examine a certain product, etc. All of these data points can be key factors in organizational decisions such as determining the best place to put items during the day, week or even holidays to achieve maximum sales and improve the experience of customers. Facial recognition can also be used as an anti-theft mechanism to spot shoplifters.
Another major advantage of the technology is its ability to help in determining walking patterns, and number of people that visit the store in order to forecast demand, inventory as well determine the right pricing strategy.
Future expansion of video content analytics
In the next few years, the video content analytics market is expected to grow at a massive rate in it’s areas of application. It is also expected to rise globally due to it’s growing use by many new companies.
According to Market future research (UK)- The Global Video Content Analytics Market is expected to grow from USD 3.34 billion in 2018 to USD 12.87 billion by 2025, at 21.71% CAGR during the forecast period.
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