The video analytics industry is headed for huge growth in the Asia Pacific market, according to a new report from Homeland Security Research. The report, entitled “Video Analytics, ISR, Intelligent Video Surveillance & Object Recognition: Asia-Pacific Market-2015-2020“, indicates that at growth of 19 percent (CAGR) between 2015 and 2020.
The researchers attribute the growth to several key factors and an important one is the economies of scale for the hardware. The mobile devices industry has been enjoying a long boom and there’s now a glut of mobile tech that has significantly reduced the cost of smart camera technology.
This surplus of relatively cheap technology has allowed numerous companies to jump into the development of video analytics technologies as the idea of the Internet of Things has begun its ascent, encouraging the development of myriad “smart” devices that can employ video analytics applications in one way or another. And all of this is happening in a context of rapid GDP growth, which has led APAC nations to invest trillions of dollars in the industry.
There’s a lot of money to be made from the biometrics end of video analytics. Biometrics-enhanced video monitoring and surveillance – ie. facial recognition and movement-tracking software – is proving to be a useful and popular technology in the rapidly expanding security screening market, while at the same time it’s becoming a growing presence in everyday social life and entertainment, whether that’s in the form of tracking athletes’ movements on the basketball court or monitoring patrons’ enjoyment of a comedy show. All of those kinds of applications will contribute to the overall growth of video analytics in the APAC region as the industry launches towards its $33 billion valuation predicted for the year 2020 in the Homeland Security Research report.
October 30, 2014 – by Alex Perala