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Video Analytics: 3 New Business Opportunities

Video analytics is the next frontier for the Internet of Things.

Advances in technology, including increasingly sophisticated analytic algorithms and growth in camera innovation, is creating an explosion within the video analytics market. By 2025, McKinsey Global Institute expects video analytics to generate a potential economic impact of USD3.9 trillion to USD11.1 trillion a year.

For IoT, marrying machine-learning algorithms and video feeds together, will augment the latest IoT applications. With video analytics, connected technologies allow them to consider a broader range of inputs with higher accuracy, including people, objects, and situations, to make more sophisticated decisions.

With such boosting capabilities available, video analytics will create new opportunities at every stage of the IoT value chain, as well as to many verticals and end-users.

Smarter, safer cities

cars on the street monitored by video analytics

Video analytics will make cities smarter and safer. In the first instance, video feeds can be used to enhance smart parking applications. Not only will it detect vacant spots, but it can also collect data about how drivers use the parking facility that can be used to make proactive decisions to improve efficiency. In a retailer’s parking garage, video can be used to analyze peak traffic times, and the average time the car is parked in the facility. Both parking attendants and the retailer can use the data to make improvements to lessen congestion during peak hours.

Municipalities can enjoy these same benefits as it relates to managing traffic on city streets. Data collected through video can offer new insights on traffic flow through congested areas that can be used to develop plans to keep the city moving.

Video analytics can also be used to enhance the already hundreds or thousands of cameras municipalities manage as part of its monitoring system. Unfortunately, much of this data is not processed in real time today. With machine-learning, these video-based applications can be used to predict criminal activity, allowing responders to protect its citizens better.

Improved transportation systems

The transportation industry has much to gain from video analytics. Beyond enhanced surveillance in airports, trains, and public transit stations and on mass transit vehicles, video analytics can help manage congestion within transportation facilities and onboard their vehicles. In airports, for example, passengers can be monitored as they make their way through the facility. This data can be used by airport operators to make decisions to increase efficiency around traffic flows, drive profitability with added features, and improve the passenger experience overall.

In-vehicle video analytics can keep count of the number of people onboard at all times. For bus drivers, they can be notified when capacity has been reached. Additionally, the data can be used by operators to better manage the number of buses on specific routes during peak times.

Fresh customer insights

Retail is a key beneficiary of video analytics. With an eye on their customers, retailers will be able to use insights from video analytics to learn more about their customers and their behaviors and patterns while in their stores. Using video, retailers can count visitors to assess time and frequency of shopping, identify demographics of shoppers, monitor customer pathways through stores, among other benefits. With these insights, retailers can then make informed decisions about in-store promotions, staff allocation, and the layout of the shop floor.

Of course, this is all on top of loss prevention and diminishing illegal or unintentional loss from shoppers, sales associations, and contractors.

With the opportunities available for IoT video analytics applications, the popularity of these applications will continue to grow. However, this growth potential and the impending value video analytics can provide depends on having an intelligent platform that can detect, select, track and analyze only relevant video streams in real-time.


Sources:

  • https://www.mckinsey.com/industries/high-tech/our-insights/video-meets-the-internet-of-things
  • https://www.technavio.com/blog/intelligent-video-analytics-surveillance-smart-cities
Case Study: IoT is redefining the customer experience. Nokia case study.

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