Analytics can derive more information than what we capture and see on videos
As COVID-19 speeds up industry-wide digital transformation and a contactless economy, the demand for actionable insights from video data is increasing – enabling market growth. Fortune Business Insight reports that the global market for video analytics is currently valued at US$2.4 billion and is anticipated to reach around US$12 billion by 2026.
Retailers and brands are now set to use extensive video footage to support new virtual shopping experiences, helping to drive US$175 billion of growth in total consumer spend on e-commerce this year alone. These will include live-streamed promotions and augmented reality (AR) apps that would allow immersive browsing experiences to confined consumers, enabling them to know more about – or try out virtually – clothes, furniture, and other consumer durables.
Analyst firm Omdia estimates that there are over 5 billion smart devices in use that have camera and artificial intelligence (AI) capabilities required to support such virtual experiences; and this includes more than 2 billion augmented reality (AR)-enabled smartphones. Premium and ad-funded AR apps alone will generate nearly US$15 billion in revenue in 2020. The scope for video analytics, therefore, is massive indeed.
Enterprises, meanwhile, will also turn to video support as a direct form of collaborative tool, as remote working becomes more widespread and permanent. As a fallout, both private- and public-sector organizations will increase investment in video-based surveillance and security technologies to protect data, premises, employees, and national interests. As interpretation is the key to data-utilisation, advanced video analytics will be a crucial area of investment. Applications will include facial recognition to allow contactless access to buildings, temperature detection to identify people with COVID-19 symptoms, and crowd monitoring to enforce social distancing. It is expected that with time these technologies will be put to other related use.