The use of video monitoring solutions has unlocked significant improvements, from round-the-clock surveillance for security purposes to object detection, gesture detection, facial recognition, and motion tracking across industries to gain real-time business insights and prescriptive analysis. Using video analytics, businesses can unlock greater value by analysing spatial and temporal information, provide instant alerts in the event of anomaly detection, and take actions when rules are flouted.
Business opportunities, deployment challenges, and stakeholder complexities vary across each application. The demand for video analysis is primarily driven by the benefits that it can bring like better operational efficiency, enhanced public safety, and decreased manual work. There is a wide range of applications that can make use of some or all of these business benefits to gain a competitive advantage and provide a quality service or product to the end-user.
There are 23 applications, around 7% of the total applications found in our IoT forecast database, for which video analysis can potentially substitute for IoT devices. Livestock Monitoring, Traffic Monitoring, Parking Space Monitoring, Fire and Security Alarms, Patient Tracking, and Trigger devices are some of the key IoT applications which can be substituted with video analysis.
As per our analysis, Security Alarms, Stock Level Monitoring, In-Vehicle Road Pricing Devices, and Fire Alarms are the top applications in terms of connected devices that can potentially be replaced by video analysis. The number of IoT devices for the above-mentioned applications is expected to grow from around 0.9 billion in 2022 to around 2.4 billion by 2032. Even though the share of IoT devices that can be replaced by video analytics is expected to be less than 10% during the forecast period, we cannot neglect the potential of video analysis due to its business benefits and varied use cases across applications.
Additionally, in cases where video analytics can substitute for LPWA connections, this substitution may represent an upsell opportunity for mobile network operators and an opportunity to deploy a higher bandwidth connection.
