Small Firms Use Security Cameras to Boost Business ProductivityMitch
Surveillance systems aren’t just for keeping track of mischief anymore
Smart cameras and business productivity analytics are just two examples of the innovations changing the video surveillance market.
Back in the day, surveillance cameras were primarily used for keeping businesses safe and secure. The cameras nor technology were very sophisticated. But today, camera /video solutions are increasingly being used for business productivity.
Innovations in technology have made cameras ‘smarter’. Smart cameras and software can now track people and company assets like cars or trucks.
COVID-19 and social unrest have dominated the news for the last few months. The result has been an increased awareness of the need to ensure safety and security for people, whether at work or in public places, resulting in an emphasis on technologies such as video surveillance. With the innovations of camera/video technology, business productivity is now a significant part of a ‘smart camera’ solution.
Now smart cameras are digital and connected to the internet, making it easier for a user to manage video. And innovations in software now make it possible for smart cameras to be used to deliver business productivity analytics. With embedded analytics, a camera could basically manage its own detection and alert a human when something crossed a threshold. Armed with this technology, a human observer could now manage literally hundreds of cameras, and with an accuracy level that exceeded the old one-camera-one human model…automation does most of the work.
Video Surveillance Research
Physical security will increasingly be a function of technology, using sensors of various kinds, armed with advanced analytics, to automate the security functions of monitoring and detection. Along with that technology has come the ability to use smart cameras to address business productivity needs.
For example, smart camera solutions are being used by construction equipment rental companies to track equipment rentals. Tractors, skip loaders and other construction vehicles can be tracked when they leave, what project site they are being sent to, and when they are returned to the rental office. That data updates the rental office that a piece of equipment has returned, and alerts the service department to prep the equipment for the next rental. This automates what was once a very cumbersome, labor intensive workflow process, and frequently exposed to errors.
Ensuring Worker Safety
As workers are starting to come back to the office, companies are using smart cameras to instill confidence in their employees that everything is being done to maintain a healthy work environment. Using face recognition and heat sensors, smart cameras can now scan employees coming into the office, ‘stamp’ their time card, measure their temperature, and deny entry if an employee has a fever. This protects the employee and others.
The following chart describes the smart camera market beginning from the sensors that capture video, continues through the networks that provide the storage solutions that support the retention of video data that enable video analysis, and the providers of video services.
Source: IDC, Inc., June 2020
Over the next 5 years, IDC forecasts significant growth potential in the smart camera /surveillance markets. As the following chart shows, through 2025, the market will nearly double. By 2025, the global annual spend for video cameras will be in excess of $48 billion, with an annual growth rate of 12%. This is in spite of temporary declines due to lock downs associated with pandemic control.
Similar growth potential is expected in the video analytics market. The smart camera market is less about hardware (cameras, DVRs, NVRs, and such devices) and, increasingly, is about the software that is applied in managing and analyzing the video data that an organization collects.
What’s the Bottom line?
Smart camera technologies are gaining resonance with all the primary market verticals with businesses of all sizes, in spite of concerns associated with the technology’s potential to intrude on personal privacy rights, there does not seem to be any significant slowing in the market over the next five years.
Have other questions? HUB365 can help.
We take the time to review your particular business need when considering the right Smart Camera /video surveillance solution to fit your business need. To schedule your FREE one hour consultation, email us at email@example.com