With video management and analytics software becoming more sophisticated and the rise in adoption of high-quality IP cameras, the video surveillance market is in the midst of a technological evolution, according to ABI Research.
As a result, ABI forecasts that global value-added services market revenues will top $10 billion by 2021. Data and analytics services, as well as device and application platform services, will show the strongest revenue growth within the non-consumer video surveillance market, the firm says.
“With hardware revenue margins destined to decline, many industry players are adopting a more service-oriented approach to find new revenue opportunities,” said Eugenio Pasqua, research analyst at ABI. “The intersection of video surveillance and IoT [Internet of Things] opens the doors to a whole new set of players.”
Enterprises can derive valuable insights from the data generated by video surveillance systems, which they can then use to drive their operational, marketing and merchandising decisions, the firm says. ABI anticipates that an increasing number of vendors will offer products that integrate operation data from a variety of sources, including cameras and control systems.
Three trends in the video surveillance market show the convergence of IoT and video surveillance: Video surveillance as a service (VSaaS), the integration and unified management of video surveillance within other systems, and the use of video analytics as a business intelligence tool.
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