I came across an interesting market analysis by Eugenio Pasqua, research analyst at ABI Research that I wanted to share with you.
Pasqua predicted the Internet of Things and video surveillance markets will converge in the enterprise. « With hardware revenue margins destined to decline, many industry players are adopting a more service-oriented approach to find new revenue opportunities. The intersection of video surveillance and IoT opens the doors to a whole new set of players. »
Enterprises can use data generated by video surveillance to improve operational, marketing and merchandising decisions.
Pasqua identifies three trends in the video surveillance market demonstrating the convergence of IoT and video surveillance: video surveillance as a service, integration and unified management of video surveillance within other systems, and the use of video analytics as a business intelligence tool.
He explained that VSaaS is an emerging business model that enables access to the system and its services from anywhere, while relieving enterprises from service management. Despite its high-bandwidth requirements, vendors, such Genetec, Milestone Systems, Honeywell and Aimetis, are adding VSaaS into their traditional video management products and then linking them with other security systems like access control, fire detection and building management.
« The increasing demand of IT and physical security convergence and video integration will provide a fertile ground for players with a good IP understanding, » concludes Pasqua. « This will ultimately push many firms to closely collaborate and reduce the complexity in delivering a viable end-to-end solution. »
Pasqua believes that use of video analytics as a business intelligence tool in addition to providing security and loss prevention will be a major driver for growth in the sector.
Apart from the creep factor of linking video surveillance with other systems and turning it all into big data, it makes sense that a video system can be a valuable sensor in the Internet of Things ecosystem. Enterprise vendors take note. – Fred, @FierceFred1