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Current law enforcement systems are increasingly unable to cope with the sheer volume of surveillance material captured and stored every day that is set to rise dramatically with the population of video cameras increasing by at least 12% per year.
Add to this the growing demand from the enterprise business to analyse video streams and it becomes clear that video surveillance will only continue to be useful, if processes to search and analyze the mountain of data keep pace. As it stands today vital information is missed because the vast majority of video is simply never viewed. Our new report The Global Market for Intelligent Video Analytics 2018 to 2023 looks at the potential impact of Artificial Intelligence on Video Surveillance and Analytics.
By 2020, it is predicted there will be more than 1 billion cameras operated by smart cities worldwide, providing 30 billion frames of video per day. Internet video surveillance traffic alone increased 71% in 2016 according to Cisco, and is set to increase sevenfold by 2020 with 3.4% of it accounting for video surveillance.
Given that a major problem for surveillance operators is directed attention fatigue, it would require a superhuman effort to identify and classify all these images. What is required is a system that is never distracted and can work in conjunction with people to reduce errors, which is what AI Video Analytic systems are now capable of delivering.
It is claimed that AI in video surveillance can potentially deliver four times the performance of conventional video search. This contrast with human vigilance, which studies have shown can degrade by 95% after about 20 minutes. These facts confirm that there is a gaping need for AI Video Analytics. Our definition for AI Video Analytics is a solution that runs deep learning algorithms on a platform that is most likely currently built on a GPU chip architecture.
So we already have a vast world population of existing video surveillance installations waiting to be converted and a growing market for new installations. The latent market potential for AI Video Analytics is vast and is just waiting to be mined.
Provided that the supply side delivers what they say AI Video Analytics is capable of, demand is guaranteed. This makes the business such an attractive market to be involved in.
New technologies more often have to develop the routes to market and this restricts the speed of take-up; this is not the case with the AI Video Analytics Ecosystem which conveniently slots into the Video Surveillance Business, where end users have been waited 15 years for promises about Video Analytics to be delivered.
You can view more details about our new report The Global Market for Intelligent Video Analytics 2018 to 2023 here.