A new study from Juniper Research, the foremost experts in IoT markets, has found that the total spend on video monitoring and analytics will exceed $89 billion globally next year, rising from $82 billion in 2023; a growth of 9% in 24 months.
The report predicts that VSaaS (Video Surveillance as a Service) will be a key driving force to this growth; transforming traditional video monitoring solutions into comprehensive security systems. VSaaS incorporates cloud-based storage into video monitoring; unifying the management of these systems to allow for remote control and administration. Enabling this degree of management is crucial to the integration of IoT devices with video monitoring, prompting growth in key vertical markets such as smart cities.
Cybersecurity the Key to AI In Video Analytics
However, the study identified cybersecurity as the primary challenge to video monitoring & analytics growth, with increasing volumes of sensitive data being produced and stored on cloud-based video monitoring platforms. In response, the report urges video monitoring and analytics vendors to tackle cybersecurity concerns by implementing end-to-end encryption for video data, both when the data is in transit and at rest.
Research author Georgia Allen remarked: “VSaaS provides an ideal platform to tackle these cybersecurity concerns. Video analytics vendors must build VSaaS models to include high levels of end-to-end encryption for storage and transmission of data. Additionally, this will enable providers to easily integrate new video analytics services, such as AI-based facial recognition and behavioural analysis, into complete video monitoring solutions”.