84% of organizations to use advanced video technologies over next 24 months

According to recent research funded by Milestone Systems and done by global market intelligence firm IDC, advanced video technologies will witness a boom in usage in Europe and the UAE.

“Video technologies are moving from apure ‘insurance’ and security purpose to a real business differentiator, e.g., in citizen service, product quality, patient care, and customer experience,” said Malou Toft, VP EMEA, Milestone Systems.

Key results included industry objectives, constraints, and possibilities for video technology investments, according to the study.

Artificial intelligence, image processing, cloud computing, and sensor technology advancements are quickly extending enterprises’ use of video and sensor technology, as well as the business outcomes they bring.

KEY FINDINGS

• Over the next 24 months, the majority (84%) of European and UAE organizations plan todeploy advanced video technologies, such as video analytics and sensor information.
• 26% of the organizations plan toestablish a video technology platform centrally, which would be connected to other systems.
• Organizations around the globe expected to spend $2.0 Billion in 2021 in Video Surveillance Analytics (source: Worldwide Video Surveillance Analytics Forecast, 2021–2025, IDC #US47835921, June 2021).
• Transport & Logistics and Critical Infrastructure show the most advanced level of maturity in terms of Video Technologies usage.
• Among the key capabilities required over the next three to five years, buyers highlightedprocess automation, facial recognition, smart analytics, artificial intelligence, and centralized cloud-driven deployment(source: Worldwide Video Surveillance Analytics Forecast, 2021–2025, IDC #US47835921, June 2021).

“Bottom line is that businesses and public institutions are actively planning for and expecting new technologies to be deployed with video analytics solutions, to enable a wider set of advanced use cases to be delivered. These new use cases can help enterprises deliver new digital experiences, generate digital revenues, or drive greater operational efficiencies and ultimately remain competitive in the new digital economy,” said Bo Lykkegaard, Associate VP, European Software Research, IDC Europe.

Three important stakeholders are in charge of Video Technologies investments and plans: Security, Technology, and Operations Leads.

When it came to commercial challenges relating to video technologies, two stood out above the rest:

1) Worries about privacy; 2) concerns about security compliance.

While the studied firms appear to have a number of planned video technology projects with business cases in place, these efforts are being stymied by concerns about potential privacy and security blunders.

 “It demonstrates that privacy and security risk mitigation should always be key activities when building a business case to apply advanced video technologies. Organizations should be careful to choose the technology and service providers who adhere to the highest cybersecurity and privacy protection standards,” said Malou Toft, EMEA VP at Milestone Systems.