It was just announced that TechNavio’s analysts have forecasted the Global Intelligent Video Surveillance market in the Retail industry is expected to grow at a CAGR (compound annual growth rate) of 27.21 percent over the period of 2012-2016. These results are based on an in-depth market analysis with inputs from industry experts.
The retail surveillance systems are becoming an increasing demand because of the necessity for better image quality and the need for various companies to focus on their core activities rather than the security of their companies. Intelligent Video Surveillance is more cost effective, accurate and scalable than ever before. With todays’ technology, retail surveillance systems are able to scan thousands of hours of data without human intervention. Surveillance systems do not get tired, distracted, and are not prone to human error, making the systems more accurate and effective. Also, expanding retail surveillance systems is easier than ever. It is as simple as plugging in more cameras and the software goes to work analyzing the newly added video data.
The challenges that the Intelligent Video Surveillance market faces are the high costs of the framework required for the systems, as well as the lack of awareness surrounding the Intelligent Video Surveillance systems. When comparing the room for growth of the market to the challenges that the market faces, it hardly seems to be a comparison. The increasing demand is so high for improved retail surveillance systems that the growth of the market appears as if it’s not challenged at all. It almost seems inevitable, as long as technology can keep with the new software.
It would not seem farfetched to assume the Global Intelligent Video Surveillance market in the Retail industry would actually increase to 27.21 percent by 2016, when you consider the reasons for the need and demand of retail surveillance systems.