RIO DE JANEIRO, April 3 (UPI) -- Global cutbacks in defense and security spending aren't dampening corporate and household enthusiasm for video surveillance, which continues to find new markets.
Video surveillance is a growing market in newly industrialized countries, including China, where both business and households are responding to needs for greater security, published data indicated.
Middle-class affluence has driven families toward consumer security devices that are flooding the market. The wealthy are a tiny minority but still able to influence trends through their shopping habits.
Businesses are subscribing to standards of running or equipping an office that are mainly imported from the West.
Conventional video surveillance is also facing tough competition from innovation in the industry, intelligent video being the latest advance in the field with an expanding footprint.
Potential for intelligent video surveillance has grown in both business and consumer markets, the data indicated.
Intelligent Video Analytics is projected to be the fastest growing technology segments of the Surveillance IT sector in the next 3-5 years, with significant potential investments from companies to secure their computing environment, Global Market Director said in a 2012 report.
It said the global intelligent video market would hit the value of $867.8 million by 2017.
The security technology blog on BeforeItsNews.com said it saw video analytics classed as intelligent video surveillance as a new and growing market.
"Video analytics helps in monitoring specific security zones with sophisticated software without the need of continuous monitoring by the operator, thus making threat detection simple and effective," the website said.
With the advent of powerful processors at affordable prices, manufacturers are increasingly adding video content analysis to their devices.
A recent study on the growing Indian closed-circuit television market cited growth in demand also monitored in Africa and Latin America by business research and think tanks.
Recent studies suggest global CCTV market is seen to be growing at a compound annual growth rate of up to 27 percent in a five-year period ending 2015. Part of the reason for that growth is the growing capability and features of video analytics, now seen to be bettered in innovative intelligent video variants entering the market.
A growth in biometrics products has accompanied the rise in CCTV usage.
"The corporate security and identity theft are also fueling growth in the global biometric market, which is expected to expand at a CAGR of around 21 percent during 2012-2014," an accompanying report said. Biometric Market Forecast to 2014 was released by rncos.com author of the report on the CCTV and intelligent video growth.
MATE-Intelligent Video recently signed a distribution agreement with Global Business Solution to provide MATE's video analytics solutions in Mexico.