Video AnalyticsAugust 2nd 2022

A Simple Guide to Video Analytics Solutions

Written by Team Wobot

A Simple Guide to Video Analytics Solutions

Introduction

Know the what, why, how, and where of Video Analytics Solutions

Running your own business just like clockwork requires superhuman strength and capabilities, and no one understands this better than the proprietor himself! From ensuring smooth sailing operations to providing exceptional customer service! The daily grind never seems to end and can overwhelm even the most ambitious business owners. Well, we feel your pain! That's why we bring you the best AI-driven video analytics solutions to help take your business to the next level and achieve only the most consistent work processes. Check out our blog to learn how!

What do you mean by video analytics solutions?

Video analytics solutions are basically advanced software applied to the existing video surveillance system, which, along with the help of AI, provides real-time video content analysis to enhance security monitoring and reporting while also gathering customer-related insights. Such digital tools not only save time and the high costs of manually monitoring video feeds and searching for footage for investigation purposes but also enable business strategies to be tailor-made for actual customer behavior.

One of the most significant advantages of equipping video analytics solutions with your surveillance infrastructure is having real-time alerts, in-depth reports generated, and data insights available for viewing anytime, anywhere, through the cloud.

Why are video analytics solutions becoming so popular?

Video analytics solutions are a rapidly evolving and growing technology that has become the talk of the town in the recent past. According to a study, the global video analytics market is projected to grow from $6.35 billion in 2022 to $28.37 billion by 2029, at a CAGR of 23.8% in the forecast period, 2022-2029.

Video analytics aims to reduce the massive amount of video data to make it more systemically and personally manageable. Video analysis monitoring devices automatically analyze captured video and use the resulting information by labeling it appropriately, reducing workload significantly by incorporating video analysis in network cameras. Some other reasons for it being popular include the following -

  • When video analytics is equipped with AI engines, the video data can be leveraged as a tool for predictive analytics and forecasting future patterns, trends, and behaviors, allowing the surveillance system to become more competent in making better business decisions.
  • The usage of video analytics systems will enable businesses to generate actionable data insights from vast amounts of video content and will preserve all this information instead of storing numerous terabytes of video footage produced by the cameras. Since video analytics is driven by AI video intelligence, the chances of human error are significantly reduced.
  • Another reason video analytics solutions are becoming so popular is that they are often found in the form of smartphone apps. Mobile cameras can also be synced, allowing the operator to access data or footage at any given point easily.

How can video analytics solutions benefit different industries?

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Video analytics solutions have become the need of the hour across various industries, particularly the manufacturing domain. The manufacturing industry, being so vast and diverse, is often fraught with challenges and requirements. But the fact remains that employee safety and security are considered to be the primary concerns. While there might be CCTV cameras to keep track of the facility remotely, it is also important to note that timely alerts should be automated if there are safety or security-related issues. This minimizes the need for a manager or other concerned person to constantly view the footage in real time. When video analytics solutions have digital tools that can process video footage coming from the cameras, they can perform safety and security-related functions by providing unique algorithms. Among the more common types of video analytics that are found today, the notable ones include Facial recognition systems, Fixed algorithm analytics, and AI learning algorithms.

Video analytics will also look out for any suspicious or undesirable behavior within the view of the camera, and the algorithms will help send notifications to the operator. These algorithms are powered by video analytics and are already set to perform a series of investigative tasks in a pre-defined manner.

Video analytics solutions have become strong contenders even in the restaurant industry as more and more restaurants are moving towards driving their service model and adopting more strategies to streamline their business operations better. Drive-thru menus, contactless ordering/payments, curbside ordering, in-store kiosks, and mobile apps will offer more relevant upscales. Additionally, restaurants using AI video analytics might also provide royalty programs, improved user experience, and personalized rewards, to name a few. Let's learn more about these AI-enabled features:

Voice ordering The trend that has gained significant traction is voice ordering, where customers can use their smart devices to place restaurant orders on the go or multitask. But what is most interesting about this technology is that it has even more applications than just ordering on a customer's personal devices. Voice ordering can even be found at self-service kiosks, thus allowing customers to place orders conversationally.

Self-service options Self-service and voice ordering are two elements that go hand in hand. Such technology will encompass all the various different ways that customers are given the liberty of controlling and customizing their own dining experience through self-service.

From tailoring your orders to suit your personal preferences while ordering from kiosks to splitting the check and paying from tableside tablets or even from your own mobile devices, these are just some of the ways that one can embrace the self-service options.

Integrated inventory and purchasing One area where AI can make many inroads is by integrating inventory and purchasing systems with your restaurant's POS systems (point-of-sales). Software that is enabled by video analytics solutions can keep historical inventory and purchasing data and will also look for trends and make real-time recommendations in terms of how many supplies and ingredients to purchase.

How will video analytics solutions help solve problems in your business?

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The primary goal of video analytics is to recognize temporal and spatial events in videos automatically. These systems typically perform real-time monitoring, detecting objects, object attributes, movement patterns, or behavior related to the monitored environment. However, video analytics can also be used to mine insights from historical data. But how does it exactly help in solving the problems? Let's learn in detail.

Cost efficiency

By using video analytics solutions, you can reduce the cost of your business operations and, as a result, save money in cases where it is unnecessary. For example, video surveillance will be especially handy in security protocols, so you need to hire something other than security personnel to safeguard the property. This, in turn, will help to reduce the overall cost of production.

Optimizes operational efficiency

Real-time insights will give you all-around visibility, which will help you to monitor every corner of your business and quickly identify any movements without spending too much time. Video analytics will also allow you to identify and detect objects, events, people, behaviors, and conditions immediately and over a length of time. With real-time and histrionic monitoring, you can make more informed decisions about products, processes, and personnel, to name a few.

Improves situational awareness

Video analytics solutions can offer physical security with immense situational awareness. When you continuously stream the video feeds from all corners of the premises, the cameras will act as your business's virtual eyes and ears. Even if you don't have enough staff on hand to regularly monitor the video feeds for safety and security purposes, the video analytics platform will fill in those gaps by replacing the need to review videos with the feature of simply keeping track of and responding to alerts that are generated by the video analytics platform.

Conclusion

Video analytics solutions are extremely useful in assisting us with our daily tasks. This technology has the potential to benefit a wide range of industries, especially as the complexity of potential applications has grown in recent years.

We hope you enjoyed our post. In case you want to know more about Video Analytics Solutions, you can check out our other blogs. Happy reading!

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