April 29, 2013 -
IMS Research has projected that worldwide revenue for the video-surveillance market will reach $US20.5 billion in 2016, up 114 percent from US$9.6 billion in 2010, though the firm believes this figure could rise even further, taking into account recent events like the Boston bombing.
According to IMS (now a part of IHS), researchers are now in the process of updating this forecast as it believes recent events like the Boston bombing could increase spending and conceivably fuel growth.
“The growth outlook of the video-surveillance industry is subject to significant variances,” Paul Everett, senior manager, video surveillance, for IHS said. “This is because the market is dependent upon the vagaries of several intertwined factors that are difficult or impossible to predict, including economic conditions, government spending and notorious terrorism incidents. While it’s too early to tell exactly what impact the Boston bombing will have, past events—like 9/11 and the London Underground bombings—have led to increased government spending on video surveillance for public spaces, particularly in the transport sector.”
Spending in the video surveillance market has an impact on the biometrics market, as increasingly, surveillance systems are being equipped with real-time facial recognition capabilities, and facial recognition is often also used for analysis in post, particularly in law enforcement circles to identify suspects.
The research firm also notes that the market is currently undergoing a transition from analog to network solutions that enable network-based control and the monitoring of security and surveillance, which includes higher resolution cameras and external storage.
This improvement in capacity and quality is great news for providers of facial recognition technology, as pixel density plays an important role in successful identification. As a rough standard, an average of 65 pixels is needed between eye centers for a good statistical comparison.
BiometricUpdate.com recently explored the use of facial recognition to identify the Boston bombers and discussed the technology’s benefits and limitations in identifying a suspect, though it has since been reported the technology did not play a role in identifying the Tsarnaev brothers, the two accused of carrying out the bombing.