ATLANTA, Nov. 30, 2009 - According to a new report from research firm Frost & Sullivan, the need for proactive security measures along with business intelligence is creating a huge demand for video analytics in the Europe, Middle East and Africa (EMEA) region.
In fact, the EMEA video analytics market garnered nearly $48 million in revenues in 2008 and is projected to reach $264 million by 2015.
Despite over-inflated promises and a lack of awareness among end users of what the technology could deliver in its infancy, the video analytics market has rebounded substantially due to technological advancements and a drop in price.
"The falling prices of video analytics are paving the way for increased adoption, even in small and medium-sized applications," said Frost & Sullivan Senior Research Analyst Archana Rao. "The ability of the technology to analyze large volumes of data (video) and distinguish the valuable bits of information yields significant cost savings in terms of limiting monitoring personnel."
However, analysts say that market growth will still depend on vendors educating end users about the ROI of the technology and establishing clear expectations for what exactly it can deliver.