New report: US business shifting toward IP-based video solutions
Network video company Axis Communications recently announced the results of the Loss Prevention Research Council’s 2012 “CCTV in Retail” report. The company commissioned the survey in October 2012 to gain insightful information on how security cameras and other surveillance equipment can assist businesses around the world.
Approximately 50 loss prevention (LP) executives from national and regional retailers who participated in the survey provided feedback on how their companies use video surveillance for their security needs.
All respondents used video cameras to monitor their stores, which marks a huge step forward for the security industry. IP video surveillance cameras became popular starting in 2004, and through 2010, continued to grow at a Compound Annual Growth Rate of 87.9 percent. One of the most important takeaways from the report is that businesses are shifting from analog-only systems to hybrid- or IP-based solutions. This change has spurred the following:
• The number of businesses adopting IP-based video surveillance technology has risen from 31 percent in 2010 to 64 percent in 2012
•Approximately 32 percent of respondents use video surveillance to analyze shopping and buying behavior, while another 20 percent use IP video footage to analyze how product placement affects this buying behavior. The capability to analyze this footage gives companies the information and statistics they need to implement the best business strategies
• Approximately 87.5 percent of respondents believe the option to access live surveillance footage from IP-connected digital systems via a mobile device is very beneficial
•Businesses are becoming increasingly interested in the cross-functional uses of digital video systems, including their use in operations, sales and marketing through video analytics and point of sales integration. Approximately 93 percent of retailers who use IP-based video systems have noted a positive impact on security, LP and operations. Forty percent also noted a positive impact on merchandising
“The need for cameras in stores for LP and security is a given,” said Jackie Andersen, business development manager for retail at Axis Communications. “It’s the cross-functional uses of digital IP video that will propel the industry into the next phase of retail surveillance. There are many greenfield opportunities ranging from IP migration strategies (video encoder solutions, hosted video, edge storage, etc) to looping in POS and video analytics data that are taking IP video mainstream for retailers with quantifiable impact on sales and operations.”
IP-based video solutions have made their mark on the 21st century business landscape, and experts believe that as this technology continues to advance, the benefits will grow exponentially.