Page 44 - Security Today, September/October 2023

The Modern World The transformation of video surveillance By Woodie Andrawos In recent years, there has been a dramatic shift in the way organizations worldwide approach video surveillance. This transformation is both simple to grasp and complex in its underlying implications. The change is driven by the fact that video surveillance has evolved into a source of advanced se- curity and insights, adapting to the modern business climate. Let’s examine some of the significant trends that have emerged, highlighting the growth of this industry. A SPIKE IN MARKET ADOPTION One thing the past few years have taught the industry is that threats are in a constant state of evolution. Crime rates are soar- ing, especially in cities across the United States. Individuals and organizations are reacting to this situation by enhancing their se- curity infrastructure. According to Research and Markets, the global video surveil- lance market is expected to reach an impressive $69.4 billion by 2026, growing at a compound annual growth rate (CAGR) of 10.2%. This growth is a direct response to the changing nature of threats, and it represents a fundamental change in how security is approached. Traditional security measures, like alarms and post-incident vid- eo investigations, are being complemented by innovative solutions. Proactive video monitoring (PVM) is one such emerging solution. By drawing immediate attention to unauthorized activities, PVM allows intervention and notification to authorities before a crime can even occur. Live intervention from specialists, rather than pre- recorded messages, has become a critical feature of modern security. Additionally, central monitoring stations provide a host of services, including instant emergency help, 24/7 coverage and comprehensive incident reporting. In a world fraught with eco- nomic uncertainties, such measures not only provide enhanced security but offer stability and are often cost-effective. DEALERS BUILDING RECURRING MONTHLY REVENUE The alarm industry has seen a significant shift towards the cre- ation of recurring monthly revenue (RMR) from video monitor- ing, particularly with PVM. This trend is significant as it repre- sents a change in how revenue is generated and sustained. RMR is more than just a revenue stream; it is a business model that has proven particularly lucrative for the security industry. By focusing on continuous, valuable service rather than one-time product sales, businesses in the security sector can secure stable and predictable income. For companies that may be facing financial challenges in the current economic climate, RMR can be a lifeline. It simplifies plan- ning and budgeting, helps retain clients and has contributed to an increasing adoption rate among businesses in the security industry. INCREASING DEMAND FOR INTELLIGENCE IN SURVEILLANCE In the past, video monitoring was often a passive technology, “As technology advances, so too does our approach to security, reflecting a world where the unexpected has become the norm.” used to review footage after an event to determine what had hap- pened. But the demands of the modern world call for an intel- ligent, proactive approach to surveillance. The value of the AI in video surveillance market is projected to increase from $14.99 billion in 2021 to $51.95 billion by 2030. This leap underscores the critical role that AI is beginning to play in video surveillance. The demand for intelligent video surveillance is driven by the need to recognize and respond to events as they are happening. AI can identify people, vehicles, events and other aspects, improv- ing response times and allowing for more effective preventative measures. The integration of machine learning and human in- tervention is shaping a new era of video monitoring, one that is more adaptive and responsive than ever before. VIDEO SURVEILLANCE SPEEDS FORWARD The expectations surrounding video surveillance are ever-grow- ing. As organizations seek intelligent solutions to navigate an increasingly complex world, technology like AI is rising to the forefront. RMR is providing businesses with a steady and reliable revenue stream, even in uncertain economic times. The industry’s rapid technological advancements are propel- ling those in the field to keep pace. But amid all these changes, one thing remains constant: the prioritization of safety. Video surveillance is not merely about catching criminals after the fact anymore. It is about preventing crime, protecting assets and providing peace of mind in an ever-changing world. The inte- gration of intelligent processes, proactive monitoring and innova- tive business models ensures that video surveillance will continue to evolve, growing in its effectiveness and reach. This transformation highlights a broader trend in the industry and society at large. As technology advances, so too does our ap- proach to security, reflecting a world where the unexpected has become the norm. With vigilance, innovation, and a focus on continuous improvement, the video surveillance industry is not just responding to change; it is leading the way. The key is to balance technological advance- ments with the timeless need for safety and secu- rity, ensuring that as the world changes, our abil- ity to protect what matters most keeps pace. Woodie Andrawos is the president of National Monitoring Center (NMC). 44 SEPTEMBER/OCTOBER 2023 | SECURITY TODAY SECURITY OPERATION CENTER