Report - Spending on video surveillance will triple

AUSTIN, Texas – Eagle Eye Networks (EEN) has just released its 2024 Trends in Video Surveillance report, which revealed organizations are betting big on Artificial Intelligence (AI) and the cloud.

EEN said the annual report is a resource for business leaders, security professionals and IT managers, providing information about new technologies such as AI and License Plate Recognition (LPR), and analysis and tips about how the technology is being used in schools, global enterprise businesses, retail outlets, homeowners associations and other industries. The report also includes a bonus trend for security resellers, which is a greater market understanding of total cost of ownership (TCO).

In particular, 2024’s report goes on to name AI Surveillance as its top trend, noting in the report that as much as 74% of research and development at security firms being heavily, or at least somewhat AI focused. Other highlights include affordable professional video monitoring, workplace security upgrades, license plate recognition for homeowners associations (HOAs), and sustainable security as key findings from the report.

“AI combined with cloud is having a profound and positive effect on how businesses use video surveillance for proactive security and business efficiency,” said Dean Drako, CEO of Eagle Eye Networks. “In addition to AI, this year’s report identifies technologies and use cases that are not just trends, they are practical innovations that unlock new possibilities for building a safer, more efficient world.”

The top six video surveillance trends for 2024, as per EEN’s report, are:

1. Broader AI use enabled by cloud

2. Proliferation of professional video monitoring

3. Upgraded workplace security as more people return to the office

4. Homeowners associations (HOAs) and multifamily residential will widely adopt LPR technology

5. Businesses value energy-efficient, environmentally sustainable solutions

6. The total cost of ownership benefits of cloud are better understood

Security Systems News (SSN) reached out to EEN to ask If there was any trend or piece of information in this report without obvious import that will have sweeping implications video surveillance in 2024. Drako responded, telling us, "I believe that only some industries will be transformed by AI, and video surveillance is one of those industries. That's why our top trend in this report is the 'broader use of AI enabled by cloud.' In 2024, the tangible, practical and financial benefits of using AI in the cloud will really start to emerge."

He continued, "The video management systems we know today are evolving into AI security systems that will proactively notify a business owner or security professional when an event of interest is detected on a security camera. The amount that customers will spend on video surveillance will triple because of the increased value and utility of the product. Security integrators who are selling AI-powered cloud video surveillance will reap significant financial benefits and the professional satisfaction of delivering a security system that enables unprecedented swift response to security and business challenges."

Readers can download the 2024 Trends in Video Surveillance report for themselves online at www.een.com/video-surveillance-trends/.