The Visual Internet of Things (VIoT) is set for massive growth in 2018, Cloudview’s CEO has forecast. James Wickes said millions of hours of visual data captured every day in the UK is wasted because businesses are often failing to use – or even view – their own CCTV footage.
In a white paper, Wickes flags up the myriad benefits of integrating existing visual data with big data, the IoT, cloud and analytics, to build new applications. He said resulting VIoT applications could help bring numerous benefits, including speeding up responses to traffic accidents and helping companies to sell their products and services.
Wickes said that the Visual Internet of Things will be a crucial part of technological advances which will touch so many lives, and in some cases transform them.
He said that this was, in fact, already the case. He gave an example of boarding pass reader software at airports which scans the pass, while your face is simultaneously scanned by a camera. He noted that minus this key visual data collected by the camera, the whole system would not be as effective.
McKinsey figures suggest video analytics will see 50% compound annual growth over the next five years, contributing to a potential $3.9 trillion economic impact for the IoT, to $11.1 trillion a year by 2025.
There are 8.2 million UK surveillance cameras, producing around 10.3 petabytes of hourly visual data. Consolidating this footage within a cloud infrastructure, and combined with data sets, including grid references and weather data, could bring clear insight into what is happening, why, and, crucially, what might happen next. Wickes concluded by stating that there is enormous potential for current surveillance cameras to be utilised beyond their current functions. He urged local bodies to use this opportunity for the benefit of all.