Lars Thinggaard, CEO of Milestone Systems, explains how video surveillance is of growing importance in the world we live in today which is a risk society characterized by increasing risks and constant changes in the world economy, politics, climate and technology:
We live in a very different world today—one of risks and fast changes—and looking ahead, such changes and risks will only continue. I call it “the new normal,” since this is expected to be the basis going forward.
We are involved with constantly changing technological developments through emerging innovations such as biometrics; panoramic, high-resolution and thermal cameras; edge device storage; cloud computing; RFID and video analytics. Much of this is thanks to the convergence of IP networking as the core infrastructure of every new installation.
Milestone is living our mission and vision: to globally drive the convergence of video surveillance and IP-based business systems through our open platform and business model. We have changed the industry’s expectations of video surveillance by demonstrating the unlimited potential that comes with the freedom to choose components and the power to integrate with third-party systems.
By working with the open platform, partners and customers get better solutions that leverage the best of our industry, and work both today and long into the future. They also are able to add any new equipment and systems as they become available over time. What a flexible concept. And it is flexibility that allows us to adapt to change.
Life is Change – Risk and Opportunity
However, risks and changes are not the same as failures. A changing world is also a world full of new opportunities. It is our job together to spot those opportunities and turn them into business. This is how we can collaborate. I am convinced that we are capable of adapting to and exploiting the megatrends changing our world. This is why open platform video management software (VMS) is becoming so important to so many people.
Today, we know that video surveillance is about so much more than just security. Our partners attest from daily experiences with customer installations that for many companies surveillance has become an integrated and logical part of the daily business process. For example, in the areas of production, warehousing, shipping and other kinds of asset monitoring or process control, video is a central function for improved quality and efficiency.
We see that our surveillance technology is very helpful when it comes to assisting with environmental regulations and other compliance matters for businesses and institutions, such as safety or hygiene procedures. Our aging population is driving demand for call alert systems and expanded alarm monitoring, as well. Hospitals are discovering video is a tool for better patient care around the clock.
There is definitely a growing market of opportunities out there with open platform IP video management technology and integrations. According to the market analyst institute IHS Inc. (formerly IMS Research), the IP-based video surveillance market is expected to double in size between 2012 and 2017. This will expand the market from $4.8 to $13 billion. Or put another way, by more than 170 percent.
You have to agree that a radical and pervasive change is happening in our lives. As a matter of fact, we are in the midst of a revolution.
Milestone plans to continue to lead in market development, and we have a proven record of doing so. We have been the number one company in the open platform VMS market for years. With around 3,000 partner companies and 7,000 certificationtrained individuals who are updated every two years, not only do we have a well-built channel, but we also exceed 100,000 customer installations with our VMS solutions. So it is not surprising when we look at our performance throughout the world that we see widespread growth.
Ability to Grow with Open Platform
So, what does the future look like in this industry? Let me make an analogy.
Recall the development in the IP telephony market: it was a convergent market over a decade. Its market share more than doubled in that time—from 25 to 57 percent, out-performing the traditional technologies. It is realistic to expect similar development in our IP video industry with plenty of room for growth ahead.
Analog equipment purchases still account for around 50 percent of the security market today but just think: this means that half of the people are installing outdated technology for business use that they don’t even have at home anymore. Everyone uses IP technology in their personal lives now. Its advantages are made clear in our daily lives, and we come to expect those whether at play or work.
Read the full article about video technology in a risk society.