It might sound self-explanatory to most people, but it actually means much more. Video analysis is an important part of video technology, consisting of software applications able to generate and process a large amount of data, video and video stream related, automatically by using algorithms. The purpose of analysis usually depends on the business or industry, but the bottom line is to save time and resources and to achieve greater efficiency in gathering important information.
Depending on the type of video analytics this technology can observe and spot specifics and irregularities (Fixed algorithm analytics), use learning algorithms to alarm on inconsistent behaviors and events (Artificial intelligence analysis), identify a human face with 3-D maps and compare it with stored data (Facial recognition system) or analyze customer behavior to improve its experience (Business intelligence).
Why Use Video Analytics
The importance of this industry can be easily recognized in the video analytics global market growth. According to statistics released in July 2021, its value was USD 4.5 billion in 2019 and is forecasted to reach USD 37.7 billion by 2030.
Video surveillance is probably among the best examples to explain the importance of video analytics. This particular industry works with an enormous amount of video data that needs to be reviewed. In some cases, even the smallest oversight can turn into a security incident with serious repercussions or even life casualties.
Furthermore, this type of technology is crucial for large spaces and specified zones, such as city or highway traffic, airports, government and public institutions, shopping malls, large production and storehouse facilities. The purpose of video analysis is not just to prevent crimes and reduce the number of threats to public safety and security but to give a unique insight into the various issues and obtain possible solutions, all based on the analysis of the data generated from the key sources.
Generally, the only real threat to further expansion of the video analytics industry could be the unmatched development of the database infrastructure and slower adoption of modern and innovative technologies.
How to Use Video Analytics to Analyze Video Content
Naturally, video surveillance is not the only business that can use the benefits of video analytics. It can be applied to various domains including entertainment content videos to provide relevant information to the creators and show them which elements of content could use some improvements. It can be adapted to show the viewer’s engagement and areas of interest, the level of website, page, or game popularity, and assist in finding the best metrics to achieve efficient content exposure.
Despite having different goals, all video content creators should know some basic video analysis metrics. The most important are the total number of views, number of impressions, view length, engagement and play rate, viewer’s location, operating system and device type, referral source, and conversion. With the help of these metrics, video content can be fully analyzed to take certain actions. For example, in the next marketing campaign, the length of the video could be shorter or longer, more inviting to the potential customer, or with clearer message delivery.
Since business owners and creators have different goals and expectations, there is no universally defined success for video content, particularly from the marketing point of view. However, video analysis might help measure the distance between the statistics of the video’s performance and the defined goals of the business. If a video aims to promote the product, then a large number of shares mean that its content serves the main purpose. However, if the metrics don’t meet the expectation that is a clear sign that strategy needs to be adjusted or changed.