“Data Storage Usage Will Continue To Be Crucial To The Future Of Retail.”
– Todd Hepler, Digitek Security
The following article written by: Quantum
Video surveillance continues to be a vital tool in the retail industry. Traditionally aiding retailers in security and loss prevention efforts, retailers know the value of surveillance footage is not limited to ordinary security applications. As a result, they are continuously pursuing innovative ways to turn raw video into usable “video-based data.” As a result, there is an ever-growing need for more storage capacity. Recent projections for storage capacity used for video surveillance applications show storage requirements are poised to grow at 39.1% compound annual growth rate (CAGR) from 2014–2019. If these predictions are accurate, over 221 petabytes (PB) of storage capacity will be shipped to the retail sector in 2019 (IHS—2015 Retail Sector Statistics: Americas).
What is driving this rapid growth? One reason is the proliferation of multi-sensor, digital cameras. Retail is second only to the commercial sector in the rate of adoption of high-definition (HD) camera technology. In addition, digital units generate larger file images than analog devices, which results in the need for more storage capacity to save the files.
Furthermore, these new uses are on top of the continuing struggle to reduce the amount of merchandise stolen from stores. In retail, video surveillance plays a vital role in loss prevention efforts, and has for years. Nevertheless, theft and shoplifting still plague the industry. Over 48% of retailers surveyed by the National Retail Federation (NRF) reported an increase in inventory shrinkage in 2015. Overall, shrinkage cost the U.S. retail economy $45.2 billion last year (NRF press release). By transitioning to high-definition technology and installing more cameras, retailers hope to reduce those losses.
As time goes on, preventing theft and better understanding customer behavior will continue to drive the use of video surveillance in retail and increase the need for more storage.