Video Surveillance Market GrowingBy Sharon Linsenbach | Print
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Pivot3 hopes $24 million in additional funding and success with city government customers will expand the reach of its RAIGE technology.
Bell said that the video surveillance market is growing rapidly, with the advances in digital video technology, and that storage for a video surveillance system can account for 50 percent of the system's cost. "The pixels and resolutions in surveillance cameras are getting higher, with wider views, the ability to recognize faces and read license plates now," he said. The increase in file size and, in some cases, governmental requirements to store the images for a period of time are overloading storage capabilities.
For markets such as government, especially in the area of homeland security,
storage requirements are crucial. "An airport, for example, may have
to shut down if they don't have cameras or storage that works,"
Outside of city governments and casinos, Bruinzeel sees a lot of opportunities for other partners. "There are lots of vertical markets where storage plays a role," adding that his company doesn't plan to enter markets such as health care and financial services.
Bell said that Pivot3's RAIGE technology would be a great fit in the health care industry, since digital imaging of patient records is creating larger and larger files and that hospitals need to comply with HIPPAA (Health Insurance Portability and Accountability Act) requirements for image and record storage.
"There's nothing specific to the video surveillance market—you can store anything you want on this. There are a lot of potential markets that need constant access to data, like high-performance computing, health care, public safety and city government," he said.