Honeywell International Inc. (HON), the IT major, Thursday, announced that it is collaborating with Rhombus, a cloud-based video management company, to expand its cloud-connected security and access solutions portfolio with new, AI-powered video solutions.
Together, both these companies are expected to deliver integrated access control and video management in a single cloud solution that is easy to deploy, scale and manage.
Companies are increasingly shifting to cloud-based security and cloud video. According to Omdia, cloud video solutions are growing annually at more than 20% and are projected to be the fastest-growing segment in the security industry through 2029. The Honeywell-Rhombus offering is perfectly positioned to support a paced, cost-efficient cloud journey for thousands of commercial and enterprise operations around the world while helping them to reduce risk, Honeywell said in a statement.
Further, both the companies will also partner on deeper integrations that bring Rhombus' AI analytics directly into Honeywell's access control platforms.
Using Rhombus' AI-powered platform, customers will be able to gain insights from video data beyond traditional surveillance, they can train AI prompts to analyze activity patterns, investigate incidents more efficiently and better understand how physical spaces are being used.
The solutions are designed to for a variety of environments including retail chains, fitness centers, schools and other distributed sites.
In pre-market activity, HON shares were trading at $225.49, down 0.13% on the Nasdaq.
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