Video Surveillance as a Service (VSaaS) market is projected to grow at a CAGR of 20.83% over the forecast period to reach US$5.548 billion in 2025 from US$1.783 billion in 2019. Video Surveillance as a Service (VSaaS) is a source of video subsystems in a facility to collect, manage and present video in a clear and concise manner. The development of video analytics, intelligent video surveillance, and Wireless IP surveillance are driving the market. Low investment is required for establishing VSaaS services. VSaaS provides real-time and remote access to video surveillance data with flexible scalability. The market is growing due to the availability of low-cost video surveillance systems and the presence of several camera manufacturers. Increasing public safety by using surveillance is developing infrastructure for VSaaS services. Rise in safety in high-risk areas and developing smart cities require high-quality video surveillance for security. Governments are implementing new technologies and strategies to ensure public safety and security from crimes such as robberies, antisocial behaviors, inventory losses, and terrorist attacks among several others. It has become a compulsion for implementing cost-effective and feasible solutions for saving people from catastrophic attacks. Increasing the use of smartphones and other devices is growing the demand for video surveillance services by the implementation of numerous new technologies like smart applications, purpose build mobile applications for improving workflows. This application will help in connecting smartphones to cloud services directly and enabling them to watch the video without any hindrance.
By framework, the Video Surveillance as a Service (VSaaS) market has been segmented as software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS).
By application, the Video Surveillance as a Service (VSaaS) market is segmented as commercial, residential, and industrial. The commercial segment holds a significant market share as the demand or VSaaS in retail chains and small businesses is rapidly growing for enhancing security, reducing robbery and inventory loss. Industries require VSaaS for better control over production by having constant video surveillance.
Geographically, the Video Surveillance as a Service (VSaaS) market is classified into North America, South America, Europe, Middle East, and Africa, and the Asia Pacific The report also analyses major countries across these regions with complete analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers. Geographically, North America held a significant amount of market share due to stringent laws implemented by the government for keeping surveillance on public places specifically after the 9/11 terrorist attack. Governments around the world are strengthening the fight against street crimes by developing sophisticated surveillance networks and expanding their utilization for counterterrorism operations. The Asia Pacific to see growth in the video surveillance market due to an increase in video surveillance cover at public places.
Key market players in Video Surveillance as a Service (VSaaS) market include Pacific Controls, Sonitrol, Cloudastructure Inc., Axis Communications AB, and Eagle Eye Networks among others. The global Video Surveillance as a Service (VSaaS) industry is highly competitive due to its low manufacturing costs. Companies are investing in product innovation and research and development activities. M&A and partnerships are some of the key strategies being implemented by key market players to gain a larger market share.
Some recent development in the market include: -
In May 2018, Dahua Technology became the first company to receive certification for its IP video products from TUV Rheinland , which indicates that its IP products are in compliance with GDPR.
In September 2018, Hikvision came into partnership with Videonetics for the integration of intelligent video management software (IVMS) made by Videonetics that can efficiently handle Hikvision H.265+ compressed video streams which is delivered by Hikvision network cameras.
The Video Surveillance as a Service (VSaaS) market is segmented by framework, application, and geography.