Video Surveillance as a Service (VSaaS) Market is projected to witness a compound annual growth rate of 26.25% to reach a total market size of US$4.006 billion by 2022, from US$1.249 billion in 2017. Growing focus on infrastructure protection, government regulations regarding public safety and increasing demand for high-resolution imaging are some of the key factors driving the market growth. Technological advancements have led to enhanced cyber security system and efficient remote monitoring, leading to burgeoning demand for these systems over the forecast period.
By application, commercial segment accounted for significant market share in 2016 and is expected to grow at a high rate over the projected period. The rising security threat to airports, hospitals, and other commercial buildings is boosting this segment’s growth. Moreover, increasing investment in building security coupled with a strict regulatory framework is also significantly contributing to the demand for these solutions over the forecast period.
North America accounted for the largest market share in 2016, as the region has been a leading adopter of security technologies. Moreover, increase in the number of terrorist attacks over the years coupled with strict building security regulation propelling the adoption of VSaaS while augmenting its market growth in this region.
The global VSaaS market is packed with many large players focusing on product innovation and R&D. However, favourable government policies and robust market growth coupled with low exit barriers are attracting new players in the market while enhancing the competitive rivalry. The major players discussed in the report include ADT Security Services, Cisco, Bosch Security System, Axis Communications, Panasonic, Honeywell, Smartvue Corporation, Brivo, and Hikvision. The VSaaS market is highly competitive in terms of price and additional services being offered. The players are largely focusing on maximizing the efficiency and minimizing cost in order to be ahead of competition.
Video surveillance as a service market has been segmented by product, application, and geography as below:
Europe Middle East and Africa
Middle East and Africa