According to a new market research report published by Credence Research “Video Surveillance as a Service (VSaaS) Market (Type – Hosted, Managed and Hybrid) – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2024”, the global video surveillance as a service (VSaaS) market stood at US$ 842.5 Mn in 2015 and is estimated to expand with a CAGR of 19.3% from 2016 to 2024.
The complete report is available at https://www.credenceresearch.com/report/video-surveillance-as-a-service-vsaas-market
The video surveillance as a service (VSaaS) market is primarily driven by increasing penetration of the Internet and smartphones in developing economies such as China, India, and Brazil, among others. With the benefits of VSaaS such as reduced upfront costs and easy access to security footage, numerous small and medium enterprises have been able to adopt video surveillance for their premises. In addition, increasing security threats and rising need to provide safe and secured environment have led to the higher adoption of video surveillance solutions in the recent years. Other factors such as demand for integrated applications of video surveillance in end-use industries including retail, transportation, and leisure, among others have further fueled the growth in the global video surveillance as a service (VSaaS) market.
Some of the factors restraining the growth in the video surveillance as a service (VSaaS) market included lack of technological awareness among consumers and issues related to information security. Despite the lower costs associated with the subscription based model, numerous organizations are yet to realize the value proposition of adopting video surveillance as a service (VSaaS) for security purposes. However, with growing popularity of video surveillance as a service (VSaaS) solutions, the market is expected to witness significant growth during the forecast period.
The video surveillance as a service (VSaaS) market is highly competitive in various markets across the world. The video surveillance as a service (VSaaS) market includes numerous providers in the video surveillance ecosystem including equipment manufacturers, network providers, software providers and system integrators, among others. Thereby, the market in most of the developed countries witnessed price-based competition leading to increased strain on the VSaaS providers. VSaaS providers have been engaged in design and development of various analytical solutions based on video surveillance to add value to their offerings. Thereby, the market is expected to witness rise of innovative applications which would further enable end-users to provide enhanced security and draw valuable insights from the surveillance videos.
- Increasing use of video analytics such as facial recognition, behavior analysis, and event prediction, among others
- Rise of integrated applications delivering increased value to the end-users
- Growing interest in crowdsourcing video surveillance solutions
- Increasing use of advanced cameras including thermal cameras, multi-megapixel cameras, super low-light cameras, and panoramic cameras, among others