National Security is Driving the Global Video Surveillance as a Service (Vsaas) Market to Rise at 20.77% of CAGR by 2027….
“According to the new market research report published by Inkwood Research, the global video surveillance as a service market is growing at 20.77% of CAGR during the forecasting period of 2019-2027.”
“Browse 19 market Data Tables and 30 Figures spread over 155 Pages, along with an in-depth TOC on global video surveillance as a service market forecast 2019-2027.”
Video surveillance as a service is a cloud-based video surveillance technology. The service comprises of video recording, storage, remote viewing, cybersecurity and management alerts. The prices of security solutions, IP cameras are dropping and with upgrades in technology, there is no need of an internal server as all the data is now stored in the cloud, which is driving the demand for the market. The market is however restrained due to challenges like growth in fear for privacy, security concerns for the data collected and lack of common standards cause of integration issues.
Declining prices of cameras are driving the VsaaS market globally
The prices of cameras and security solutions are dropping quickly with new technology upgradations. The prices are declining due to higher demand and increasing competition among the vendors. Video surveillance is easier and cost-effective to install. Many companies are shifting to security cameras and cutting down on the number of guards for monitoring. Hence, the decreasing prices of security solutions like IP cameras is increasing the growth and scope for video surveillance.
To learn more about this report, request a free sample copy
Video surveillance market has applications in Infrastructure, commercial, residential, industrial, institutional and other segments. Of them, the infrastructure segment contributes the highest to the market as the IP cameras and video surveillance solves problems for highly critical areas. Now more than ever, countries are facing a threat due to escalated terrorism and global security. Critical infrastructure sites which are essential for the functioning of society are the most vulnerable to the threats. The requirement of specialist physical security and surveillance for economic security and public health and safety is driving the VSaas infrastructure market.
China and India are supplementing the rapid growth rate in the APAC VSaaS market
The Asia Pacific is set to dominate the global VSaaS market by holding the largest share and is projected to witness the highest growth rate by the end of 2027. The rising crime rate, terrorism and threats to national security from external intruders entering nations illegally has increased the need for stringent security, thus, driving the growth of the market in the Asia Pacific region. The rise of infrastructure in China and India has fueled the growth of video surveillance in the country. The declining cost of camera’s and security solutions and increasing competition in the Chinese, Indian and South Korean market is another factor driving growth in the region.
The key giants operating in the global VSaaS market are ADT Security Services, Bosch Security Systems, Cloud structure, Duranc, Genetec Inc., Indigovision Ltd, Mobitix AG, Pacific Controls, Axis Communication AB, Cisco Systems, Controlbynet, Envysion, Honeywell Security Group, Ivideon, Neovsp, Verint Systems Inc. The market is dynamic, owing to the mergers, acquisitions and strategic alliances. These companies are also funding in R&D to augment their product portfolio and sustain their position in the market as the market is highly competitive.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.