Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The global VSaaS market size was valued at USD 3.54 billion in 2021. It is projected to grow from USD 4.09 billion in 2022 to USD 13.16 billion by 2029 at a CAGR of 18.2% during the forecast period. The market is anticipated to grow remarkably well due to the increased demand for security and safety in public places stimulated the implementation of video surveillance cameras across homes and buildings, tourist places, and traffic signals. Fortune Business Insights™ stated this in a report titled, "Global VSaaS Market Forecast, 2022-2029."
Halt in Manufacturing Units Impede Market Growth
A noteworthy impact has been observed on the market during the COVID-19 outbreak. Several businesses across nations and manufacturing units were closed due to stringent government regulations. Furthermore, international trade restrictions along with supply chain disruptions lowered the demand for the product.
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| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 18.2 % |
| 2029 Value Projection | USD 13.16 Billion |
| Base Year | 2021 |
| VSaaS Market Size in 2021 | USD 3.54 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
Drivers and Restraints
Rising Adoption of the Cloud among Enterprises to Fuel Product Demand
Due to technological advancements in the IT sector, the demand for the product rose to a great extent. Furthermore, increasing adoption of the cloud among enterprises and rising adoption of 5G services are some other prominent factors that spur product demand. In order to cater to changing market conditions and maximize the benefits of advanced analytics, the VSaaS offers flexible scalability to improve business operations. Meanwhile, rising cybercrimes across the Internet of Things (IoT) devices, smartphones, video surveillance, and data breaches could impede the VSaaS market growth.
Regional Insights
Growing Adoption of Smart Home Security Cameras Nurtures Growth in North America
North America held a considerable grip on the global VSaaS market share during the projected period due to the rising adoption of smart home security cameras across Canada and the U.S.
In the Asia Pacific region, India is projected to showcase exponential growth during the forecast period due to the rising noteworthy advancements toward digitization.
Europe is seen to contribute to the adoption rate of cloud-based surveillance systems due to the rising effective technology program initiatives by the government.
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Segments-
Rising Adoption of VSaaS Services in Several Sector Drives the Commercial Segment
Based on end-user, the market is categorized into industrial, government, defense and public sector, residential, and commercial. The commercial segment will dominate due to the rising adoption of VSaaS in retail, warehouses, bank and financial institutions, hospitality centers, and others.
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Competitive Landscape
Several Giants are Investing in VSaaS Activities to Strengthen their Portfolio
Prominent key players such as Canon Inc. and Motorola Solutions Inc. are continuously deploying acquisition strategies to strengthen their client base. Furthermore, leading companies to boost their global presence are aiming to acquire local and small corporations.
Key Industry Development:
March 2022- Eagle Eye Smart Video Search was launched by Eagle Eye Networks, which enables users to quickly find and share video clips.
Companies Profiled in the VSaaS Market Report:
- Canon Inc. (Japan)
- Honeywell International Inc. (U.S.)
- ADT Inc. (U.S.)
- Motorola Solutions Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Alarm.com (U.S.)
- Johnson Controls International Plc (Ireland)
- Arcules Inc. (U.S.)
- Genetec Inc. (Canada)
- Eagle Eye Networks Inc. (U.S.)
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Major Points Covered in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global VSaaS Key Players Market Share Insights and Analysis, 2021
- Global VSaaS Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By End-user (USD)
- Commercial
- Industrial
- Government, Defense and Public Sector
- Residential
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America VSaaS Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By End-user (USD)
- Commercial
- Industrial
- Government, Defense and Public Sector
- Residential
- By Country (USD)
- U.S.
- By End-user
- Canada
- By End-user
- U.S.
- Europe VSaaS Market Size Estimates and Forecasts, By Segments, 2018-2029
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