Portland,OR, March 22, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global IP Video Surveillance and VSaaS market generated $28.39 billion in 2020, and is projected to reach $83.03 billion by 2030, witnessing a CAGR of 10.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Rise in transition from analog to IP surveillance cameras, integration of IoT in surveillance cameras, and surge in need of safety in high-risk areas drive the growth of the global IP Video Surveillance and VSaaS market. However, high initial installation investment and large data storage problems restrain the market to some extent. On the other hand, lack of professional expertise in handling IP cameras presents new opportunities in the upcoming years.
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of production facilities of the electronics sector, thereby affecting the overall growth of the global IP Video Surveillance and VSaaS market.
- It further disrupted the whole supply chain, leading to difficulty in supply of raw materials. This, in turn, affected the demand for electronics and semiconductor products in several industry verticals.
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The report offers detailed segmentation of the global IP Video Surveillance and VSaaS market based on product type, application, and region.
Based on product type, the hardware segment held the highest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the services segment is estimated to register the highest CAGR of 13.3% from 2021 to 2030.
Based on application, the banking and financial sector segment held the largest market share in 2020, holding one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the manufacturing and corporate segment is projected to register the highest CAGR of 13.4% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 12.6% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading players of the global IP Video Surveillance and VSaaS market analyzed in the research include Avigilon (Motorola Solutions), Axis Communications AB, Bosch Security Systems GmbH, Dahua Technology Co., Ltd., D-Link Corporation, Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell Security (Honeywell International Inc.), The Infinova Group, Panasonic Corporation, and Pelco (Schneider Electric).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
