New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Video Surveillance as a Service Market, By Component, By Service and By Application - Forecast 2030”, this VsaaS market will touch USD 10.88 billion at an 18.3% CAGR by 2030.
Video Surveillance as a Service Market Drivers
Because people's disposable money is increasing, the BFSI sector has experienced enormous growth in recent years. Due to VSaaS's benefits, which include reduced initial investments, flexibility in adding devices, and remote access to surveillance data, adoption of VSaaS to monitor consumer and employee actions in financial institutions has grown over the past several years. Additionally, these services help in identifying damage and fraud at cash registers, preventing kidnapping and robberies, and incorporating security and safety ideas into banking procedures. The increasing adoption in BFSI industry will boost video surveillance as a service market growth over the forecast period.
Key Players
Key players profiled in the global video surveillance as a service market report include,
- Bosch Security Systems (Germany)
- Brivo Inc (U.S.)
- Hangzhou Hikvision Digital Technology Co.
- Ltd (China)
- Cisco Systems Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- Cloudastructure Inc (U.S.)
- Genetec (Canada)
- Neo Solutions Inc (U.S.)
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Video Surveillance as a Service Market Opportunities
Development of Smart Cities to offer Lucrative Opportunities
In the upcoming years, the market for video surveillance as a service (VSaaS) is anticipated to expand due to the emergence of smart cities. Information and communication technology (ICT) is used in smart cities to improve operational efficiency, share data with the public, and improve resident and government protection. Governments all across the world have high aspirations for improving towns and making them smarter for residents and visitors. Intelligent video surveillance is being implemented in smart cities to help emergency responders react more rapidly in real-time or to predict and handle potential mishaps to reduce crime.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 10.88 billion |
| CAGR during 2022-2030 | 18.3% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Rising interest in prime smart cities and advanced implementation of local CAPEX & OPEX models also contribute to fueling the spread of this market. |
| Key Market Drivers | The key drivers behind the progress of the global video surveillance as a service market are swelling adoption of high-end cameras and the budding internet of things technology in various sectors. |
Restraints
Strict Government Regulations to act as Market Restraint
The stringent government regulations related to data security and privacy may act as a market restraint over the forecast period.
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Challenges
Lack of Knowledge to Remain Market Challenge
The lack of knowledge concerning the perks of VSaaS services may act as a market challenge over the forecast period.
Video Surveillance as a Service Market Segmentation
The global VsaaS is bifurcated based on application, service, and component.
By component, the video surveillance as a service market is segmented into software/analytics and hardware.
By service, hosted will lead the video surveillance as a service market over the forecast period.
By application, commercial will dominate the video surveillance as a service market over the forecast period.
COVID-19 Analysis
The outbreak & spread of COVID-19 have had an impact on market activities in a number of different businesses and geographical areas. As businesses encountered limited supply or restricted demand, the negative consequences of the virus became increasingly pervasive in areas where customers, service providers, resellers, camera makers, or suppliers conduct business.
This is a result of supply chain interruptions and prohibitions on cross-border trade, which cause delays in the production of hardware components, mostly cameras, especially those coming from China. Due to the reduced operations of businesses or facilities, the proliferation of COVID-19 has an impact on a number of industries, including the electronics, automotive, and hospitality sectors. Additionally, many governments delayed new infrastructure projects, which had a negative impact on the market for security hardware and software (including VSaaS) in 2020. Because video surveillance systems are crucial to combating COVID-19 as of May 2022, the industry has begun to recover and the demand for some items from industries including healthcare, smart cities, retail, and public facilities has surged.
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Due to COVID-19, this business has seen some substantial changes in the technological use of infrared cameras, facial recognition, and video analytics. Advanced facial recognition has seen several advances; for instance, facial recognition systems are becoming more significant as end users switch to contactless access control systems. Additionally, participants in the ecosystems are providing facial recognition solutions that can accurately identify persons even when wearing a mask as wearing a face mask has become the new norm in many nations.
Compared to other industries, the VSaaS market will not be negatively impacted by COVID-19. It will experience a mild impact. Long-term, this crisis will push several industries, including hospitality, banking & financial services, transportation, and government, to invest in technologies like crowd management, temperature monitoring, occupancy management, facial recognition, and heat maps to protect their patrons and employees.
Video Surveillance as a Service Market Regional Analysis
North America to Lead Video Surveillance as a Service Market
Due to rising crime rates, an increase in terrorism, and government initiatives to install sophisticated monitoring systems in public spaces and government buildings, North America will continue to dominate the video surveillance as a service market in 2021, accounting for about 40% of global revenues. Businesses including restaurants, hotels, and office buildings are the most frequent customers of video surveillance as a service in the United States. The nation's government has started a number of initiatives to put sophisticated monitoring systems in public areas and government buildings. Additionally, it emphasizes expanding the usage of these services across the infrastructure and defense sectors. In addition, the Canadian market is expanding as a result of Canada's high crime rate, which compels the government to spend money on video surveillance as a service. The video surveillance as a service market is dominated by North America because of the region's expanding security demands, terrorism risks, and threats from outsiders breaking into the country illegally.
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APAC to Have Admirable Growth in Video Surveillance as a Service Market
Due to growing demand for real-time and remote access to video surveillance data, growing concerns for public safety & security, and increasing technological advancements in camera and network technology in this region, Asia-Pacific is expected to lead the way with regards to market growth for video surveillance as a service. Due to the low cost of manufacturing in the region and developments in the infrastructure, Asia-Pacific is predicted to offer attractive growth prospects.
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