Burlingame, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global Video Surveillance and VSaaS Market size was valued at US$ 36.8 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 11.8% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Video surveillance requires use of cameras for monitoring and recording activities in a specific area for monitoring and security purposes. Video Surveillance as a Service is a cloud-based solutions providing video surveillance capabilities without requirement of on-site hardware. With this, users can obtain recorded or live footage remotely through internet, which makes it scalable, accessible, and cost-effective solution.
Key Industry Insights & Findings from the report:
In January 2020, D-Link Systems, Inc., launched AI-powered glass break and person detection for Wi-Fi cameras at CES 2020.
In June 2021, Indian Institute of Technology (IIT) Bombay announced development of an AI platform for real-time video surveillance.
Global Video Surveillance and VSaaS market is expected to exhibit a CAGR of 11.8% during the forecast period. The Video Surveillance and VSaaS market is growing rapidly in response to the rise in demand for real-time surveillance data in infrastructure and commercial sector.
On the basis of Component, Services Segment is expected to dominate the market during the forecast period and this is attributed to the rise in adoption of VSaaS in residential, retail, and SMBs sector along with increasing penetration of smart cities in Europe, North America, and Asia Pacific.
On the basis of Type, IP-based Video Surveillance and VSaaS Segment is expected to dominate the market during the forecast period and this is attributed to the high demand for IP-based video surveillance devices due to their multiple benefits.
On the basis End User Application, Business Organization Segment is expected to dominate the market during the forecast period and this is attributed to the increased adoption of video surveillance devices for security.
On the basis of Geography, Asia Pacific is expected to hold a dominant position over the forecast period, due to rise in rise in number of smart cities in South Korea, China, and India. For instance, in December 2020, the World Economic Forum revealed that China built nearly 500 AI-powered smart cities in the country.
Key players operating in the global Video Surveillance and VSaaS market include Robert Bosch GmbH., Zhejiang Dahua Technology Co., Ltd., Cisco Systems Inc., Agent Video Intelligence, Axis Communications AB, Hangzhou Hikvision Digital Technology Co., Ltd, Panasonic System Networks Co. Ltd, GeoVision, Inc., FLIR Systems, Inc., Canary Connect, Inc., Genetec, Inc., Pelco, Inc., NETGEAR Inc., Honeywell Security Group, D-Link Systems, Inc., and Homeboy, Inc.
Read full market research report, "Video Surveillance and VSaaS Market, By Component, By Type, By End user, And by Geography, Market Size & Share Analysis - Growth Trends & Forecasts, 2023-2030", published by Coherent Market Insights.
Key Trends and Analysis of the Global Video Surveillance and VSaaS Market:
Technological innovation is a major trend in the global video surveillance and VSaaS market, owing to significant shift in surveillance activities around the world. The adoption of IP video surveillance to smaller installations is increasing worldwide. System integrators are focused on providing solutions with functionality, which is specific to a certain end use industry. Thus, technological advancements and innovations are increasing rapidly, which is a major trend in the global market.
Video Surveillance and VSaaS Market Report Coverage
| Report Attribute | Details |
| Market size value in 2022 | US$ 36.8 billion |
| Forecast Period: | 2023 to 2030 |
| Growth rate | CAGR of 11.8% from 2023 to 2030 |
| Base year for estimation | 2022 |
| Historical data | 2017 - 2021 |
| Forecast period | 2023 - 2030 |
Market Drivers:
Rise in security concerns and government regulations to boost the market growth
Video surveillance has gained significant importance in the security industry for avoiding terrorist and criminal activities. Government of various countries around the world are increasingly focusing on investing in technological developments of advanced surveillance networks to enhance the fight against local crime as well as anti-terrorism activities. As a result, the demand for video surveillance and VSaaS is increasing, which in turn is driving growth of the global market.
Technological advancements in high-resolution perfect imaging and video analytics to fuel market growth
The use of cameras has significantly increased in video surveillance systems across different industries, as IP cameras having higher resolution providing more storage are widely available. Adoption of VSaaS is rapidly increasing, as it is an advanced technology in this field along with the availability of H.264 video compression for various security products. To cater the rising demand, market players are focused on offering technologically advanced solutions with high-resolution, perfect imaging and video analytics. This is further anticipated to augment growth of the global video surveillance and VSaaS market over the forecast period.
Market Restrain:
Concerns around privacy to obstruct the market growth
Using video surveillance and VSaaS creates privacy concerns due to which adoption of these products is impacted adversely. Even though the use of video surveillance is appreciated by most of the population, some are not comfortable with its implementation due to violation of their privacy. Thus, this factor is impacting adoption of this technology, which is further anticipated to limit growth of the global video surveillance and VSaaS market in the coming future.
Market Opportunities:
Growing popularity of mobile video surveillance is creating growth opportunities in the global market. Mobile video surveillance offers different services such as video recording on an on-board device and it also offers availability of data download wirelessly, when the vehicle is back to the station. With technological advancements, wireless streaming of videos has become possible from mobile video surveillance cameras to a control center. The growing popularity of this technology is creating multiple opportunities in the global market.
Detailed Segmentation:
- Global Video Surveillance and VSaaS Market, By Component
- Hardware
- Cameras
- Recorders and Storage
- Encoders
- Monitors
- Software
- Video Analytics
- Video Management Software (VMS)
- Services
- Hosted service
- Managed service
- Hybrid service
- Hardware
- Global Video Surveillance and VSaaS Market, By Type
- Analog Video Surveillance and VSaaS
- IP-based Video Surveillance and VSaaS
- Global Video Surveillance and VSaaS Market, By End user Application
- Residential
- Retail
- Business Organization
- Transportation
- Government Buildings
- Hospitality
- Industrial
- Stadiums
- Others
- Global Video Surveillance and VSaaS Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
Company Profiles:
- Zhejiang Dahua Technology Co.Ltd
- Agent Video Intelligence
- Hangzhou Hikvision Digital Technology Co.Ltd
- GeoVision Inc
- Canary Connect Inc
- Pelco Inc
- Honeywell Security Group
- Homeboy Inc
- D-Link Systems Inc
- NETGEAR Inc
- Genetec Inc
- FLIR Systems Inc
- Panasonic System Networks Co. Ltd
- Axis Communications AB
- Cisco Systems Inc
- Robert Bosch GmbH
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