New York, USA, July 26, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The VSaaS market was estimated at USD 4,390.76 million in 2023. The market valuation is expected to be USD 16,466.00 million by 2032, registering a staggering CAGR of 15.8% during the forecast period of 2024-2032.
What is a VSaaS?
Users can remotely store, manage, play, record, and watch CCTV footage in the cloud with Video Surveillance as a Service (VSaaS). Stated differently, users are not required to save files on an PC hard drive or NVR, nor is CCTV footage kept on site. Cloud-based data may be swiftly and safely accessible from any location in the globe.
The primary advantage of VSaaS is that it does away with the requirement for expensive on-premise solutions. You avoid wasting time and money on system maintenance because you don't need to install physical infrastructure or pay professionals to maintain them.
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Key Market Stats:
- The VSaaS market size was valued at USD 4,390.76 million in 2023.
- The market is anticipated to grow from USD 5,074.84 million in 2024 to USD 16,466.00 million by 2032.
- The market is expected to exhibit a CAGR of 15.8% during the forecast period.
Major Findings from the Report:
- Surveillance system usage is being fueled by an increase in accidents, house thefts, murders, and other crimes that are becoming more commonplace worldwide. Also, the capacity to capture high-quality, real-time footage of events is making it possible for government agencies, especially police units, to install closed-circuit television systems in public spaces, boosting the VSaaS market demand.
- The market segmentation is mainly based on the feature, type, vertical, AI visual analysis, and region.
- In 2023, North America registered as the largest market share globally.
VSaaS Market Drivers and Trends:
- Increased Installation of CCTVs: The global VSaaS market growth is being driven by the increasing installation of CCTVs in police stations, public spaces, and other organizations.
- Growing Investments in Research Activities: It is projected that in the coming years, the main corporations' increased efforts in research and development of virtual cloud infrastructure (VSaaS) would promote the introduction of successful VSaaS systems into the market, hence creating substantial growth potential.
- Product Innovations: In the upcoming years, the companies' expanding expansion tactics and ever-improving new product developments with extra features are anticipated to have the most positive impact on the VSaaS market.
- Rising Smuggling Cases: The government must provide the highest level of protection at police stations due to the rise in smuggling cases and other illicit activities. Because VSaaS integration offers flexibility, scalability, and ease in CCTV monitoring, it is expected to propel this trend in the next years.
Market Challenges:
Its global utility is anticipated to be restricted by the persistent privacy concerns among end users. There is a good chance that VSaaS management will become less popular in the worldwide market due to growing bandwidth challenges, network problems, and other complications.
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Industry’s Prominent Players:
- Axis Communications AB (Sweden)
- Canary Connect Inc. (U.S.)
- FLIR Systems Inc. (U.S.)
- D-Link Systems Inc. (Taiwan)
- Genetec Inc. (Canada)
- Homeboy Inc. (U.S.)
- GeoVision Inc. (Taiwan)
- NETGEAR Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Pelco Inc. (U.S.)
- Agent Video Intelligence Ltd. (Israel)
Geographical Landscape:
In 2023, the majority VSaaS market share was held by the North American region. This is because the demand for VSaaS is facilitated by the region's expanding infrastructure construction activities, which include CCTVs to enhance public safety.
With a robust compound annual growth rate (CAGR) during the forecast period, the Asia Pacific region is anticipated to develop at the fastest rate because to increased worries about crime branch security. The region's growing number of regulatory efforts, particularly in India, are creating new growth prospects for the VSaaS industry.
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Market Segmentation:
By Type Outlook:
- Hosted
- Managed
- Hybrid
By Feature Outlook:
- AI-Enabled VSaaS
- Non-AI VSaaS
By AI Visual Analysis Outlook:
- Object Detection & Recognition
- Intrusion Detection
- Facial Recognition
- Anomaly Detection
By Vertical Outlook:
- Commercial
- Residential
- Industrial
- Infrastructure
- Military & Defense
- Public Facilities
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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