ID: MRFR/ICT/1714-HCR | 100 Pages | Author: Shubham Munde | May 2023
The global Video Surveillance as a Service Market Size USD 10.88 billion is expected to grow at a high CAGR of 18.3% forecasted period from 2020-2030.
Video surveillance as a Service is a kind of specific process of constant monitoring & daily observing the activities, the manual behavior, and casual movements of any individual or a particular group to provide advanced improved security. The increasing demand for modern cloud technology assists enterprises like small, medium, and large business units to appropriately store their important data into the cloud for monitoring and vigilances. These rising on-cloud deployment processes also play a vital role in having a bigger market share by the end of the projected period. The various Industrial segment such as small retail stores, government departments in local areas, hospitals, transportation sector, among others, are a few of the fastest rising areas where the concept of video surveillance is actually used as a service.
The advanced integration of video surveillance solutions with a modern transportation industry is also a primary area of interest in contemporary years for all of the bigger players. There are many organizations, for example, Hangzhou Hikvision Digital Technology Co., Ltd. who is the prominent supplier of primary innovative video surveillance valuable products and solutions; the company has teamed up with the local agency of Memphis Police Department (MPD) to conserve the local residents of the place of Memphis in Tennessee, the U.S. The local city has also constructed a Real-Time Crime Center, an agency where they can see current live video feeds and administer critical information to proper officers before they appear at a crime scene.
According to Market Research Future (MRFR), the global video surveillance as a service market value will reach USD 10.88 billion by 2030, growing at an 18.3% CAGR throughout the assessment period (2023-2030).
COVID 19 Impacts and effects
The COVID 19 has affected 215 countries and the video surveillance as a service market as well. To combat the negative effects, countries lead lockdowns that have adversely affected the global video surveillance as a service market. The pandemic leads to several challenges to the sector; it is affected all over the world. Plenty of factors like the risk of uninterrupted production, supply chain, distribution, lack of workforce employees, and much-decreased development activities have primarily affected the ongoing demand and supply. People are not as active as earlier. Major strategic developments are taking place. MNC are investing more in Video surveillance as a Service because of the increasing demand from consumers across the globe.
The major drivers who are majorly contributing to the spread of global video surveillance as a service market are rising acceptance of extremely high-end cameras and the rising internet of things of advanced technology in various sectors. the enactment of superior technology inbuilt cameras such as advanced hd cameras, modern ip cameras assists in daily capture clear and more specific images that can again be utilized for major analysis as and when it is meant or required, by the quick implementation of important vsaas services such as a booming security infrastructure which can be created across remote areas or sections without even majorly deploying definite manpower. the arrival of emergence of most famous advanced video surveillance technologies is also projected to drive or control the overall growth of the market. the primary restraining factors or reasons towards the actual growth of the market are local network security, efficient high infrastructure cost, which is primarily related to daily installation and corporate protocols.
according to data, north america listed for the biggest or largest market share, which is primarily due to quick adoption of modern cloud video surveillance. the worldwide video surveillance as a service market is projected to reach revenue at usd ~2.7 billion with the cost of ~19% of compound yearly growth rate.
there are four major regions across the globe that are majorly involved in the global video surveillance as a service market research report – north america, europe, asia pacific region, and other countries of the globe, relying upon the country-level market sizing. the clientless remote support software market forecast is very comprehensive; you have to understand each and every player of the market. there is no debate that in spite of the occurrences of covid 19, the latest trends and future opportunities of the video surveillance as a service market slates factor will see tremendous spreading opportunities.
Rising interest in prime smart cities and advanced implementation of local CAPEX & OPEX models also contribute to fueling the spread of this market. Also, the growing competition which is developed by major and plenty of local players in the global market platform has upgraded the organizations by quickly implementing them with extremely very low or fewer installation costs and also reinforced in the primary investments which therefore also plays a biggest hazard for the primary OEM in the market.
The increasing dependence on video surveillance as a service market support of several industries around the globe has doubled. Video Surveillance as a Service has come up as a quite compelling easy solution. Video Surveillance as a Service has been very wide. There are lots of emerging markets related to Speech Analytics all across the world, like India, China, and Brazil, that are projected to grow fast over the estimated years.
The outbreak of COVID-19 has hard severely knocked out the growing pace of video surveillance as a service market growth analysis because of mandatory closures of consumer markets and factories across the globe, the profit share of the companies has been shrinking. COVID19 has disrupted the entire supply chain. Prolonged lockdown had a negative influence and affected the morale of the big companies.
The video surveillance is expected to touch the earnings of the US all-time high in 2022, according to an in-depth detailed report by latest Market Research Future (MRFR). Around a CAGR of 18.3% is projected during the assessment period (2020-2030) because of the impressive demand. Lots of factors are boosting the concept. The companies are planning and executing current business operations through innovative techniques. Many factors affect the growth of video surveillance, such as market size, trends in global technology, capital investment, etc.
In case of the video surveillance market, the report claims to have a 18.3% cagr to reach us 10.88 billion by 2030. the demand and craze for it is rising, which has increased video surveillance as a service market growth. It is also projected to grow at the most elevated speed over the figure time frame, which is expanding across different industry verticals. Additionally, government support and customer interest are helping the market to expand. The development is primarily credited to little and medium undertakings or companies where fewer effort arrangements are significantly required.
The market of the global video surveillance as a Service market has been basically divided on the basis of various components, service laterals, prime end-users, and regions. On the basis of division of components, the video surveillance market has been sub-segmented into hardware components, software/analytics. On the basis of services, the Video Surveillance market is bifurcated as advanced managed hosting and others. Further division on the basis of end-users, the video surveillance market includes- industrial sector, commercial sector, infrastructure, and residential sector. Further, the Video Surveillance market has been again carefully segmented into four varied regions, which include- North America, European countries, Asia-Pacific, and RoW countries.
On the basis of Geographic Segmentation:
Division by Service
The entire global video surveillance as a service market is segmented into North America, Europe, the Asia Pacific, and the Middle East & Africa. The growing need for Innovations in the industry to harmonize the technology to enhance video surveillance as a service market is estimated to complement development over the aforesaid period. There is no doubt that the U.S. has been dominating the market in North America. After the US, the U.K., Italy, France, and Germany all together have a stagnant total revenue in Europe.
Division by Application
The primary stakeholders in the video surveillance as a service market are research organizations, Traders, Importers, and Exporters, Suppliers, Industry end users. The concept is gaining momentum. It is applicable in all the primary areas. The organizations are focusing on improving product innovations.
Division by Region
The regional analysis of several video surveillance as a service market is being divided and studied, such as Asia Pacific, North America, European nations, and rest of the world countries. As per Geographical, North America is projected to be the biggest market in terms of profit contribution due to increased adoption of several cloud-based services by way of production systems and by several distribution channels. In addition to this, the countries of Asia Pacific are projected to grow rapidly in web-scale IT market due to increasing investment. Also, there has been a rise in demand for different software-based services in major developing countries. For example, India and China are projected to lead growth in several web-scale IT markets in different Asia-Pacific regions.
There is no doubt; North America is leading the video surveillance as a service market due to the presence of the grand global players in this particular region as well as increased technological advancement.
The market players for the video surveillance as a service market industry are:
Latest Industry News
On Feb.01, 2023, Wasabi Technologies Inc. announced its expansion into the physical security market with its cloud storage service model customized for digital video. Wasabi said upgrading on-premises infrastructure allows the handling of large-sized archival videos and responds to various needs of the surveillance industry, which is facing a vast storage crunch. Wasabi aims to address the needs of growing businesses, including upgrading their equipment to handle high-end uses such as facial recognition.
On Jan.26, 2023, Digital Barriers (the UK), a video surveillance technology specialist, announced that it is working to scale up surveillance-as-a-service mobile video. Following a dramatic 2022, the company is scaling its product line, refreshing key commercial partnerships with telecoms, such as Vodafone and AT&T, and completing a financial revamp led by investment group 3i.
Widespread Cloud Computing Applications among Businesses Drive the VaaS Market
The video surveillance as a service market is likely to garner significant revenue growth. The rising efficient throughput of data transmission and massive advances in cloud platforms will drive market growth in the next few years. According to Market Research Future (MRFR), the global video surveillance as a service market value will reach USD 10.88 billion by 2030, growing at an 18.3% CAGR throughout the assessment period (2023-2030).
Video Surveillance as a Service (VSaaS) allows businesses to store, access, and manage their organization's video surveillance footage on a cloud server. Implementing VSaaS enables access to the suite of products, including video recording, cloud-based video storage, remote management alerts, and cybersecurity. The demand for solutions to manage video surveillance data lifecycle from initial capture through expiration is rising hugely.
Also, the need for business assets surveillance with an expanded ability to address physical security projects of every size and scope is increasing substantially. Video management solutions are used in video surveillance systems to derive useful insights into the inspection site.
Advances in technologies and analytics have opened the doors to new applications and increased the requirement for on-demand, cloud video management systems. The adoption of VSaaS systems is increasing continually, with the increasing number of companies seeking cloud solutions for their security needs.
Besides, the rise of cloud options for security, including direct cloud computing and hybrid cloud solutions, alongside the growing need for security solutions among businesses, re-establish the importance of video surveillance as a service. Many companies strive to implement the smartest, safest, and most effective security solutions and video surveillance to monitor and predict criminal activities.
|Market Size||USD 10.88 billion 2030|
|CAGR||18.3% CAGR 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Service|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.) and others. The study also mentioned that new entrants, as well as established players, who want to emerge as leaders in the post-COVID era, are taking the impact analysis seriously.|
|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.|
The market will be expanding until the year 2030.
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.
As per the study and experts, the market will be evolving at a valuation of USD ~2.7 billion, with ~19% CAGR in the coming years.
The regions such as North America, Europe, Asia, and the Rest of the World (ROW) are gaining the maximum share of the market.
Bosch Security Systems (Germany), Brivo Inc, (U.S.), Cisco Systems, Inc. (U.S.) are the key players who are being active in the growth of the market.
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