The Video Surveillance as a Service (VSaaS) market is expected to be worth US$5.93 Billion by 2022, at a CAGR of 22.0% between 2017 and 2022. Factors such as low initial investment required to avail VSaaS services, increasing demand for real-time and remote access for video surveillance data, and flexible scalability offered by VSaaS would provide ample growth opportunities for the Video Surveillance as a Service market in the future. This is a new market research report from Research and Markets.
The market for the hybrid VSaaS is expected to grow at a significant rate during the forecast period. Hybrid VSaaS offers data storage at the customer’s site as well as in the cloud at the service provider’s end, which enhances data security, brings flexibility in data storage capacity, provides remote access to the surveillance data. This helps hybrid VSaaS to become more popular among verticals such as commercial, infrastructure, and industrial, among others.
The commercial vertical is expected to lead the Video Surveillance as a Service market during the forecast period due to the increasing adoption of VSaaS in retail chains, residential apartments, small businesses, healthcare organizations, banks, government buildings, city surveillance and manufacturing sites, among others. The demand for VSaaS in the commercial vertical is increasing to enhance the security, reduce robbery and inventory loss. Moreover, the adoption of VSaaS in financial institutions and banks to monitor customers and staff activities is increasing from the recent past, which has helped the VSaaS market to grow.
“Hosted VSaaS expected to lead the Video Surveillance as a Service market during the forecast period.”
Hosted VSaaS offers advantages such as video recording in the cloud, remote access to the surveillance data, and low maintenance cost, among others, which makes it a desired choice among end users. Increasing usage of VSaaS in the small businesses or by customers having multiple business sites at different locations, such as retail chains and banks and financial institutions to monitor as well as detect malpractices such as thefts and frauds. Increasing adoption of video surveillance systems in commercial and infrastructure applications due to the increased security concerns and government support for the adoption of systems in applications such as city surveillance and public sector provide opportunity for the hosted VSaaS market.
The market in APAC is expected to grow at the highest rate during the forecast period. Increasing retail chains, small businesses, residential apartments, and hospitality businesses drives the VSaaS market growth in the APAC region. Presence of several camera manufacturers and availability of low-cost video surveillance systems and services helped the VSaaS market to grow. Government initiatives to increase public safety and increasing infrastructural developments in the region create opportunities for the VSaaS market in this region. Moreover, increased adoption of consumer devices such as mobiles, tablets, and laptops in China is one of the important parameters which spurs the growth of the VSaaS market in China as VSaaS offers a remote view to live video footages on consumer devices.
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