Video Surveillance Service Market Valued At $1.5B By 2020

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Technavio, a U.K.-based global technology researcher, has published a report on expected growth areas in the global security as a service market, estimating that by 2020, the overall market for what it terms “video surveillance as a service” (VsaaS) will be valued at US$1.5 billion.

The report studies VsaaS in three geographic areas of the global security market: The Americas, which constitutes close to 65% of the market; second, Asia and Pacific, making up 15% of the market; and the third being Europe, Middle East, and Africa, which takes up 20% of the market.

According to the report, the America’s (and specifically the U.S.) foothold in the video surveillance market is largely due to its willingness to adapt new technologies, especially in the areas aiming to allow for better remote viewing of video footage.

“A key factor that is aiding the growth of the market in the region is the ability of VSaaS solutions to allow for remote viewing of video footage, especially on smartphones,” said Amrita Choudhury, a lead IT security research analyst with Technavio. “The commercial sector in this region is a major adopter of VSaaS. Many companies use video surveillance for the purpose of measuring productivity.”

The report bases its assessment of the European, Middle Eastern and African markets on the region’s use of stringent regulations to force organizations to adopt video surveillance technology.
According to the report, India is one of the fastest growing markets in the Asia Pacific region, noting that the country’s public and private organizations typically use on average around 250 security cameras. Also cited for the APAC region, is the expected rise in cloud-based services where most of the work is currently taking place in Japan, India and Thailand.

Competitive landscape and key vendors

The market is characterized by the presence of several vendors who offer best products enabling the end users to choose from various security solutions. Vendors are constantly focusing on improving their product and service offerings by forming strategic alliances with system integrators. The vendor competition in the market is intense. Technological advances will lead to the introduction of new products, which will further intensify the competition among vendors.

The leading vendors in the market are –

  • Axis Communications
  • Bosch Security Systems
  • Cisco Systems
  • Honeywell Security
  • Panasonic

The other prominent vendors in the market are ADT, A2 Systems, ALL-TAG Security Americas, Anixter, Assa Abloy, Advanced Technology Video, AxxonSoft, DvTel, iDefigo, Gallagher, Genetec, Hikvision Digital, Intergraph, Ketec, Lenel Systems, MOBOTIX, Moonblink, Nedap, NetVersant, NortekSecuritym, S2 Security, Salient Systems, Samsung Techwin, Schneider Electric, Security Station, Siemens, VideoNEXT, and Watchdog Security.

Segmentation by end-user and analysis of the security as a service market

  • Commercial
  • Government
  • Residential

The commercial segment accounted for about 56% of the total shares of the market and dominated the industry during 2015. Retail firms are the major contributors to this market segment since they employ a number of security technologies such as electronic article surveillance systems, radio frequency identification systems, and video surveillance systems. Since this demands the need for separate space for data storage and additional security for ensuring that this data is not tampered with, this segment will have a continuous demand for security services in the coming years as well. Additionally, financial institutions also use security systems such as in banks and ATM centers, and this will also add to the growth of the market in this segment.

Geographical segmentation and analysis of the security as a service market

  • Americas
  • APAC
  • EMEA

Due to the high adoption of cloud video surveillance solutions, the recent years witnessed the increased adoption of the security systems in the Americas. The US has always been a major adopter of new security technologies and will be the major contributor to the market. The increasing need for real-time identification of threats and transmitting information to law enforcement officials will drive the adoption of advanced security systems in this region. Analysts estimate that the Americas will account for more than 64% of the total revenue shares of the market by 2020 and will also dominate the market throughout the forecast period.

Key questions answered in the report include

  • What will the market size and the growth rate be in 2020?
  • What are the key factors driving the global security as a service market?
  • What are the key market trends impacting the growth of the global security as a service market?
  • What are the challenges to market growth?
  • Who are the key vendors in the global security as a service market?
  • What are the market opportunities and threats faced by the vendors in the global security as a service market?
  • Trending factors influencing the market shares of the Americas, APAC, and EMEA.
  • What are the key outcomes of the five forces analysis of the global security as a service market?

 

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Source: technavio.com
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Home Forums Video Surveillance Service Market Valued At $1.5B By 2020

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