Market Analysis:
According to MRFR, “Global Video Surveillance as a Service Market, By Component, By Service and By Application - Forecast 2030”. The global video as a surveillance market will touch USD 10.88 billion at an 18.3% CAGR by 2030, as per the recent Market Research Future report.
Key Players:
Key players in the Video Surveillance as a Service Market report include:
- 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.)
Market Segmentation:
The global VSaaS market is bifurcated based on application, service, and component.
Based on component, hardware will lead the market over the forecast period.
By service, hosted will domineer the market over the forecast period.
By application, commercial will spearhead the market over the forecast period.
Market Drivers:
Increasing Use in BFSI to Boost Market Growth
The increasing use of video surveillance in the BFSI sector will boost market growth over the forecast period for the people’s increasing disposable income. The adoption of video surveillance as a service in the financial institutions for monitoring staff activities and customers has gone up in the past few years for the perks offered by video as a surveillance service like remote access to surveillance data, flexibility in adding solutions, and lower initial investments. Besides, such services stop robberies and kidnapping, aid to detect fraud and vandalism, and integrate safety and security into banking processes.
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Market Opportunities:
Technological Advances to offer Robust Opportunities
Various technological advances will offer robust opportunities for the VSaaS market in the forecast period. ML and AI are increasingly used in the video surveillance systems, allowing behavior analysis, facial recognition, and advanced analytics. Another trend that is emerging is the merge of video surveillance with other technologies like IoT sensors for creating full security ecosystems.
Restraints and Challenges:
Slow Internet Speed to act as Market Restraint
The slow internet speed, increased cost, and privacy concerns may act as market restraints over the forecast period.
COVID-19 Analysis:
The COVID-19 epidemic possessed a positive impact on the VSaaS market. Due to social distancing measures and lockdowns, the need for video surveillance went up in transportation, retail, and healthcare. The need for monitoring and enforcing safety protocols, tracking occupancy levels, and ensuring public safety has boosted the use of the video surveillance solutions. Besides the WFH trends too boosted the need for video surveillance as a service enabling businesses in monitoring their assets and premises remotely.
Regional Analysis:
North America to Head Video Surveillance as a Service Market
North America will head the market over the forecast period. Canada and the US emerged as the promising hubs within the region. Besides, higher penetration of cloud computing, rising adoption of omnichannel practices, strong emphasis on technology and innovation, mature robust industries the increasing need for insights and analytics in multiple sectors are also adding market growth.
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