SecurityWorldMarket

09/06/2022

Demand for cost & scalability drives VSaaS market

Pune, India

The VSaaS market is projected to grow from USD 3.3 billion in 2022 and reaching USD 7.6 billion by 2027, according to a new report from Marketsandmarkets; it is expected to grow at a CAGR of 18.0% over the forecast period. Analysts found that the growth of this market is driven by factors such as the low cost of investment, the rise in demand for real-time surveillance data, and flexible scalability offered by VSaaS.

Hybrid VSaaS is expected to grow at high rates over the forecast period. The growth is driven by the combined benefits of on-premise video recording and managed video services, provided by hybrid VSaaS. In hybrid VSaaS, the recorded data is stored at both, the customer and service provider’s end; the main reason for the popularity of this model is concerns regarding the security of data. This model offers the benefits of on-premise video recording, along with those of managed video services. All day-to-day management of NVRs and cameras is handled by the offsite provider, thus saving time and effort. Moreover, it reduces the need to purchase and maintain a server and, hence, upfront costs are reduced. These benefits provided by hybrid VSaaS is expected to fuel the segment growth over the forecast period.

Infrastructure vertical shows high growth

The market for the infrastructure vertical is expected to grow at a high CAGR from 2022 to 2027. The increasing demand for VSaaS solutions across public places, transportation & city surveillance segments is expected to propel the growth of the market. Favourable government initiatives to develop smart city projects will add new opportunities for VSaaS providers. Various countries, such as China, India, and South Korea, are investing huge amounts in building smart cities. For instance, in November 2021, The Ministry of Land, Infrastructure and Transport, South Korea, announced plans to invest USD 215 million to establish 64 small and medium-sized smart cities in the country by 2025. This will create opportunities for the VSaaS service providers in infrastructure and city surveillance applications.

North America leads geographically

North America is expected to account for the high market share of the VSaaS market during the forecast period. In North America, particularly in the US, the government has taken several initiatives to implement advanced surveillance systems in public areas and government buildings. the focus of the government on boosting the penetration of VSaaS solutions across defence and infrastructure verticals is also high. Adoption in the military & defence sector to monitor security at the border and military bases has further driven VSaaS market growth in the region.

Key players in the VSaaS market and cited in the research include ADT, Johnson Controls, Axis Communications AB, Avigilon, a Motorola Solutions Company, Alarm.com, Securitas AB, Eagle Eye Networks Inc., Hangzhou Hikvision Digital Technology Co., Ltd. and Honeywell International Inc.

In addition to those mentioned above, Arcules, Inc, Comcast Corporation, Duranc Inc, Genetec Inc, Pacific Controls, Arlo Technologies, Inc, Camcloud, Mobotix AG, Morphean SA, Solink, Verkada Inc, Vivint, Camio, Ivideon, Ironyun, and 3deye Inc. are among the other companies mentioned by the research as a few of the emerging companies in the VSaaS sector.


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