It has become increasingly widespread in many industries due to its numerous benefits. The market is becoming increasingly popular because it eliminates the need for costly initial hardware and software investments. This makes video surveillance-as-a-service (VSaaS) a cost-effective solution for businesses, especially SMEs, who need help to set up and manage an on-site video surveillance system. With VSaaS, businesses can easily add and remove cameras and storage as needed. This is especially important for organizations with fluctuating security needs or growing ones.

Advanced and predictive analytics

Video surveillance-as-a-service allows users to access video feeds and manage tools remotely via a web or mobile application. This allows users to monitor their facilities from any location, improving security and ease of use. Software updates, maintenance, and troubleshooting can be managed by the VSaaS service provider, which reduces the workload of internal IT staff and ensures that the system is always up-to-date and running smoothly. Multiple providers integrate video surveillance-as-a-service with other security solutions, including access control, alarm systems, etc. This helps create a unified ecosystem that enhances overall security. VSaaS uses advanced analytics and AI to analyse real-time video data. This makes it a security tool and an important business intelligence tool. For example, it can analyse faces, objects, and even predictive analytics.

Lost prevention and customer behaviour

Retail stores use VSaaS to prevent loss, analyse customer behaviour, and manage operations. Hospitals and healthcare facilities use healthcare video surveillance-as-a-service to protect patients, manage access, and meet regulatory requirements. Banks and financial institutions have used banks and finance VSaaS to protect their branches and prevent fraud. Manufacturing VSaaS allows manufacturers to track production lines, monitor safety in the workplace, and prevent theft. Schools and universities can use education VSaaS to protect campuses, students, and access. Transport hubs such as airports, train stations, and other transportation hubs can be used by hotels and resorts to protect guests and property. Government agencies use VSaaS to improve public safety, monitor traffic, and protect facility operations. Real estate developers and management companies use video surveillance-as-a-service to protect buildings and tenants. Some cities implement it in their smart cities initiatives to improve public safety and urban planning.

Some of the key findings from the Grand View Research report on the VSaaS sector are as follows:

• Based on type, the hosted segment led the market and accounted for over 45% of the global revenue in 2022. This, according to the analysts, is due to the increasing demand for video surveillance-as-a-service across numerous verticals such as residential, retail, and SMB

• Based on vertical, the commercial segment led the market in 2022. This growth is attributed to the increasing adoption of VSaaS in hospitality centers, warehouses, BFSI, malls, enterprises, and others

• North America dominated the market and accounted for over 34% of the global revenue in 2022. The U.S. and Canada emerged as promising growth hubs in the region. The region's dominance can be attributed to the high penetration of cloud computing, the rising adoption of omnichannel practices, and the growing demand for analytics and insights in multiple sectors

Prominent players

Some of the main actors in this market and covered in the report include, ADT, Johnson Controls, Axis Communications, Avigilon (Motorola Solutions), Alarm.com, Eagle Eye Networks Inc., Honeywell International Inc., Securitas AB, and Genetec.