VSaaS market value set to double by 2029

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According to the latest research from Marketsandmarkets, the global VSaaS market is expected to be valued at USD 5.0 billion in 2024 and is projected to more than double in five years, reaching USD 10.7 billion by 2029, at a CAGR of 16.1% over the forecast period.

The scalability and flexibility offered by VSaaS solutions enable businesses to expand their surveillance systems as needed, making it an attractive option for organisations of all sizes and industries seeking to enhance security and operational efficiency.

Customisable hybrid services

The VSaaS market for hybrid services is experiencing notable growth due to its ability to offer a flexible and customisable approach to video surveillance. Hybrid services combine the benefits of cloud-based and on-premises solutions, allowing businesses to leverage local infrastructure for high-resolution video storage and cloud services for remote access, scalability, and redundancy. This hybrid model addresses businesses' diverse needs and preferences, particularly those with stringent security requirements or limited bandwidth availability. Additionally, hybrid VSaaS solutions offer seamless integration with existing surveillance infrastructure, allowing businesses to modernize their systems gradually while maximizing the value of their investments in legacy equipment.

AI-enabled VSaaS sees rapid growth

The VSaaS market for AI-enabled VSaaS is experiencing rapid growth due to the transformative impact of artificial intelligence on video surveillance capabilities. AI-powered VSaaS offers advanced features such as real-time object detection, facial recognition, and behaviour analysis, enabling businesses to enhance security, optimise operations, and extract valuable insights from video data. Integrating AI algorithms allows for more accurate and efficient detection of threats and anomalies, reducing false alarms and enabling proactive responses to security incidents.

AI video analytics enable efficient response

The VSaaS market for object detection and recognition is experiencing significant growth due to its ability to enhance security, operational efficiency, and customer experience across various industries. Object detection and recognition technologies leverage advanced algorithms, such as deep learning and computer vision, to accurately identify and classify objects in real-time video streams. This enables businesses to detect and respond to security threats more effectively, whether identifying unauthorised individuals, detecting intrusions, or recognising suspicious behaviour.

Strong demand in infrastructure vertical 

The VSaaS market for the infrastructure vertical is experiencing notable growth due to several key factors. Firstly, infrastructure assets such as transportation networks, utilities, and critical facilities require robust surveillance solutions to ensure safety, security, and operational efficiency. VSaaS offers infrastructure operators the ability to remotely monitor and manage vast and often remote or hard-to-reach areas, improving incident response times and reducing operational costs. Additionally, as governments and organisations worldwide invest in modernising and expanding infrastructure, there is a growing emphasis on incorporating smart technologies, including video surveillance, to enhance resilience and sustainability.

Heavy infrastructure investment fuels Asia Pacific

The growth of the VSaaS market in the Asia Pacific region is particularly pronounced due to several key factors. Firstly, the region's rapid urbanization and economic development have increased security and surveillance infrastructure investments across various industries. Additionally, the widespread adoption of digital technologies, coupled with advancements in cloud computing and internet connectivity, has made VSaaS more accessible and cost-effective for businesses of all sizes. Furthermore, rising concerns about safety, security, and regulatory compliance drive demand for modern surveillance solutions, including VSaaS, to address evolving security threats and operational challenges.

Main players

According to the report analysts, the VSaaS market includes significant Tier I and II players such as ADT, Johnson Controls, Axis Communication, Motorola Solutions, and Securitas, amongst others.


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