Video Surveillance is the utilization of video cameras to transmit a signal to specific on a limited set of monitors. Although the majority of video cameras fit this description, the video surveillance terms are typically used for surveillance in areas that require constant monitoring including banks, stores, government offices, etc. Video surveillance is used to curb criminal or terrorist activities. Furthermore, Video surveillance-as-a-service (VSaaS) offers cost-efficiency, a wide array of products for hosted video, access to value-added services, efficient conversion of the analog system to IP, and enhanced system performance
Global Video Surveillance and VSaaS Market is estimated to be valued at US$ 89.57 Bn by2030.
Global Video Surveillance and VSaaS Market: Drivers
Growing focus of governments in smart cities
Governments of many countries are focused on smart city projects, which in turn, is boosting investments in VSaaS. For instance, according to article published in December 2022, by Express Computer a IT media publication the benefits of VSaaS technologies in a smart city projects is critical because it is very critical in analyzing, understanding and streamlining the way cities functions. According to International Data Corporation (IDC) the expenditure on smart cities will be around $203 Billion by the end of 2024 with the investments in the specific areas like civic engagement, public safety and smart city platforms for citizens for their query redressal, making appointments and etc.
Global Video Surveillance and VSaaS Market: Opportunities
Adoption of technological advancements such artificial intelligence
Video analytics enhances physical security and optimize the utilization of surveillance. There is a rising trend of integrated solutions for video surveillance in order to evaluate and analyze risks from the video footage. Moreover, video surveillance has gained considerable popularity in the newer and non-traditional applications due to advancements in analytics solutions. The applications include measurement of traffic flow, spotting accidents on highways, pedestrian congestion monitoring in public places, consumer demographics compilation in shopping malls and amusement parks, and monitoring and counting endangered species. For instance, according to the report published in November 2020, by IFSEC Global 44% of security professionals uses cloud based tech in their surveillance system.
Global Video Surveillance and VSaaS Market: Restraints
Bandwidth requirements and corporate protocols
Corporate IT networks require more security and bandwidth, owing to a significant number of users and applications. As a result of this, additional pressure is being put on the corporate network due to high bandwidth network requirements since businesses are increasingly using IT applications for data collection. These challenges have become more and more demanding due to the transition of physical security industry to IP. Moreover, it has become even more challenging for video surveillance or security system to operate effectively as growing networks accommodate the demands of more users and applications.
Market Trends
Technological innovations are resulting in major shift in surveillance activities. This offers a major opportunity for system integrators to adopt IP video surveillance to smaller installations. System integrators are focusing on delivering solutions with functionality specific to a particular end use industry. For instance, the integration of video surveillance systems with point-of-sale, business intelligence, and systems such as people counting and consumer hotspot analysis is gaining importance in the retail segment.
IoT enables one to connect any device with the help of the Internet, allowing them to communicate with each other. Furthermore, network cameras are likely to contemplate independently and take smart decisions on their own with the help of IoT. Therefore, the demand for smart CCTV, HDTV would further increase with increasing data security concerns. This is projected to influence the expansion of the market of video surveillance in the near future.
Covid-19 Impact Analysis:
The crisis of COVID-19 pandemic has significantly impacted the global video surveillance and VSaaS market. Since the outbreak of COVID-19 pandemic, many countries have adopted stringent lockdown policies to curb the spread of virus. With disruption in global supply chain industries and regulations on physical distancing, the market in discussion experienced a critical decline. One of the key changes the market witnessed is shift from physical security to cloud-based hosted solutions for VSaaS. This has prompted many business to adopt VSaaS solutions for various security measures including video recording, remote viewing, management alerts, cyber security, and more. The market is expected to witness significant in the near future with several countries easing their physical distancing and lockdown restrictions.
Global Video Surveillance and VSaaS Market: Competitive Landscape
Key players involved in the global video surveillance and VSaaS market are Zhejiang Dahua Technology Co., Ltd., Agent Video Intelligence, Hangzhou Hikvision Digital Technology Co., Ltd, GeoVision, Inc., Canary Connect, Inc., Pelco, Inc., Honeywell Security Group, Homeboy, Inc., D-Link Systems, Inc., NETGEAR Inc., Genetec, Inc., FLIR Systems, Inc., Panasonic System Networks Co. Ltd, Axis Communications AB, Cisco Systems Inc., and Robert Bosch GmbH.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/video-surveillance-and-vsaas-market-4671
Key Takeaways:
Global market was valued at US$ 36.8 Bn in 2022 and is forecast to reach a value of US$ 89.57 Bn by 2030 exhibiting CAGR of 11.76% between 2023 and 2030.
Global Video Surveillance and VSaaS Market: Recent Developments
In April 2021, Hero Electronix Private Limited, a India based launched Qubo Video Doorbell with HD AI security camera for security.
In January 2021, Xiaomi Corporation, a China based technology company launched a security surveillance camera.
In May 2020, Security & Safety Things GmbH, a German technology company launched new smart IP security cameras.
Major players in the market are involved in product development, in order to strengthen market presence. For instance, in February 2020, Genetec, Inc. introduced a new version of the Security Center, which company’s open-architecture platform for video surveillance.
