The key factors driving the video surveillance and video surveillance as a service (VSaaS) market include the development of data centers, IT cost suppression by major corporations, new technologies and features like field of view (FoV) and the IoT (Internet of Things), and the need for consolidated application and data management. VSaaS involves cloud-based recording of security camera video. It is typically delivered as a motion-triggered digital video of 10-15 seconds in length, used for real-time monitoring and forensics.
The global video surveillance and VSaaS market can be categorized on the basis of components, systems and by applications. On the basis of components, the global video surveillance and VSaaS market can be divided into hardware, cameras, recorders and storage, encoders, monitors, software, video management systems, video analytics, services, and managed, hosted, and hybrid components. Based upon systems, the market can be categorized as IP-based video surveillance and analog video surveillance. End-use applications sectors consist of residential, retail, business organizations, transportation, hospitality, industrial, government buildings, stadiums, healthcare, and others. Among the end user application areas, the largest segment in the video surveillance and VSaaS market is the transportation segment, which involves public transit, city surveillance, and highways.
Due to the rising need for surveillance cameras with improved video quality, the demand for IP-based video surveillance systems is increasing worldwide. Cameras held the largest share from the video surveillance hardware market, while hardware covered around 85% of the total video surveillance and VSaaS market. Further, the market is undergoing substantial growth in demand for video analytics solutions and cloud-based surveillance solutions. Video analytics reduces the need for humans to analyze and monitor video feeds in real time. There is rising demand for such intelligent surveillance organizations to provide real time understanding, with automatic alarm and event notifications.
Currently, VSaaS is used in institutional, infrastructural, commercial, industrial, and residential applications. Storage of enhanced data for GSM evolution (EDGE), intelligent business services, and mobile device access are some of the opportunities anticipated to open new prospects for the growth of the video surveillance and the VSaaS market. Geographically, North America, and Europe dominate the global video surveillance and VSaaS application market. High growth is expected from Asia-Pacific countries such as Japan, China, and India, owing to the constant demand for VSaaS in this region.
A video surveillance system is a combination of software and hardware components and is used to capture and analyze video. The video surveillance system market is expected to grow by double digit (16%, approximately) in the coming future. The rise in the security threats and crime rate in all regions across the globe is stimulating the growth of the video surveillance market.
Corporate and bandwidth protocols, high infrastructure costs and network security are the major challenges in the growth of the global video surveillance and VSaaS market. The Asia-Pacific region is anticipated to grow at a tremendous rate, due to the increasing consciousness of video surveillance, the growth of technology, and the constant increasing need for cloud services as a preference for efficient application and data management.
Some of the major competitors in the video surveillance and VSaaS market include Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Dahua Technology, Canon India Pvt. Ltd., and Robert Bosch GmbH, Pelco Inc.
For the full version of this report, please visit the P&S Market Research website.
