Video Surveillance and VSaaS Market
Video Surveillance and VSaaS Market (Component: Hardware (Cameras, Recorders & Storage, Encoders, and Monitors), Software (Video Analytics and Video Management Software], and Services [Hosted, Managed, and Hybrid]; Type: Analog Video Surveillance and VSaaS and IP-based Video Surveillance and VSaaS; and End User: Residential, Retail, Business Organizations, Transportation, Government Buildings, Hospitality, Industrial, Stadiums, Healthcare Organizations, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Advancements in Video Analytics and AI Transforming Modern Surveillance Systems
Novel technologies, including artificial intelligence are playing an imperative role in transforming a range of industrial sectors. Despite being at a relatively nascent stage, the adoption of artificial intelligence for video surveillance and VSaaS (video surveillance as a service) market is witnessing a notable growth. The video surveillance and VSaaS market is predominantly driven by technological innovations and the trend is set to continue in the coming years. Advancements made by machine learning, which is largely used for video analytics is gradually influencing the uptake of video surveillance systems and VSaaS. Video surveillance systems have evolved at a significant pace over the past few years - developing from closed-circuit transmission videos (CCTV) to cutting-edge centrally managed IP cameras.
Within the video surveillance and VSaaS market, the demand for cloud-based services from various end users is witnessing a paramount growth. The growth can be attributed to various benefits of cloud-based systems, including swifter response times and remote monitoring, among others. The adoption of cloud-based services is a trend that is projected to continue during the forecast period (2019-2027). Stakeholders operating in the current video surveillance and VSaaS market are confident that additional research and technological advancements will bring about significant improvements in the video surveillance and VSaaS market.
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IP-based Video Surveillance and VSaaS to Replace Traditional Systems
In the past few years, the demand for video surveillance systems has gained immense popularity, owing to mounting safety and security concern demands. At present, video surveillance systems are extensively used across various settings, including government buildings, retail shops, shopping malls, public places, residential societies, commercial buildings, etc. Manually operated surveillance systems paved the way for automated systems with higher reliability and efficiencies.
In the current scenario, traditional video surveillance systems are gradually being replaced by technologically advanced IP-based video surveillance and VSaaS. Within the video surveillance and VSaaS market, IP-based video surveillance and VSaaS is projected to remain the most prominent type of video surveillance system and is estimated to reach a value of ~US$ 104 Bn and hold a market share of ~80% by 2027.
The growing adoption of IP-based video surveillance systems is predominantly driven by enhanced processing capabilities and compression algorithms. Furthermore, advanced surveillance systems are increasingly being used to identify abnormal behavior and patterns in different videos by leveraging novel technologies, including artificial intelligence, computer vision, and pattern recognition. Traditional analog video surveillance systems are losing their novelty, as reliable and superior IP-based video surveillance systems are entering the video surveillance systems and VSaaS market.
The demand for IP-based video surveillance systems is expected to grow due to significant innovations in security, network offerings, and most importantly dwindling costs of specialized products. Moreover, innovations are also playing a key role in minimizing the costs associated with the deployment of surveillance infrastructure. For instance, the advent of 360o video capturing technology has enabled users to replace around three to four Pan-tilt zoom (PTZ) cameras. The newly developed 360o video capturing technology is expected to be one of the most groundbreaking inventions within the video surveillance and VSaaS market.
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Companies Focus on Launching New VSaaS Solutions
Rapid advancements in technology, along with the introduction of artificial intelligence into the video surveillance and VSaaS market landscape has enabled stakeholders to develop cutting-edge VSaaS solutions. Market participants are expected to introduce new and innovative video surveillance solutions in the near future to gain a competitive edge.
For instance, in October 2019, Zain, an established digital service provider announced the launch of a newly developed VSaaS solution for customers at the enterprise level. The company revealed that the VSaaS platform would include a broad range of services on the company’s cloud, and simultaneously provide customers the convenience of accessing and managing the video recordings from any location at any point in time.
Similarly, in September 2019, Etisalat launched the UAE’s first cloud-based video surveillance system. The video surveillance and VSaaS solution was primarily developed to assist small and medium businesses to address their regulatory and security compliance requirements. Video surveillance and VSaaS solution providers are leveraging the advantages of video and video analytics to assist their clients to increase their profitability, business productivity, and security.
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The global video surveillance and VSaaS market is expected to expand at an impressive CAGR of ~16% during the forecast period. The robust growth of the market can be largely driven by advancements in technology pertaining to video analytics, growing adoption of cloud-based technologies, and dwindling costs of specialized information technology solutions. Furthermore, mounting pressure to improve safety and security within residential and commercial buildings will provide a significant boost to the video surveillance and VSaaS market. Service providers should focus on the development of advanced VSaaS solutions by leveraging technologies such as artificial intelligence and benefits of video analytics.
Video Surveillance and VSaaS Market: Overview
- The global video surveillance and VSaaS market is estimated to expand at a CAGR of ~16% between 2019 and 2027. The video surveillance and VSaaS market is projected to be driven by replacement demand due to technological advancements in high-resolution perfect imaging and video analytics, and increasing development of smart cities.
- The video surveillance and VSaaS market is expected to be valued at ~US$ 41.2 Bn in 2019 and reach a value of ~US$ 132 Bn by 2027
- Asia Pacific holds a major share of the global video surveillance and VSaaS market. It is anticipated to dominate the market during the forecast period, followed by North America.
- Asia Pacific also remains the leading market for video surveillance and VSaaS, with revenues estimated to be valued at ~US$ 15.6 Bn in 2019
- The video surveillance and VSaaS market in Middle East & Africa and Latin America is also anticipated to expand at a moderate growth rate during the forecast period
- The video surveillance and VSaaS market in Asia Pacific is projected to expand at a CAGR of ~16% during the forecast period
Video Surveillance and VSaaS Market: Definition
- The report provides analysis of the global video surveillance and VSaaS market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the video surveillance and VSaaS market would help clients understand the analysis of video surveillance and VSaaS among different technologies
- A video surveillance system enables visual surveillance in the absence of an observer on site. Surveillance may be performed directly or can be stored, evaluated, as well as repeated as often as necessary. Video surveillance is extremely helpful to governments and law enforcement agencies in maintaining social control and order, monitor and recognize threats, and investigate/prevent criminal activities. Video surveillance systems (VSS) are useful in security measures such as verifying alarms (intrusion, fire, hold-up), detecting criminal offence (theft, defalcation), documenting security relevant events, open-air ground monitoring, deterring offenders (tamper, arson, and vandalism), localizing offenders and tracing their movements, and for prompt intervention in case of accidents.
Asia Pacific Video Surveillance and VSaaS Market: Snapshot
- Growing economy and large construction projects in China and India, along with the demand from the public sector, are projected to be major factors driving the expansion of the video surveillance and VSaaS market in the region.
- According to the Chinese media, establishments in the country plan to increase video surveillance to cover all public places. The police plans to link all CCTVs in public places to monitor centers. Hence, Asia Pacific is expected to dominate the video surveillance and VSaaS market, followed by North America.
Video Surveillance and VSaaS Market: Key Growth Drivers
- Increasing security concerns globally and government regulations
Video surveillance finds application in the security industry to prevent terrorist and criminal activities. Governments across the world are investing significantly in the development of the most sophisticated surveillance networks and expanding their utilization in order to strengthen the fight against street crimes and counterterrorism operations. According to the U.S. National Security Agency, since the 9/11 incidence, law enforcement agencies in the U.S. have been able to foil over 50 terrorist plots in the U.S. and other countries with the help of surveillance technologies. The impact of this driver is anticipated to be high during the forecast period. Globally, a major drive is taking place to bring most of the critical infrastructure under video surveillance, which includes government-funded installations around public infrastructure, roads, airports, and maritime and defense. Retail outlets and commercial premises are increasingly being brought under video surveillance due to security concerns and the need to monitor and understand the environment around them.
- Continued investments in infrastructure
Investments in global infrastructure has been increasing over the years. Global energy infrastructure and public sector infrastructure such as railways, roads, airports, and communication networks need to be expanded and replaced. Coordinated efforts are needed to reinforce and maintain secure and resilient infrastructure including networks, assets, and systems vital for society. Furthermore, major upcoming sports events, such as the 2018 FIFA World Cup in Russia, FIFA World Cup 2022 in Qatar, and the 2020 World Expo in UAE are estimated to drive the demand for video surveillance products in the near future.
Video Surveillance and VSaaS Market: Competition Landscape
- In September 2018, Hikvision signed a technology partnership with Videonetics, a world-leading visual computing platform development company. The integration enables Intelligent Video Management Software (IVMS) of Videonetics to efficiently handle Hikvision H.265+ compressed video streams delivered by Hikvision network cameras.
- In May 2018, Dahua Technology became the first company in the global video surveillance industry to receive certification for its IP video products from TÜV Rheinland, which indicate that its IP products are in compliance with GDPR.
Video Surveillance and VSaaS Market: Company Profiles
- Hangzhou Hikvision Digital Technology Co., Ltd: - Hangzhou Hikvision Digital Technology Co., Ltd delivers video surveillance products and solutions globally, and has a wide marketing network and operates in over 150 countries. The company offers a wide range of products that include Smart IP cameras, HD analog cameras, speed domes, NVRs, DVRs, video management software, access control and alarm systems, encoders, decoders, and other elements of security systems. It offers products to various end users, including retail, banking sector, transportation, education, commercial, government, and residential.
- Honeywell Security Group: - Honeywell Security Group functions as a subsidiary of Honeywell Automation & Control Solutions. The company is engaged in the development of security and automation solutions for residential and commercial applications. The company provides a wide variety of products, including intrusion, access control, video surveillance systems, and integrated security systems all over the world. Under the video surveillance systems segment, the company offers IP cameras, domes, recorders, and system accessories that enable users to manage complex video surveillance systems.
- Cisco Systems Inc.: - Cisco Systems Inc. is involved in design, manufacture, and sale of IP-based products that are related to the communications & information technology industry. The company’s Video Surveillance Manager is a comprehensive, policy-based software system designed for surveillance and security personnel and supports a wide range of devices. Cisco Systems Inc. offers its products globally for transportation of data, voice, and video within buildings.
- Other key players operating in the global video surveillance and VSaaS market and profiled in the report include
- Panasonic System Networks Co. Ltd.,
- Genetec, Inc.,
- D-Link Systems, Inc.,
- GeoVision, Inc.,
- Agent Video Intelligence Ltd.,
- Pelco, Inc.,
- Robert Bosch GmbH,
- Axis Communications AB,
- FLIR Systems, Inc.,
- NETGEAR Inc.,
- Homeboy, Inc., and
- Canary Connect, Inc.
Video Surveillance and VSaaS Market – Scope of the Report
Transparency Market Research’s recent report on the video surveillance and VSaaS market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the video surveillance and VSaaS market analyzes the scenario for the period 2019 to 2027, wherein 2018 is the base year and 2017 and earlier is historical data. The report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the video surveillance and VSaaS market provides data on the developments undertaken by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the video surveillance and VSaaS market gives readers an individual understanding of the market.
The study discusses the underlying trends and the impact of various factors that drive the video surveillance and VSaaS market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point analysis, ecosystem analysis, regulatory scenario, and regional key trends analysis of the video surveillance and VSaaS market, in order to elaborate on the crucial growth tactics and opportunities for market players contributing to the market growth.
Key Questions Answered in This Report on Video Surveillance and VSaaS Market
- How much revenue will the video surveillance and VSaaS market generate by the end of the forecast period?
- What type of solution is likely to have the maximum market share by 2027?
- What regions currently contribute the maximum share to the overall video surveillance and VSaaS market?
- What are the indicators expected to drive the video surveillance and VSaaS market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the video surveillance and VSaaS market to expand their geographical presence?
- What are the major advancements witnessed in the video surveillance and VSaaS market?
This report answers these questions and more about the video surveillance and VSaaS market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Video Surveillance and VSaaS Market: Research Methodology
This TMR report on the video surveillance and VSaaS market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competitive scenario of the video surveillance and VSaaS market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the video surveillance and VSaaS market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the video surveillance and VSaaS market, with both bottom-up and top-down approaches.
The detailed assessment of the video surveillance and VSaaS market, along with an overview of the landscape, has been provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the video surveillance and VSaaS market is set to grow are based on carefully vetted primary and secondary sources.
Video Surveillance and VSaaS Market: Segmentation
This report on the video surveillance and VSaaS market provides information on the basis of component, type, end user, and region.