Video Surveillance as a Service Market Size USD 10.88 billion is expected to grow at a high CAGR of 18.3% Forecast till 2030
Market
Highlights
The
video surveillance as a
service market is likely to grow by USD 10.88
Billion in the forecast period 2020 to 2030. The study has been published by
Market Research Future, which provides the market impact and new prospects
created because of the COVID-19 pandemic. The force can be expected to be
significant, which is recorded to be at 18.3% of the compound annual growth
rate.
Drivers
and Restraints
Various factors are propelling the global video surveillance
market share. As per the current MRFR report, such factors include the rising
concerns regarding security and public safety, increasing use of IP cameras,
burgeoning demand for spy and wireless cameras, growing stakeholder and
government funding to develop smart cities, use of city surveillance solutions,
and surging need for VSaaS services. Additional factors adding market growth
include the prevalent trends of deep learning and artificial intelligence and
ongoing technological advances in cloud-based services, the internet of things,
and big data. Besides, strict video surveillance mechanisms during the COVID-19
pandemic to keep track of people advised home quarantine or staying in
high-risk zones and to ensure the adherence to social distancing are also
adding market growth.
On
the contrary, the threat of data integrity, exorbitant initial costs, and lack
of unified standardization are factors that may limit the global video
surveillance industry growth over the forecast period.
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Segmentation:
The global video surveillance as a service market has been
segmented over the segments of component, service, and end-users.
In terms of component segment, the market has been bifurcated into
software/ analytics and hardware.
In terms of services, the market has included managed hosted and
others.
In
terms of the end-user segment, the market has included commercial, industrial,
infrastructure, and residential.
Regional
Analysis
Based on region, the global video
surveillance market report covers the recent trends and
growth opportunities across North America, the Asia Pacific (APAC), Europe,
& the Rest of the World (RoW). Of these, North America will lead the market
over the forecast period. Developed network architecture, technical advances,
and increasing adoption of surveillance equipment are adding to the global video
surveillance market growth in the region.
The global video surveillance market in Europe is predicted to
hold the second-largest share over the forecast period. Increasing use of cloud
based services by industries and improvement in network infrastructure are
adding to the global video surveillance market growth in the region.
The global video surveillance market in the APAC region is
predicted to grow at a fast pace over the forecast period. Heavy investments in
smart city projects, rising number of security concerns and threats in South
Korea, India, Japan, and China, increasing awareness about security and safety
across different verticals like infrastructure, commercial, and public places,
and rising incidence of terrorist attacks, theft, and other crimes are adding
to the global video surveillance market growth in the region. Additional
factors adding market growth include initiatives by the government in different
countries to install video surveillance cameras in public places like stations,
airports, religious places, colleges, schools, and cities, rising penetration
of new technologies like remote asset management, retail management, people
counting, facial recognition, and automatic number plate recognition, and the
availability of low-cost cameras.
The global video surveillance market in the RoW is predicted to
have sound growth over the forecast period.
Key Players
Leading
players profiled in the global video surveillance market report include NICE
System Ltd. (Israel), Hanwha Techwin Co., Ltd. (South Korea), Panasonic System
Networks Co., Ltd. (Japan), Pelco (U.S.), Avigilon Corporation (Canada),
Honeywell Security Group (U.S.), FLIR Systems Inc. (U.S.), Hangzhou Hikvision
Digital Technology Co., Ltd. (China), Bosch Security Systems Inc. (U.S.), Axis
Communications AB (Sweden), and Zhejiang Dahua Technology Co., Ltd. (China),
among others.
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Complete Report @ https://www.marketresearchfuture.com/reports/video-surveillance-as-a-service-market-2329
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