The market for Video Surveillance And Vsaas Market is expected to reach US$ 43.38 Bn By 2027.
The rise in safety and security concerns worldwide will boost the market growth.The global video surveillance and VSaaS market is growing rapidly, estimated to expand at a CAGR of 17.2% throughout the projected period from 2019 to 2027, starting from US$ 43.38 Bn in 2018.
The surge in safety and security concerns accompanied by rapid technological advancements such as artificial intelligence, machine learning, and the internet of things (IoT), among others, in video surveillance systems, are major factors expected to drive the global market in years to come. The growing video analytics market and rising government initiatives for smart cities are some other major factors presumed to enhance the market demand in years to come. Innovative product launches and a surge in strategic collaboration for new technology development by key industry players are further anticipated to drive market growth. For instance, In January 2020, FLIR Systems, Inc. collaborated with Ansys, Inc. to develop speed thermal camera machine learning for automotive vehicles. The collaboration is anticipated to enhance video security and surveillance in the transportation industry.
The growing demand for VSaaS solutions will enhance the market growth.
The rising demand for VSaaS solutions for remote access & real-time video surveillance data and integration of VSaaS with alarm systems & access control is expected to drive the global market during the forecast period. The launch of innovative VSaaS solutions by market players is another major projected to enhance market growth over the forecast period. For instance, Mobile Telecommunications Company KSCP (Zain Group) launched VSaaS solutions for organizations. The newly launched VSaaS solution provides convenience for easily managing and accessing video recordings anytime & anywhere. The integrated VSaaS solution features a broad range of cloud-based services.
End-user Analysis
Rising deployment of video surveillance in business organizations to spur the segment growth
The business organization segment had a substantial share of the global market in 2018. The aforementioned segment is expected to grow significantly owing to the rising deployment of video surveillance cameras due to a surge in theft cases and for the security of confidential information. The rise in cloud-based services is another major factor responsible for the substantial growth of the segment.
Increasing global retail industry to enhance the segment growth.
The retail segment is anticipated to enhance with a CAGR of over 15.0% during the forecast period owing to the increasing retail industry worldwide and the growing adoption of video surveillance solutions in the industry. The global retail sales are estimated at nearly US$ 24.0 Tn in 2018 and are projected to expand at a CAGR of around 5% over the forecast period. The rising number of retail outlets in the Asia Pacific region is another major factor for the growth of the retail segment.
Rapid technological adoption to enhance North America growth.
In 2018, North America had the largest share in the global video surveillance and VSaaS market. North America accounted for around 1/3rd of the market share in the same year. Rapid and early technological adoption and rising data theft cases are the major factors for regional dominance. The presence of the major market players, such as Honeywell Security Group, Cisco Systems Inc., Genetec, Inc., and FLIR Systems, Inc., among others, in the region is another major factor for the dominance of North America.
Growing adoption of video surveillance and VSaaS to enhance the Asia Pacific growth.
Asia Pacific is presumed to grow at a rapid pace during the forecast period owing to the growing adoption of video surveillance and VSaaS solutions in the region. The rise in the retail industry coupled with growing government regulations is some other major factor anticipated to enhance regional growth. In addition, the surge in government focus on smart cities is one of the prominent factors for the growth of Asia Pacific over the forecast period. For instance, in India, in 2015, the government of India launched the “Smart Cities Mission” with the mission to develop 100 smart cities in phase 1.
This study report represents an analysis of each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
ATTRIBUTE DETAILS
Research Period 2017-2027
The base Year 2018
Forecast Period 2019-2027
Historical Year 2017
Hardware
Software
Services
Type (2017–2027; US$ Bn)
End-user (2017–2027; US$ Bn)
Geography (2017–2027; US$ Bn)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall video surveillance and VSaaS market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolio, and business strengths.
The market for Video Surveillance And Vsaas Market is expected to reach US$ 43.38 Bn By 2027.
The Video Surveillance And Vsaas Market is expected to see significant CAGR growth over the coming years, at 17.2%%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Honeywell Security Group, Hangzhou Hikvision Digital Technology Co., Ltd., Robert Bosch GmbH, Cisco Systems Inc. are some of the major players in the global market.