Introduction of Video Surveillance As A Service VSaaS
The fundamental component of video surveillance as a service is surveillance, then cloud computing. Storage, video recording, alarms, remote watching, and cyber security are all included in this package. Video surveillance eliminates the need to save data for every recorded video from each camera because it is saved in the cloud and accessible via a web browser or an app on a smartphone or tablet. The quick expansion of multi-brand retail and increasing infrastructure spending is anticipated to accelerate the installation of video surveillance and VSaaS systems. The market is anticipated to use video surveillance, VSaaS systems, cloud services, and remote monitoring. Demand for storage systems like VSaaS has increased as video surveillance becomes increasingly widespread.
These changes enable businesses to offer more specialized goods and services, promoting the growth of video surveillance as a service (VSaaS).
For instance, in May 2022, security managers may access system status, alerts, and video with the help of Flir Systems’ United Video Management Software (United VMS) 9.2, field-tested and regarded as an industry standard. Such changes will have a favorable effect on market expansion.
What Elements Influence the Video Surveillance as a Service (VSaaS) Market?
- Growth of the “As-a-Service” Business Model Will Drive the Market
Demand for VSaaS is predicted to expand as business usage of the cloud increases. A rise in cloud regions and apps also contributes to a rise in demand for public cloud application services.
For instance, in August 2022, Google LLC intended to create three cloud zones in Asia Pacific, spanning Malaysia, Thailand, and New Zealand. Locally soaring demand for cloud services propels the growth of the cloud region across the nations.
The as-a-service (aaS) approach, which enables consumers to tailor the solution to their needs, is also primarily adopted by enterprises. Enterprises don’t have to own the cost-efficient, scalable, and on-demand solutions the aaS model offers. With updated or expanded products and services, VSaaS offers flexible scalability to harness the advantages of sophisticated analytics to improve operations. As a result, it can react swiftly to shifting market conditions.
The Issues Limit the Market for Video Surveillance as a Service (VSaaS)
- Growing Cloud Cybercrime Restrains Market Growth
The market expansion is constrained by increased data breaches and cybercrimes affecting Internet of Things (IoT) devices, smartphones, and CCTV cameras. It is anticipated that the adoption of cloud-based video monitoring will be hampered by the growing privacy concerns about safeguarding video data from hackers and cybercriminals. Organizations aren’t allowed to store video footage on the cloud due to the high danger of misuse of video data saved in the public cloud and the rising number of data breaches. Networked video surveillance systems are more susceptible to cyberattacks, and hackers target specific systems using Distributed Denial of Service (DDoS) attacks.
Impact of COVID–19 on the Video Surveillance as a Service (VSaaS) Market
The pandemic of COVID-19 has had a significant impact on the electronics and semiconductor industries. Several manufacturing plants and enterprises have closed across the globe as a result of social distancing efforts. Furthermore, travel and foreign commerce limitations reduced overall sales of the products. Furthermore, the lockdown interrupted worldwide supply chains, which severely impacted video surveillance camera sales for a short period.
Top Companies Market Share in Video Surveillance As A Service VSaaS Market Report 2023 Industry: (In no particular order of Rank)
- ADT (US)
- Johnson Controls (Ireland)
- Axis Communications AB (Sweden)
- Avigilon
- a Motorola Solutions Company (Canada)
- Alarm.com (US)
- Eagle Eye Networks
- Inc. (US)
- Honeywell International Inc. (US)
- Securitas AB (Sweden)
- Others
Competitive Landscape of Video Surveillance As A Service (Vsaas) Market
The main focus of prominent participants in the video surveillance as a service (VSaaS) market is on adopting merger and acquisition tactics to increase their worldwide presence and market dominance. To increase their market share, these corporations are pursuing small and regional businesses.
Video Surveillance As A Service (Vsaas) Market News
March 2023: The South Korean KT Corp. and Converge ICT have decided to pursue future commercial collaboration and partnership, the broadband service provider stated. Video Surveillance as a Service (VSaaS), a cloud-based video surveillance solution, and Mobility as a Service (MaaS), a technology for transportation management, are two potential transactions that Converge is eyeing with KT Corp, formerly known as Korea Telecom.
July 2022: Arcules and Canon Marketing Japan collaborated. As a result of this collaboration, Canon will provide Arcules in Japan as a hybrid VSaaS.
March 2022: Eagle Eye Smart Video Search, a new feature, was introduced by Eagle Eye Networks. Users can easily find and share the video clips they’re looking for by searching across all cameras.
October 2021: To simplify video surveillance for SMBs in Canada, Genetec Inc. teamed up with TELUS. Through the partnership, Stratocast, Genetec’s cloud video management subscription service, is linked with TELUS security cameras. It eliminates the expense of video recording hardware and enables Canadian businesses to monitor their security from any location efficiently.
Video Surveillance As A Service VSaaS Market Report 2023 Analysis
Global Video Surveillance As A Service VSaaS Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Video Surveillance As A Service VSaaS Market Report 2023 Industry growth. Video Surveillance As A Service VSaaS Market Report 2023 has been segmented with the help of its Component, Vertical , and others. Video Surveillance As A Service VSaaS Market Report 2023 analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Component Segment Analysis of Video Surveillance As A Service VSaaS Market Report 2023
Based on present and future trends, the market size is estimated from 2018 to 2030. Moreover, study also provides quantitative and qualitative analysis of each type to understand the driving factors for the fastest growing type segment for Video Surveillance As A Service VSaaS market.
Component of Video Surveillance As A Service VSaaS Market Report 2023 analyzed in this report are as follows:
- Hosted
- Managed
- Hybrid
By Vertical, the Commercial Segment Lead the Video Surveillance as a Service (VSaaS) Market
The commercial category held the largest share of the market in 2022. CCTV is extremely beneficial for protecting commercial and industrial goods. Video systems assist in process optimization, workplace health and safety, and standard protection functions like perimeter and exterior surveillance against damage, break-ins, and espionage. Instantaneous commercial demands exist for intelligent video surveillance systems that can use the current camera network for more purposes than only security and more intelligent security systems. A new classification for video surveillance as a service system based on its commercial applications is introduced in this paper.
According to Cognitive Market Research, the public facilities category is anticipated to grow significantly over the forecast period. The VSaaS system monitors daily activity during an event and detects theft, violence, or accidents. Art thieves are increasingly targeting museums, gallery openings, or exhibition settings; this can be stopped using VSaaS. Additionally, everyone benefits and feels safer with video surveillance in public spaces.
- Commercial
- Infrastructure
- Residential
- Military & Defense
- Public Facilities
- Industrial
The North American Video Surveillance as a Service (VSaaS) Market Dominate the Largest Share of Global Market
According to Cognitive Market Research, North America emerged as the market leader in video surveillance as a service (VSaaS) in 2022 and is likely to maintain its position throughout the forecast period due to government efforts to install cutting-edge monitoring systems in public spaces and government buildings, escalating terrorism, rising crime rates, and other factors. Additionally, in North America, the expansion of VSaaS systems has been accelerated by the ongoing improvements in communication networks.
The Increased use of Technology Across Various Industries has Resulted in the Growth of the Market in the United States
The rising urbanization and industrialization, the need to combat counterterrorism, early technology adoption in several industries, and the growth of the US video surveillance as a service (VSaaS) industry are key drivers driving this market’s expansion. By 2023, the U.S. public cloud services market will be the largest, accounting for more than half of all public cloud spending worldwide, predicts IDC. In the upcoming years, there will probably be an increase in demand for video surveillance as-a-service due to the growing uptake of smart home security cameras across North America.
The Primary Factors Driving the Market for Video Surveillance as a Service (VSaaS) in Asia Pacific
According to Cognitive Market Research, the expansion of the APAC video surveillance as a service (VSaaS) market will be fueled by the rising popularity of the smart city idea. Modern video surveillance methods are being included in ecosystems of city management to increase security in the area. In addition, many established businesses and startups are concentrating on incorporating cutting-edge technologies into their video surveillance as a service offering to support the concept of smart cities and keep up with the region’s increasing digitalization. These technologies include IoT, ML, and AI.
