VSaaS Market To Generate $13,584.3 Million Revenue by 2030, says P&S Intelligence
Friday, June 24, 2022
NEW YORK, June 16, 2022 /PRNewswire/ -- According to the market research study published by P&S Intelligence, the VSaaS market accounted for $2,992.4 million in 2021, which is set to hit $13,584.3 million by 2030, growing at an 18.3% CAGR between 2021 and 2030. A video surveillance system coordinates the operation of several video systems, to collect, organize, and show footage clearly. With the integration of smart cameras and the numerous sensors that go into them, there has been a trend of more in-band analytics.
Cloud-Based Services Are Creating Opportunities
Cloud-based video surveillance systems are becoming increasingly popular. Cloud computing improvements and increased bandwidth availability make this type of deployment more desirable among end users and profitable for suppliers. Benefits of uploading locally recorded video data to the cloud include the simplicity with which security monitoring teams may gain access, thus ensuring wider coverage, preventing evidence tampering, and responding faster.
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Hosted Category Accounted for 35% Market Share
In 2021, the hosted category held an over 35% share in the video surveillance as a service market because of the widespread use of hosted VSaaS in the retail and residential sectors and development of smart cities. Furthermore, the growing popularity of smartphones, availability of high-speed internet, and commercialization of 5G services are propelling the market globally. Furthermore, reduced subscription rates have come from the decreasing cloud storage costs, thus leading to an increase in the number of clients selecting hosted video services throughout sectors.
North America leads the market, with around 40% revenue share in 2021, due to the increasing terrorism, growing crime rates, and the government steps to install modern surveillance systems in public and commercial buildings. Furthermore, the rising popularity of the smart city idea would propel the video surveillance as a service market in APAC to new heights. Innovative video surveillance technologies are being incorporated into local administration ecosystems to improve security in the region.
Browse detailed report on Video Surveillance as a Service Market Analysis, Share, Size, Future Demand, Top Leading player, and Emerging Trends
BFSI Industry Increasingly Relying on VSaaS
Because of people's increasing spending power, the BFSI industry has boomed tremendously in recent years. The acceptance of VSaaS in financial institutions to monitor staff and customers has been growing over the last few years, owing to the benefits provided by VSaaS, including flexibility in adding devices, online access to surveillance data, and reduced initial investments. These services also serve to avoid kidnappings and robberies, identify damage and fraud at cash registers, and incorporate security and safety principles into banking procedures, which is why the video surveillance as a service market is expected to expand at a significant pace.
Video Surveillance as a Service Market Segmentation Analysis
-- Manufacturing & Corporate
-- Government & Security
-- North America
-- South Korea
-- Latin America
-- Middle East and Africa
-- Saudi Arabia
-- South Africa
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SOURCE P&S Intelligence
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