Video Surveillance and VSaaS Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 06/08/2015 -- In the long list of security and surveillance measures adopted by establishments all over the world, the global video surveillance and VSaaS market lies in the top bracket. Video surveillance as a Service, or VSaaS, is a relatively new software delivery model that is currently taking the IT realm by storm. The technology utilizes a cloud computing environment to centrally store software and related data. Cloud hosting provides a key difference to the conventional method of work in the IT industry, where software is usually directly installed to a workstation. Using this, VSaaS can effectively create a complete network of video surveillance that will be stored into the cloud at a real-time rate. The global video surveillance and VSaaS market thus includes all end users that make use of this method to monitor their environment.
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Rise of IP-based Cameras
The global video surveillance and VSaaS market is essentially divided into hardware, software, and VSaaS. Surveillance cameras dominated the hardware segment and recorded a 34% market share in 2013. The most common uses for surveillance cameras include demographic monitoring, infrastructure security, and traffic monitoring. One of the greater trends in the global video surveillance and VSaaS market is the rapid replacement of conventional analog cameras with new IP-based cameras. This trend is followed strongly in high-end application segments, further driving the market's growth. In fact, IP-based cameras have grown to such an extent that most users now face the problem of handling an overload of recorded data. This has further created a demand for cloud-based storage services, creating an increased demand for VSaaS. This makes enhanced cloud-based services and analytics an integral part of the VSaaS market.
One of the more futuristic segments of the global video surveillance and VSaaS market is video analytics solutions. This concept actually eliminates the need for human analysis of video feeds. This segment is set to meet the growing demand for intelligent surveillance systems that offer automated alarms and notifications. This segment is expected to grow at a CAGR of 23.7% from 2014 to 2020.
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North America the Strongest, Asia Pacific the Fastest Region
The global video surveillance and VSaaS market is currently dominated by North America. On the other hand, more and more global players are beginning to focus on Asia Pacific, which is now identified to be the fastest-growing region. From 2014 to 2020, the Asia Pacific region is estimated to clock in an impressive CAGR of 22.2%, prompting major players and smaller regional players to invest in it. The countries of India, China, Thailand, and South Korea are the key locations in the Asia-Pacific region for global players to focus on.
Key Players of the Market
The top companies that operate in the global video surveillance and VSaaS market include Cisco Systems Inc., Honeywell Security Group, Axis Communications AB, Agent Video Intelligence, Canon, Inc., Hikvision Digital Technology Co., Ltd.Geovision, Inc., Pelco, Inc., Genetec, Inc., Panasonic System Networks Co. Ltd., Bosch Security Systems, Inc., and Zhejiang Dahua Technology Co. Most of the companies have increased their investments and developmental focus on cloud-based surveillance services. Adding it to their profile can prove to be a crucial step towards growth, which is why most companies have begun initiating an in-house development team or created partnerships for it.
The global video surveillance and VSaaS market is currently growing at a stunning CAGR of 18.1% from 2014 to 2020. At this rate, the market's overall worth in 2020 will be US$48.32 billion. With rising security concerns being the top factor for the market's growth, it seems clear for players to focus on improved recording and storage services to meet the growing demand.
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