Video Surveillance and VSaaS Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 01/25/2017 -- The largest component segment in the global market for video surveillance and VSaaS continues to be video surveillance hardware. Currently, the primary factor working in this segment's favor is the growing demand for IP-enabled security cameras in the field of physical security.
It allows users to remotely survey their property and is in high demand across all industry verticals, government agencies, as well as individual consumers. IP-enabled video surveillance systems offer superior video quality as well as hardware and software scalability, allowing this market segment to be the largest one today.
This type of video surveillance is growing even faster thanks to the recent innovations in data storage, especially in systems integration. Providers for video surveillance solutions are driven to provide end-user based customizations, such as the integration of point-of-sales tracking with video surveillance for the retail industry.
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Based on the market statistics and their interaction with the above drivers and trends, the global video surveillance and VSaaS market is progressing at a CAGR of 17.0% within a forecast period from 2016 to 2024. The market was recorded around US$21 bn in 2015 and is expected to cross US$88 bn before the end of 2024.
North America Looks to IP-enabled Video Surveillance, APAC to Mid and Low-end Surveillance Solutions
North America and Asia Pacific held nearly equal shares in 2015 over for video surveillance and VSaaS solutions. This could change will 2024, owing to a higher growth rate exhibited by Asia Pacific. This region is being dominated by players that are providing highly cost-effective security solutions that cater to the needs of the high population densities of India and China.
Both countries are showing an exception growth in industry and residential sectors, giving rise to the need for better and larger security networks. Additionally, the national governments in this regions are ramping up security measures in public places such as airports, sports stadiums, and metros and railways. The China government, for instance, expects to launch its own facial recognition video security systems throughout all public places by 2022.
The video surveillance and VSaaS solutions providers in North America are currently looking towards a higher scale of implementation of IP-enabled video surveillance systems. Post 9/11 threats and growing security concerns have merged with the inception of smart cities to propel VSaaS solutions vendors towards creating smart surveillance networks that make use of IP-enabled video surveillance hardware and software. The market competition in North America is also the highest in comparison to the global other regional markets, which new entrants need to pay attention to.
The video surveillance and VSaaS can also look forward to the major opportunities available in Europe, owing to the upcoming Fifa World Cup in 2018, hosted by Russia. Apart from this, the scope of for video surveillance and VSaaS in all of Europe is expected to be strong for the time being.
Transport Industry Shows High Demand for Video Surveillance
The transportation industry has always given security a high priority, in both public and private transportation segments. A major reason for the high concern levels is the growing rate of transportation-related terrorism, cases of theft, and disturbances in public transport systems.
Due to these factors, the scope of implementing video surveillance and VSaaS is extremely high in transport. This involves video surveillance systems within transport vehicles as well as across the route of transportation, including many types of roads and railways.