The Global Video Surveillance as a service market size is projected to reach USD 5554.5 Million by 2026, from USD 2743.7 Million in 2020, at a CAGR of 12.5% during 2021-2026.
Major factors driving VSaaS Market size are low cost of investment, rise in demand for real-time surveillance data, and flexible scalability offered by VSaaS. Furthermore, the presence of several camera manufacturers and the availability of low-cost video surveillance systems and services drive the growth of the VSaaS market size.
The commercial vertical is expected to lead the Video Surveillance as a Service market during the forecast period due to the increasing adoption of VSaaS in retail chains, residential apartments, small businesses, healthcare organizations, banks, government buildings, city surveillance and manufacturing sites, among others.
The low cost of investment associated with VSaaS is expected to drive the VSaaS market size. In VSaaS, video data is handled at a substantially low cost by service providers. The data is processed in the cloud, which means physical data storage devices and personnel are also not needed. This, in turn, eliminates a considerable amount of IT staff costs, including wages, benefits and other related costs.
The emerging trends toward the development of smart cities are expected to propel the growth of the VSaaS market size. Smart cities rely on the integrated use of Big Data, IoT and other innovations to generate actionable insights and better decision-making. Video-based smart city applications include traffic management and traffic monitoring. Surveillance cameras can monitor vehicles and humans' movement on the roads and provide data on congested areas, peak-time traffic, foot traffic counts, car counts, and can even influence traffic control systems.
Furthermore, the Integration of VSaaS with access control and alarm systems is expected to fuel the VSaaS market size. The VSaaS device can be more efficient when used with access control and alarm systems. The incorporation of VSaaS with access control systems is likely to increase the safety of end-users, as only approved staff would be able to enter the premises.
The rise in need of safety in high-risk areas is expected to drive the growth of the VSaaS Market size. With the surge in crime rates, antisocial behavior, and terrorist attacks, the government has introduced VSaaS technologies and strategies to ensure public safety and security. This, in turn, is expected to drive the demand for the VSaaS market.
North America is expected to hold the largest VSaaS market share during the forecast period due to high adoption among the population.
Asia Pacific region is expected to exhibit the highest CAGR of 14.7% during 2019-2026. This rapid growth is attributed to the increasing installation of surveillance equipment in China and India, as well as increased expenditure on infrastructure in the region.
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