Global Video Surveillance as a Service (VSaaS) Market to Grow at a (CAGR) of 19.01% during the Forecast Period 2022-2030

Sep-2022 | IT & Telecommunications

As specified in our exclusive report, the global VSaaS market is projected to reach USD 8.6 billion by 2030.

VSaaS market has been growing in recent years due to the rising demand for IP camera-based video surveillance systems market. The Growth in the VSaaS market is a result of increasing demand from consumers, governments, small and medium-sized businesses, and end users. However, factors such as privacy issues, high cost of installation, and liability act as restraints limiting the growth of the VSaaS Market

VSaaS known as Video Surveillance as a Service is a cloud-hosted video security system that allows users to remotely record, manage, store and access entire surveillance-related content in the cloud. As technology evolves, the video surveillance market is changing rapidly for companies, as demonstrated by some projects such as INDECT. The controversial project, funded by the European Union worth 11 million euros, aims to establish an "intelligent" surveillance system that aims to detect criminal threats in an automated manner thanks to the data flow provided by CCTV cameras.

In addition to this project, there are eleven other projects funded by the European Union, worth approximately 70 million euros, aimed at identifying and predicting the behavior of filmed individuals. As of 2006, the United Kingdom housed 4.2 million video surveillance cameras (on the train, on the street, on buses, on motorways, shopping centers, underground corridors, stadiums, and in many other places. Today, estimated figures of 65,000 to 500,000 cameras are placed in London.

North America holds the largest share of the global VSaaS market due to high political unrest, security concerns, significant budgets related to public infrastructure, and the transition from analog surveillance to IP cameras that drive the growth of the VSaaS industry.

In China, more than 42 million CCTV cameras were deployed in 2018. The development of facial recognition systems by the companies SenseTime and MegVie have been rapid, with the BBC describing China as "the most comprehensive and sophisticated video surveillance network in the world".

Some of the key players in the VSaaS market are:

ADT (US), Johnson Controls (Ireland), Axis Communications AB (Sweden), Solutions Company (Canada), Stanley Black & Decker, Inc. (US), Securitas AB (Sweden), Eagle Eye Networks Inc. (US), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Honeywell International Inc. (US)

About Us

Market Business Insights is a leading global market research and consulting firm. We focus on business consulting, industry chain research, and consumer research to help customers provide non-linear revenue models. We believe that quality is the soul of the business and that is why we always strive for high-quality products. Over the years, with our efforts and support from customers, we have collected inventive design methods in various high-quality market research and research teams with extensive experience.