Newark, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6 billion in 2023 global VSaaS market will reach USD 24.47 billion in 2033. Video Surveillance as a Service is referred to as VSaaS. As it was previously understood, video surveillance involved the employment of cameras and other devices to monitor the environment for security reasons. Installing cameras, monitors, and other required equipment is vital, as is integrating it into the current security system. This video surveillance system is moved to the cloud via VSaaS. It does not call for the installation of monitors or other hardware for video storage on the premises. The recordings or video are kept on cloud-based systems. It is possible to quickly attain scalability with VSaaS. It is economical and adaptable.
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It is affordable and easily available. By enabling better, one-click access to cameras via online and mobile applications, it streamlines video surveillance. A similar method can be used to access recordings. It also becomes simple and quick to manage recordings and access footage as needed. Depending on their demands and specifications, both enterprises and individual customers can use it. Customisation and scalability are possible based on customer needs. These applications are also intelligent. For example, software programs that alert users when something or someone is captured in the footage are combined with cameras' motion detection and facial recognition features. Additional user protection is provided via encryption and access controls, which are sometimes absent from traditional video surveillance systems.
Key Insight of the Global VSaaS Market
North America will dominate the market during the forecast period.
The region's concentration of major industry players fosters innovation, accessibility, and early acceptance of new technologies like VSaaS, all of which contribute to North America's supremacy in the worldwide market. An established and developed economy makes it easier for VSaaS to be adopted and integrated, which fuels the market's expansion. The growth of the regional market is also fuelled by strong demand from both residential and commercial customers across a range of industries. The growing demands of citizens for a safer nation and region, along with rising crime rates, are contributing factors to the market's expansion. In the area, domestic security is the standard, with each homes having their own security.
In 2023, the hosted segment dominated the market with the largest market share of 44% and revenue of 2.64 billion.
The product type segment is divided into hosted, managed, and hybrid. In 2023, the hosted segment dominated the market with the largest market share of 44% and revenue of 2.64 billion.
In 2023, the commercial segment dominated the market with the largest market share of 38% and revenue of 2.28 billion.
The vertical segment is divided into commercial, infrastructure, residential, military and defense, public facilities, and industrial. In 2023, the commercial segment dominated the market with the largest market share of 38% and revenue of 2.28 billion.
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Advancement in market
In an effort to speed up its acquisitions, Toronto and Orlando, Florida-based Arcadea Group, which has purchased vertical software-as-a-service (VSaaS) companies, has raised $243.5 million USD ($336 million CAD). Arcadea reported that its current investors have approved the rise "pro rata," and as a result, its permanently committed capital has climbed to $500 million USD ($690 million CAD). Arcadea claims to concentrate on investing in and purchasing founder-controlled, bootstrapped virtual private cloud (VSaaS) companies in North America, Europe, Australia, and New Zealand.
Market Dynamics
Driver: Growing security concerns.
The necessity for video surveillance among other security measures has increased due to rising crime rates and the requirement to provide residents and citizens with a safe and secure area. Governmental organisations are making significant investments in expanding their video surveillance systems since it helps them monitor public areas and provide safe spaces for citizens. A strong infrastructure for video monitoring is also beneficial to the legal system. In addition, not only are people turning to sophisticated security systems for their homes, but companies are following suit. Any society's foundations are safety and security. In the modern environment, accessibility, affordability, and widespread availability of security measures are crucial. Video surveillance features are easily available and reasonably priced with VSaaS services. Both large corporations and tiny homes can benefit from it equally. It is affordable, adaptable, versatile, scalable, user-friendly, and flexible. Thus, the expansion of the worldwide VSaaS market would be propelled by the rising security concerns.
Restraints: Data security and privacy issues.
Cloud computing is still in its infancy and faces several difficulties. These difficulties raise the dangers connected to VSaaS. For example, weak encryption can result in data theft, unauthorised data exchange, and privacy invasion. Adequate access control measures may also result in data sharing and viewing that is not authorised as well as privacy violations. The persons concerned may suffer serious consequences as a result. It can obstruct justice if video is released to the public, resulting in media trials and skewed viewpoints that undermine the legal system. Certain recordings may harm one's reputation. Cyberattacks can also be used to erase important files or insert malicious video. These worries will all impede the market's expansion. Complications arise from the fact that local regulations pertaining to data storage, access, and transfer are varied and complex. This will hinder the market's expansion as well.
Opportunities: developments in technology.
Many of the disadvantages of VSaaS services have been substantially removed by technological improvements. For example, HD and UHD cameras produce better-quality footage. Intelligent movement detection features, in conjunction with facial recognition and behavioural analysis tools, allow for the detection of potentially harmful activity and provide users with an alert. Data transfer speeds have increased due to advancements in data networking, improving real-time monitoring and minimising latency. The safety of VSaaS has been enhanced by access limits, advanced encryption technology, and other security measures. Scalability of advanced computing systems has improved. In a similar vein, software programs have made systems more customisable, intuitive, and user-friendly. Therefore, during the course of the forecast period, technological developments will continue to support the growth and development of the worldwide VSaaS market.
Challenges: Integration challenges.
Sometimes, Existing video surveillance infrastructure is not compatible with could computing technologies. Revamping or upgrading the existing infrastructure so that it becomes compatible with could computing is a significant investment. Training of personnel to operate the new systems and maintain them is also a challenge. Synchronization of different systems for seamless operation of VSaaS is also a cause for concern. Therefore, integration challenges will limit the market’s growth.
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Some of the major players operating in the global VSaaS market are:
• Agent Video Intelligence Ltd.
• Axis Communications AB
• D-Link Systems Inc.
• FLIR Systems Inc.
• Genetec Inc.
• GeoVision Inc.
• Homeboy Inc.
• NETGEAR Inc.
• Pelco Inc.
• Robert Bosch GmbH
Key Segments covered in the market:
By Product Type
• Hosted
• Managed
• Hybrid
By Vertical
• Commercial
• Infrastructure
• Residential
• Military and Defense
• Public Facilities
• Industrial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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