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Video surveillance is the utilization of video cameras to transmit a signal to specific on a limited set of monitors. Although the majority of video cameras fit this description, the video surveillance terms are typically used for surveillance in areas that require constant monitoring including banks, stores, government offices, etc. Video surveillance is used to curb criminal or terrorist activities. Furthermore, Video surveillance-as-a-service (VSaaS) offers cost-efficiency, a wide array of products for hosted video, access to value-added services, efficient conversion of the analog system to IP, and enhanced system performance.

Market Statistics:

The global video surveillance and VSaaS market is expected to surpass US$ 155.48 Bn in terms of value by the end of 2028.

Market Driver

Growing focus of governments in smart cities is expected to boost global video surveillance and VSaaS market growth over the forecast period. Governments of many countries are focused on smart city projects, which in turn, is boosting investments in VSaaS. For instance, in June 2015, the Government of India launched ‘100 Smart Cities Mission’ project, under which government approved US$ 14 billion. Smart cities have extensive deployment of networked video surveillance systems since the smart city concept is about information collection, storage, and distribution. Moreover, crime prevention is a major concern in smart cities since they are major hub of economic activities and preferred targets for terrorist activities and criminal offences. There is a high demand for cloud-hosted VSaaS, owing to its benefits including cost-effectiveness, scalability, and the low total cost of ownership, reliability, low maintenance, and reduced workloads.

Market Opportunity

Adoption of technological advancements such artificial intelligence can provide excellent opportunities. Video analytics enhances physical security and optimize the utilization of surveillance. There is a rising trend of integrated solutions for video surveillance in order to evaluate and analyze risks from the video footage. Moreover, video surveillance has gained considerable popularity in the newer and non-traditional applications due to advancements in analytics solutions. The applications include measurement of traffic flow, spotting accidents on highways, pedestrian congestion monitoring in public places, consumer demographics compilation in shopping malls and amusement parks, and monitoring and counting endangered species.

Global Video Surveillance and VSaaS Market: Recent Developments

  1. In April 2021, Hero Electronix Private Limited, a India based launched Qubo Video Doorbell with HD AI security camera for security.
  2. In January 2021, Xiaomi Corporation, a China based technology company launched a security surveillance camera.
  3. In May 2020, Security & Safety Things GmbH, a German technology company launched new smart IP security cameras.
  4. Key companies in the market are focused on partnerships and collaborations, in order to enhance product portfolio. For instance, in September 2017, NETGEAR Inc. partnered with Arcus Global Inc. to launch scalable IP surveillance for small and medium-sized enterprises.
  5. Major players in the market are involved in product development, in order to strengthen market presence. For instance, in February 2020, Genetec, Inc. introduced a new version of the Security Center, which company’s open-architecture platform for video surveillance.

Market Restraint

Bandwidth requirements and corporate protocols are expected to hamper the global video surveillance and VSaaS market growth over the forecast period. Corporate IT networks require more security and bandwidth, owing to a significant number of users and applications. As a result of this, additional pressure is being put on the corporate network due to high bandwidth network requirements since businesses are increasingly using IT applications for data collection. These challenges have become more and more demanding due to the transition of physical security industry to IP. Moreover, it has become even more challenging for video surveillance or security system to operate effectively as growing networks accommodate the demands of more users and applications.

To know the latest trends and insights prevalent in Global Video Surveillance and VSaaS Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/video-surveillance-and-vsaas-market-4671

Global Video Surveillance and VSaaS Market - Impact of Coronavirus (Covid-19) Pandemic

The crisis of COVID-19 pandemic has significantly impacted the global video surveillance and VSaaS market. Since the outbreak of COVID-19 pandemic, many countries have adopted stringent lockdown policies to curb the spread of virus. With disruption in global supply chain industries and regulations on physical distancing, the market in discussion experienced a critical decline. One of the key changes the market witnessed is shift from physical security to cloud-based hosted solutions for VSaaS. This has prompted many business to adopt VSaaS solutions for various security measures including video recording, remote viewing, management alerts, cyber security, and more. The market is expected to witness significant in the near future with several countries easing their physical distancing and lockdown restrictions.  

Key Takeaways:

  • The global video surveillance and VSaaS market was valued at US$ 31 Bn in 2020 and is forecast to reach a value of US$ 155.48 Bn by 2028 at a CAGR of 13.9% between 2021 and 2028.
  • The Hardware segment was valued US$ 39.67 Bn in 2020 and is expected to witness a CAGR of 81% over the forecast period.

Market Trends

Technological innovations are resulting in major shift in surveillance activities. This offers a major opportunity for system integrators to adopt IP video surveillance to smaller installations. System integrators are focusing on delivering solutions with functionality specific to a particular end-use industry. For instance, the integration of video surveillance systems with point-of-sale, business intelligence, and systems such as people counting and consumer hotspot analysis is gaining importance in the retail segment.

IoT enables one to connect any device with the help of the Internet, allowing them to communicate with each other. Furthermore, network cameras are likely to contemplate independently and take smart decisions on their own with the help of IoT. Therefore, the demand for smart CCTV, HDTV would further increase with increasing data security concerns. This is projected to influence the expansion of the market of video surveillance in the near future.

Competitive Section

Key players involved in the global video surveillance and VSaaS market are Zhejiang Dahua Technology Co., Ltd., Agent Video Intelligence, Hangzhou Hikvision Digital Technology Co., Ltd, GeoVision, Inc., Canary Connect, Inc., Pelco, Inc., Honeywell Security Group, Homeboy, Inc., D-Link Systems, Inc., NETGEAR Inc., Genetec, Inc., FLIR Systems, Inc., Panasonic System Networks Co. Ltd, Axis Communications AB, Cisco Systems Inc., and Robert Bosch GmbH.

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