Here are some advantages of the market for VSaaS and IP video surveillance, including cost savings, scalability, increased security, and remote accessibility.
Due to growing security concerns and an increase in crime, there is an increasing need for IP video surveillance and VSaaS. It is used to keep an eye on people's movements in public areas, spot suspicious activity, safeguard assets, and lower theft. The demand for these systems has increased as a result of the adoption of IP video surveillance systems in a number of industries, including government, banking, retail, educational institutions, transportation, and hospitality. As they provide cloud-based storage and remote access capabilities that make it simpler to deploy and manage the system, VSaaS solutions are also gaining popularity. In the upcoming years, this is anticipated to fuel the market for VSaaS and IP video surveillance.
Systems that use IP video surveillance and VSaaS have a number of benefits over conventional CCTV systems, including better image quality and increased security. These systems offer better detection abilities that can help identify unauthorised activity as well as more detailed footage, higher resolution images, and better image resolution. Compared to a conventional closed-circuit television system, the cost of installing an IP video surveillance system is significantly lower (CCTV).
Businesses that need to monitor their properties may see significant cost savings over time as a result of this. Systems for IP video surveillance are very adaptable and can be customised to meet unique customer needs. Depending on the requirements of the customer, they can also be easily upgraded or expanded. Customers can access their video surveillance through VSaaS from any internet-connected computer or mobile device. Without the need for an on-site security guard, they can now monitor their property from anywhere in the world. Parking lots, warehouses, and offices are just a few examples of private spaces that can be monitored with IP video surveillance systems. These systems can be used both indoors and outdoors.
The market for VSaaS and IP video surveillance was valued at $28.39 billion globally in 2020, and it is anticipated to grow to $83.03 billion by 2030, with a CAGR of 10.9% between 2020 and 2030.
Globally rising security threats and crime rates, the need to upgrade public safety surveillance systems, and growing government initiatives for the construction of smart city infrastructure are some of the factors driving the market. Furthermore, the demand for these solutions is increasing across a variety of end-use sectors, including residential, commercial, industrial, and transportation, thanks to technological developments in IP video surveillance systems. Additionally, raising consumer awareness of the value of IP video surveillance systems has contributed to the market's expansion.
The sale of goods and services associated with the use of IP-based video surveillance systems is the focus of the IP Video Surveillance and VSaaS Market. This covers devices like cameras, software, IP storage options, installation services, and maintenance agreements. The term "VSaaS" (Video Surveillance as a Service) refers to cloud-based video surveillance systems that allow users to access their video feeds from a distance. Businesses are using VSaaS more and more as a result of its affordability and scalability.
The IP Video Surveillance and VSaaS Market is being driven by a number of factors, but some of the most important ones are Organizations all over the world are increasingly aware of the need for stronger security measures as the threat of crime and terrorism grows. In order to better safeguard people and property against outside threats, IP video surveillance and VSaaS offer an affordable solution. As a result, IP video surveillance systems are being adopted more frequently, which is boosting market growth. Another significant element fueling the market's expansion is the rising investment in smart city projects. Governments all over the world are making significant investments in smart city initiatives, which call for effective infrastructure management and cutting-edge security measures to ensure public safety and lower crime rates. These projects can use IP video surveillance systems to effectively monitor public areas like stadiums, parks, and transportation systems, which is driving up demand for these solutions.
Vendors are now able to provide effective remote monitoring solutions that aid in lowering operating costs and boosting efficiency thanks to the growing adoption of cloud-based technology. Another significant factor influencing market growth is the development of AI-based video analytics solutions, as these systems can identify potential threats or suspicious activity much faster than the limitations and challenges faced by the IP video surveillance and VSaaS markets are. Potential customers may be turned off by the cost and technical expertise required for installation of IP video surveillance and VSaaS systems. Customers find it challenging to compare the available goods and services because different vendors selling various kinds of IP video surveillance systems lack common standards. Considering that IP video surveillance systems are susceptible to hacking and data theft, cybersecurity threats are a serious concern.
Businesses struggle to scale up their security systems as they grow in size or expand geographically due to the limited scalability of the majority IP video surveillance solutions. Customer confidence that their data and personal information is secure and not being monitored without their knowledge or consent is a crucial concern when it comes to any type of video surveillance system, including VSaaS solutions.
The report includes profiles of several major manufacturers, vendors, and market participants, including the following. In the market for IP video surveillance and VSaaS, which is divided into three categories—hardware, software, and service—Avigilon Corporation, Axis Communications AB, Bosch Security Systems, Inc., Dahua Technology Co., Ltd, Digital Watchdog, Inc., FLIR Systems, Inc., Genetec Inc., Hanwha Techwin Co., Ltd, Honeywell International, Inc., and Interlogix (UTC Fire & Security) hold the majority of the market During the forecast period, the Hardware segment is anticipated to hold the largest market share.
During the forecast period, the rapid adoption of hardware cameras like dome cameras, bullet cameras, and PTZ cameras is one of the key factors boosting this market's growth. Additionally, this segment is expanding as a result of rising corporate and retail demand for IP surveillance solutions. VSaaS Market is segmented into Retail, Healthcare, Government & Higher Security, Residential, Entertainment & Casino, Banking & Financial Sector, Manufacturing & Corporate, Others. The banking and finance sector is growing based on application IP Video Surveillance.
In this industry, the banking and financial sector is in the lead and has the largest market share. Furthermore, during the forecast period, this segment is anticipated to grow more quickly. For the security and safety of their buildings, the banking and financial sector uses sophisticated surveillance systems. Utilizing surveillance systems enables the detection of any shady or illegal activity occurring both inside and outside the building.
The IP Video Surveillance and VSaaS Market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America based on region analysis. North America is the dominant region in this market. A large portion of the global market for IP video surveillance and VSaaS is anticipated to be in North America due to the presence of key players there. Additionally, this regional market is expanding as a result of rising demand from the public and private sectors for sophisticated surveillance solutions.
Due to the growing adoption of cutting-edge security solutions across numerous industries, including retail, banking & finance, and government organisations, Europe is another important region in the global IP video surveillance and VSaaS market. The adoption of cutting-edge security solutions has increased as a result of the rising demand for smart cities in these nations.
Impact of COVID-19 and Market Situation for IP Video Surveillance and VSaaS
Due to the virus's negative effects on a number of end-use industries, there has been a decline in the demand for IP video surveillance systems and VSaaS solutions. For instance, the closure of physical stores and other restrictions on movement have resulted in a decline in foot traffic in the retail sector. This has led to a decline in demand from this end-use industry for IP video surveillance systems. The pandemic has also had a significant impact on the hospitality industry, which has seen a decline in demand for VSaaS solutions as a result of travel restrictions and cancellations. However, as authorities look to increase surveillance to contain the virus' spread, there is an increased demand for these solutions from the government and higher security end-use industries. In general, it is anticipated that the COVID-19 pandemic will have a detrimental effect on the expansion of the IP video surveillance and VSaaS market in 2020. The market is anticipated to regain momentum and grow at a healthy rate over the coming years, though, as economies are beginning to reopen and businesses are starting to operate again.
Recent Developments in the IP Video Surveillance and VSaaS Market
• In 2019, the demand for smart surveillance and analytics has been the primary driver of market growth in the IP Video Surveillance and VSaaS market. Leading market players have been making significant investments in R&D to develop cutting-edge products with enhanced features like facial recognition, licence plate recognition, biometrics, and analytics. Additionally, the market for IP video surveillance is expanding due to the development of AI-based systems. Users are now able to quickly and accurately analyse massive amounts of data while receiving real-time alerts on potential security threats thanks to AI-based systems. In addition, recent developments in cloud computing technology are enabling end users to benefit from cloud storage and manage their video data more effectively.
The need for VSaaS (Video Surveillance as a Service) solutions that let users access their footage from any location at any time has increased as a result. Leading vendors have also been concentrating on developing specialised IP video surveillance solutions for various applications, such as commercial buildings, retail stores, transportation hubs, healthcare facilities, etc., which is further boosting the market's expansion.
IP Video Surveillance and VSaaS Market Scope
|Revenue forecast in 2030
|USD 83.3 BN
|CAGR of 10.9% during 2022-2030
|by Type, By End User, By Application , Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Axis Communications AB, Bosch Security Systems, Inc., Dahua Technology Co., Ltd, Digital Watchdog, Inc., FLIR Systems, Inc., Genetec Inc., Hanwha Techwin Co., Ltd, Honeywell International, Inc., and Interlogix (UTC Fire & Security)
Key Segment of IP Video Surveillance and VSaaS Market
By Type Overview (USD Billion)
• Software services
By Application Overview (USD Billion)
• Government & Higher Security
• Entertainment & Casino
• Banking & Financial Sector
• Manufacturing & Corporate
By Region Overview (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa