The global video surveillance and VSaaS market is expected to witness a tremendous surge in its valuation in the near future. The advent of smart surveillance systems is having a significant influence on the demand for video surveillance and VSaaS solutions across the world. In addition to this, the increasing trend of process automation is likely to reflect positively on the sales of these solutions over the forthcoming years.
According to Transparency Market Research (TMR), the opportunity in the global market for video surveillance and VSaaS, which was worth US$21 bn in 2015, is estimated to expand at a CAGR of 17.0% during the period from 2016 to 2024 and cross US$88 bn mark by the end of 2024.
Demand for IP-based Video Surveillance VSaaS Solutions to Increase
The global market for video surveillance and VSaaS is analyzed on basis of the type, component, and end user. Analog solutions and IP-based solutions have emerged as the most preferred video surveillance and VSaaS solutions across the world. Among the two, the demand for IP-based video surveillance VSaaS solutions is likely to increase considerably over the next few years.
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Business organizations residential complexes, retail stores, hospitality, transportation government buildings, industrial sites, healthcare organizations, and stadiums have surfaced as the key end users of video surveillance and VSaaS solutions, globally. Among these, the demand for these solutions has been greater from the transportation segment.
In terms of components, hardware, specifically, recorders and storage, which is currently dominating the global video surveillance and VSaaS market, are expected to maintain their lead in the coming years.
Asia Pacific to Present Lucrative opportunities for Growth
Asia Pacific, Latin America, North America, the Middle East and Africa, and Europe are the key regional markets for video surveillance and VSaaS. Currently, Asia Pacific and North America hold almost equal shares in the global market. However, the scenario may change over the next few years, with the growth trajectory tilting towards Asia Pacific.
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The market for video surveillance and VSaaS in Asia Pacific is being dominated by a number of players that are offering highly cost-efficient security solutions to cater to the requirements of consumers in high population countries, such as China and India. Both the countries are exhibiting an exception rise in the industrial and residential sectors, leading to an increased demand for better security networks.
Players Focusing on Strategic Partnerships to Gain Technological and Distribution Channel Advantages
The global market for video surveillance and VSaaS demonstrates a fragmented structure, which leads to a high degree of rivalry between the participants. Players are aggressively focusing on strategic partnerships in order to gain technological and distribution channel advantages. With increasing entry of new vendors, the competition within the market is likely to escalate considerably over the next few years.
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Geovision Inc., Agent Video Intelligence, Axis Communications AB, Zhejiang Dahua Technology Co. Ltd., Genetec Inc., Hikvision Digital Technology Co. Ltd., Bosch Security Systems Inc., Panasonic System Networks Co. Ltd, Honeywell Security Group, Canon Inc., Pelco Inc., and Cisco Systems Inc. are some of the leading vendors of video surveillance and VSaaS across the world.
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