The Video
Surveillance as a Service (VSaaS) market is expected to be worth USD 5.93
Billion by 2022, at a CAGR of 22.0% between 2017 and 2022. Factors such as low
initial investment required availing VSaaS services, increasing demand for
real-time and remote access for video surveillance data, and flexible
scalability offered by VSaaS would provide ample growth opportunities for the
Video Surveillance as a Service market in the future.
The
market for the hybrid VSaaS is expected to grow at a significant rate during
the forecast period. Hybrid VSaaS offers data storage at the customer’s site as
well as in the cloud at the service provider’s end, which enhances data
security, brings flexibility in data storage capacity, provides remote access
to the surveillance data. This helps hybrid VSaaS to become more popular among
verticals such as commercial, infrastructure, and industrial, among others.
The
commercial vertical is expected to lead the Video Surveillance as a Service
market during the forecast period due to the increasing adoption of VSaaS in
retail chains, residential apartments, small businesses, healthcare
organizations, banks, government buildings, city surveillance and manufacturing
sites, among others. The demand for VSaaS in the commercial vertical is
increasing to enhance the security, reduce robbery and inventory loss.
Moreover, the adoption of VSaaS in financial institutions and banks to monitor
customers and staff activities is increasing from the recent past, which has
helped the VSaaS market to grow.
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The
key strategies adopted by the major players in the market were agreements,
contracts, collaborations, and partnerships. For instance, in May 2015, Genetec
Inc. (Canada) partnered with Digicel Group Limited (Jamaica) to offer
cloud-based video surveillance to businesses across the Caribbean islands. Axis
Communications AB (Sweden), Honeywell International Inc. (US), Genetec Inc.
(Canada), and Brivo (US) are the major companies that adopted these strategies.
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