The report "VSaaS
Market with COVID-19 Impact by Type (Hosted, Managed, and Hybrid), Vertical
(Commercial, Infrastructure, Residential, Public Facilities, Military &
Defense, and Industrial) and Region-Global Forecast to 2025", is
expected to be valued at USD 2.2 billion in 2020 and is projected to reach USD
4.7 billion by 2025; it is expected to grow at a CAGR of 16.0% from 2020 to
2025. Low cost of investment, rise in demand for real-time surveillance data,
and flexible scalability offered by VSaaS are the major factors driving the
growth of the VSaaS market. The integration of VSaaS with access control and
alarm systems increased the penetration of smart devices. The rise in demand
for VSaaS across retail and commercial verticals owing to COVID-19 is projected
to create lucrative opportunities for the players operating in the VSaaS market
during the forecast period.
The VSaaS market
includes players like ADT (US), Johnson Controls (Ireland), Axis Communications
AB (Sweden), Avigilon, a Motorola Solutions Company (Canada), and Stanley Black
& Decker, Inc. (US). These players have a strong market presence for video
surveillance solutions across various countries in Asia Pacific, Europe, North
America, and RoW.
Low cost of investment
In VSaaS, video data
is managed by service providers at a significantly low cost. The data is stored
on the cloud. Thus, physical data storage devices and personnel are not
required, which reduces a substantial amount of IT staffing cost, including
salaries, benefits, and other associated costs. Increased adoption of consumer
surveillance cameras, which are mainly wireless and can be installed by end
users easily, is being observed. Many players have emerged in this space in
recent years, such as Google Nest, Ring, and Arlo. Some of the players offer
camera and cloud surveillance as a combined solution, with different
subscription plans for different needs of different businesses. By removing the
expense of purchasing servers, hard drives, and, end users can save hundreds of
dollars on equipment and invest that money into additional cameras or other aspects
of their business. Therefore, VSaaS reduces upfront capital costs.
Hosted VSaaS is expected to lead the market
during the forecast period
VSaaS market for
Hosted solutions is expected to acquire largest market share from 2020 to 2025.
The growing concern among users toward enhancing security, surging number of
government initiatives for increasing public security, and continuous
developments in infrastructure, including transportation hubs, are driving the
VSaaS market. Additionally, the increasing penetration of smartphones in
countries such as South Korea, China, Germany, the UK, France, and the US;
technological advancements in telecom networks such as availability of LTE
& emerging trends of 5G; and availability of high-speed Internet are
helping the market for hosted VSaaS to grow further, as high internet speed is
one of the basic requirements of service providers and customers. It also eases
the video monitoring from multiple locations. Moreover, decreasing cloud
storage costs have lowered the subscription cost, which has resulted in
increasing the users across verticals for hosted video services.
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Commercial application to hold the largest
market size of VSaaS market during the forecast period
The commercial
vertical of the VSaaS market is expected to hold the largest share during 2020
and 2025. The demand for VSaaS in the commercial vertical is increasing to
enhance security, reduce robbery, and minimize inventory loss. The adoption of
VSaaS in financial institutions and banks to monitor customers and staff
activities has been increasing since the last few years due to the advantages
offered by VSaaS, such as less initial investments, flexibility in adding
devices, and remote access to surveillance data. The increasing adoption of
VSaaS in the hospitality industry to detect potential threats also drives the
VSaaS market in the commercial vertical. The increasing number of retail stores
and small business offices creates opportunities for VSaaS providers. Amidst the COVID-19 pandemic, retail stores,
malls, and hospitality centers are providing opportunities for VSaaS in
applications such as people counting, crowd and occupancy management,
temperature monitoring, facial and mask recognition, and supply chain
management.
VSaaS market in APAC to grow at the highest CAGR
during the forecast period
The increasing
urbanization in APAC leads to the development of new cities, manufacturing
industries, and retail industries, among other application areas, which
increases the growth of the VSaaS market. Increasing terrorist activities
compel the governments to improve security measures, including video
surveillance systems in government buildings. The retail industry is another
application area in which VSaaS systems are used due to their capability of
real-time remote access. China and India are highly populated countries in the
world. Providing a secure environment to the citizens and traffic monitoring
are among the key challenges in these countries, where VSaaS is helpful in the
live monitoring of residential and commercial premises and traffic across the
roads.
ADT (US), Johnson
Controls (Ireland), Axis Communications AB (Sweden), Avigilon, a Motorola
Solutions Company (Canada), Stanley Black & Decker, Inc. (US), Alarm.com
(US), Arcules (US), Comcast (US), Duranc (US), Eagle Eye Networks (US), Genetec
Inc. (Canada), Honeywell Commercial Security (US), Pacific Controls (UAE), Arlo
Technologies, Inc. (US), Camcloud (Canada), MOBOTIX AG (Germany), Morphean SA
(Switzerland), Solink (Canada), Verkada Inc. (US), Vivint (US), Camio (US),
iVideon (US), IronYun (US), vCloud.ai (UK), and Qumulex (US) are some of the
key players in the VSaaS market.
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