The VSaaS market is projected to grow from USD 3.3 billion in 2022 to reach USD 7.6 billion by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.0% from 2022 to 2027.
The growth of this market is
driven by factors such as the low cost of investment, the rise in demand for
real-time surveillance data, and flexible scalability offered by VSaaS.
Driver : Increasing demand for
real-time surveillance data
Increasing demand for real-time
surveillance data across commercial and infrastructure sectors is one of the
major driver for VSaaS market growth. Security concerns and advancements in
technologies demand real-time remote monitoring on any device at any time by
end users such as retail stores, manufacturing sites, enterprises, warehouses,
and banks to detect unusual events on their premises. Also, users with multiple
business sites demand real-time and remote access to surveillance data to keep
an eye on the site remotely. Additionally, smart cities are also leveraging
networks of intelligent sensors to capture data and organize system responses
to incidents as they unfold, as well as improve processes such as traffic flow.
Thus, the rising demand for remote access to surveillance data at any time
enables the VSaaS market to grow worldwide, as it offers real-time access to
live footage on any device located at any location.
Restraint : Strningent
government regulations associated to privacy and data security
Rising privacy and security
concerns have led to stringent privacy protection laws such as the Federal
Information Security Management Act (FISMA) in the US and the General Data
Protection Regulation (GDPR) in Europe. These laws are being enforced on VSaaS
providers so that a user’s personal data is not misused, especially in the area
of facial recognition technology. Also, IT enterprises are becoming
increasingly aware of the dangers of private data bridges and, therefore,
becoming more concerned when selecting a VSaaS solution. These factors are
expected to restrain market growth during the projected timespan.
Opportunity : Increasing use of
smart devices
The increasing use of smart
devices along with rising popularity of do-it-yourself (DIY) video
surveillance for home security is creating lucrative opportunities for
VSaaS service providers in the market. In recent years, a high penetration rate
of smartphones has been observed in China, the US, the UK, India, and Japan due
to a decrease in their price, advancements in technologies, and improved
usability. According to GSM Association, the number of active smartphones
across the globe in 2021 was over 6.2 billion units, which is expected to cross
the 7.4 billion units mark by 2025. The increasing use of smart devices has
created significant opportunities for VSaaS providers. Service providers can
increase their presence in the market by offering VSaaS compatible with these
devices.
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Challenge: Lack of knowledge
regarding benefits of VSaaS services pose a major challenge
Though VSaaS market is growing
significantly across developed economies, there are still some challenges faced
by the services providers. This challenge majorly includes lack of knowledge
about benefits of VSaaS services along with lesser adoption rate across
underdeveloped and developing economies. Adding to this, several countries do
not have access to high-speed internet connectivity. This further pose a
challenge to service providers as VSaaS requires high-speed internet connection
to operate on cloud platform. End-users are becoming skeptical about switching
to VSaaS over traditional video surveillance systems, therefore, it is becoming
crucial to increase the awareness for VSaaS services among end-users in the
market.
Key players in the VSaaS market
are ADT (US), Johnson Controls (Ireland), Axis Communications AB (Sweden),
Avigilon, a Motorola Solutions Company (Canada), Alarm.com (US), Arcules, Inc.
(US), Securitas AB (Sweden), Comcast Corporation (US), Duranc Inc (US), Eagle
Eye Networks, Inc. (US), Genetec Inc. (Canada), and Honeywell International
Inc. (US).
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