The VSaaS market is projected to grow from USD 3.3 billion in 2022
and is projected to reach USD 7.6 billion by 2027; it is expected to grow at a
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.
AI-based video analytics is a new technology that is
revolutionizing the VSaaS industry. This technology is gaining more adoption
across retail, smart cities/transportation, retail, industrial, and healthcare
sectors. AI-based video analytics majorly focus on detecting temporal and
spatial events in video footage automatically. This technology helps users to
provide higher accuracy and performance as well as more refined results
compared to motion or sensor-based analytics. According to the Artificial
Intelligence Global Surveillance Index 2022, at least 78 out of 179 countries
globally are actively using AI-based surveillance technologies. The
proliferation of AI analytics in surveillance and monitoring will fuel the
market growth of VSaaS.
The market for managed VSaaS is expected to be one
of the fastest-growing segments during the forecast period. Managed VSaaS
services help organizations reduce manpower, save operational costs, and focus
on their core business. This service allows the use of existing devices for
video recording and storage. Such benefits offered by the managed VSaaS result
in the increased adoption in various applications, such as retail stores, small
businesses, enterprises, hospitals, and financial institutions. The recent
COVID-19 pandemic has led to an increase in the adoption of managed video
solutions due to their high feasibility and accessibility. They are being used
to increase the safety and security of employees as well as to maintain proper
social distancing norms.
The public facilities vertical segment will grow at
a faster rate in VSaaS market during forecast period. Safety is a crucial
component to consider in public parks, communities, neighbourhoods, and other
municipal districts. Buildings in public facilities are prone to terrorist
attacks, so it is important to view and monitor security on their premises.
VSaaS is a reliable solution to monitor security in and around such buildings. Its
increasing use of VSaaS in educational buildings to enhance the security of
students, staff, and visitors creates opportunities for service providers.
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In terms of geographic coverage, the VSaaS market
has been segmented into four regions, namely, North America, Europe, Asia
Pacific and Rest of the World (RoW). The market in Asia Pacific is expected to
record the highest growth rate during the forecast period. The market growth is
credited to the increasing number of infrastructure development and smart
cities projects in China, South Korea and Japan. These projects requires
continuous video monitoring to ensure public safety, traffic control, and
city-wide video surveillance, which further increases the adoption of VSaaS.
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