The global VSaaS market size is projected is projected to reach USD 7.6 billion by 2027, growing at a CAGR of 18.0% during the forecast period.
The growth of VSaaS
industry 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.
Hosted VSaaS is expected
to hold high market share from 2022 to 2027.
Hosted VSaaS is expected
to hold high market share during the forecast period. The high market share is
credited to growing adoption of VSaaS across residential, SMBs, and retail
sector coupled with increasing penetration of smart cities across North America,
Europe and Asia Pacific regions. Additionally, increasing penetration of
smartphones, the commercialization of 5G services and the 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. Decreasing cloud storage costs have lowered subscription costs,
which has resulted in an increase in users of hosted video services across
verticals.
Market for commercial
vertical to hold largest share throughout the forecast period
The commercial vertical
held the largest share of the VSaaS market in 2021 and is also expected to hold
the largest share during the forecast period. The high market share is
attributed to the increasing adoption of VSaaS in warehouses, hospatility centers,
bank & financial institutions, enterprises, mall and retail stores. The
high adoption is due to increasing demand for VSaaS services in order to reduce
thefts, enhancing security and lowering the inventory losses across commercial
sectors. The VSaaS have high requirements across bank & financial
institutions. It helps to increase security, monitor ATMs, staffs and
customers. According to December 2021 statistics by European Association for
Secure Transactions (EAST), Europe has approximately 376,984 ATMs, with Germany
accounting for 60,752 ATMs. The growing penetration fo ATMs across European
Union will fuel the market growth across commercial sector.
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VSaaS market in Asia
Pacific estimated to grow at the fastest rate during the forecast period
The market in Asia
Pacific is expected to grow at the highest CAGR during the forecast period. The
growth is driven by increasing number of smart cities in China, South Korea,
and India. In a December 2020 press release by the World Economic Forum, China
has built around 500 AI-powered smart cities in the country. The proliferation
of smart cities will further increase the penetration of VSaaS solutions and
services in the region. Also, the supportive initiatives taken by the Chinese
government to enhance the safety of cities are expected to create significant
opportunities for the VSaaS market in the region.
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