Video Surveillance and VSaaS Market Reaps Benefits of Rising Demand for Robust Operational Eficiency
Global video surveillance and VSaaS market revenue stood at US$21.19 bn in 2015 and is expected to reach US$88.25 bn by 2024, at a CAGR of 17.0% from 2016 to 2024
The escalating security concerns and favorable government regulations have driven the rising adoption of video surveillance systems across the globe. VSaaS or video surveillance as a service is a hosted cloud-based surveillance system that includes remote viewing, storage, video recording, management alerts, cyber security, and more. With an increasing number of businesses worldwide adopting cloud-based solutions, the future of the global video surveillance and VSaaS market seems promising.
According to a report published by Transparency Market Research, the global video surveillance and VSaaS market, which stood at US$21.19 bn in 2014, is projected to reach US$88.25 bn. The market is therefore expected to exhibit a CAGR of 17.0% between 2016 and 2024.
Q: What are the key factors encouraging the adoption of VSaaS across diverse application segments?
A: In the security industry, video surveillance finds applications for preventing terrorist and other criminal activities. The increasing investment in infrastructure such as roads, railways, communication networks, and airports has also led to the rising deployment of video surveillance systems. The market is also substantially gaining from the latest advancements introduced in megapixels and high definition (HD) cameras. Additionally, the growing popularity of do-it-yourself (DIY) projects on video surveillance for home security is also giving a significant impetus to the global video surveillance market.
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Q: How is cloud-based VSaaS facilitating businesses across the globe?
A: The majority of businesses around the world are adopting cloud-based solutions for better operational agility and robust disaster recovery. Cloud-based VSaaS is arguably one of the most important emerging services for enterprises operating around the world as it assures them various economies of scale. From the perspective of video surveillance, a cloud-based system can provide access to video views from any of the IP cameras used in a company and provide video management software (VMS), all securely connected to the system via the Internet.
Video storage is another useful cloud-based service offered by cloud-based VSaaS to companies. Videos archived from a company’s camera is in actuality stored in another location that can be accessed via the Internet. Therefore the enterprise is not required to invest on the purchase or maintenance of their own physical storage devices.
Deploying cloud-based VSaaS will thus help in reducing the need for capital. Instead of incurring maintenance charges and one-time expenditure, a company under this system is invoiced on a monthly basis. Moreover, integrating cloud-based systems also helps companies save any upfront investment in computer servers, licenses, or updates.
Q: What latest advancements in video surveillance and VSaaS are being seen in the market?
A: The proliferation of video surveillance and VSaaS across SMBs in the UK has been rapid. Encouraged by the rising demand for VSaaS in the country, leading camera manufacturers, Axis Communications and ONVIF, have launched intelligent security solutions. Since their advent, products manufactured by Axis support the universal plug and play (UPnP) Ethernet standard. Recently, the company added a “one-click” feature in its cameras to automate the process of finding an IP path via any router that they are attached to.
Another new standard called Profile S by ONVIF is designed to improve video streaming. It tackles video and audio streaming and relay output control efficiently.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.