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IP Video Surveillance And VSaaS Market Trends, Market Share, Size, Growth Status And Forecast To 2033
IP Video Surveillance And VSaaS Market Trends
According to The Business Research Company's, the IP video surveillance and VSaaS market size has grown rapidly in recent years. It will grow from $33.01 billion in 2023 to $36.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to transition from analog to IP-based systems, rising security concerns post-9/11, internet protocol (IP) standardization, decreasing cost of storage, increasing awareness of video analytics.
The IP video surveillance and VSaaS market size is expected to see rapid growth in the next few years. It will grow to $54.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to demand in emerging markets, remote monitoring requirements, focus on cybersecurity, cloud computing advancements, expansion of smart cities and IoT. Major trends in the forecast period include vertical-specific solutions, integration with access control, privacy-enhancing technologies, focus on cybersecurity, hybrid cloud deployments.
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Market Drivers and Trends:
The increasing crime rates are expected to propel the growth of the IP video surveillance and VSaaS markets in the coming years. Crime rates refer to the statistical measure used to quantify the occurrence of criminal activities within a specific geographic area over a defined period. IP video surveillance and VSaaS are used to deter crimes, collect evidence, facilitate real-time monitoring, contribute to public safety, and support law enforcement efforts. For instance, in September 2023, according to the Bureau of Justice Statistics, a US-based federal agency, the rate of violent victimization in the United States rose to 23.5 victimizations per 1,000 persons age 12 or older in 2022. In 2022, this rate rose to 9.7 reported violent victimizations per 1,000 persons from 7.5 per 1,000 in 2021. Therefore, the increasing crime rates are driving the growth of the IP video surveillance and VSaaS markets.
Major companies operating in the IP video surveillance and VSaaS markets are focusing on developing technologically advanced products such as Edge AI surveillance cameras to enhance surveillance capabilities and provide depth perception for improved security in various industries. Edge AI surveillance cameras refer to surveillance cameras equipped with edge artificial intelligence (AI) capabilities, allowing them to process and analyze data locally on the camera itself rather than relying solely on centralized cloud-based processing. For instance, in February 2023, IDIS, a South Korea-based surveillance technology company, launched a user-friendly yet powerful lineup of edge AI cameras, leveraging their proprietary Idis Deep Learning Engine to address the security, safety, and operational requirements of organizations across various industries. These new 5MP dome and bullet models are equipped with the advanced processing capability of the Idis Deep Learning Engine, providing highly efficient performance at the edge. They expand IDIS's range of high-definition direct IP cameras, offering users accurate object detection and classification to minimize false alarms, enhance security and safety measures, and deliver added value to their overall security operations.
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Major Key Players of the Market:
Panasonic Corporation, Cisco Systems Inc., Honeywell International Inc., Johnson Controls International PLC, Hangzhou Hikvision Digital Technology Co. Ltd., Bosch Security Systems, Axis Communications AB, Avigilon Corporation , NETGEAR Inc., D-Link Corporation, Vivotek Inc., Zhejiang Dahua Technology Co. Ltd., Genetec Inc., Milestone Systems AS, Pelco by Schneider Electric, Eagle Eye Networks Inc., Vista IT Solutions LLC, Securens Systems Pvt. Ltd., MOBOTIX AG, Costar Technologies Inc., Infinova Group, IndigoVision Group PLC, Ivideon LLC, Arecont Vision Costar LLC, Salient Systems Corporation, Qognify Limited, Camcloud Inc., Cloudview Ltd., Arcules Inc.
IP Video Surveillance And VSaaS Market 2024 Key Insights:
• The ip video surveillance and vsaas market is expected to grow to $54.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Rising Crime Rates Fueling The Surge In Demand For IP Video Surveillance And VSaaS Solutions
• Companies Innovate With Edge AI Surveillance Cameras In IP Video Surveillance And VSaaS Markets
• North America was the largest region in the IP video surveillance and VSaaS market in 2023
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