Global Video Surveillance and VSaaS Market: Security Concerns Escalating Demand, says TMR

According to a recent study by Transparency Market Research (TMR), the global video surveillance and VSaaS market is marked by the presence of several players with considerable regional presence, while a few players continue to dominate at the global level. Some of the leading players in this market are Eyecast, Inc., Genetec, Inc., Brivo Systems LLC, and Neo Solutions, Inc., while the report also identifies Hikvision Digital Technology Co., Ltd., Axis Communications AB, Bosch Security Systems, Inc., Cisco Systems Inc., and Canon, Inc. as other prominent companies. Alliances for new product development and quality product offering is the most common strategy adopted by these players. In addition to that, market leaders are actively investing in research and development to introducing innovative products in order to maintain their stronghold over the market.

The TMR report evaluates that the global video surveillance VSaaS market had an opportunity worth US$21.19 bn in 2015, and estimates it to expand at a robust CACR of 17.0% during the forecast period of 2016 to 2024, reaching a valuation of US$88.25 bn by the end of 2024.

Security of property and life are two of the biggest factors of concern for organizations as well as individuals and these are becoming a leading driver for sales of video surveillance and VSaaS solutions. Transparency Market Research (TMR) says that recent trends in this market have pointed towards IP-enabled cameras being the immediate future of video surveillance. Although these video surveillance solutions are not cost-effective, there is a growing segment of low-end security cameras that cater to those looking for cheaper security solutions for private property.

Browse The Report : http://www.transparencymarketresearch.com/video-surveillance-vsaas-market.html

According to a recent study by Transparency Market Research (TMR), the global video surveillance and VSaaS market is marked by the presence of several players with considerable regional presence, while a few players continue to dominate at the global level. Some of the leading players in this market are Eyecast, Inc., Genetec, Inc., Brivo Systems LLC, and Neo Solutions, Inc., while the report also identifies Hikvision Digital Technology Co., Ltd., Axis Communications AB, Bosch Security Systems, Inc., Cisco Systems Inc., and Canon, Inc. as other prominent companies. Alliances for new product development and quality product offering is the most common strategy adopted by these players. In addition to that, market leaders are actively investing in research and development to introducing innovative products in order to maintain their stronghold over the market.

The TMR report evaluates that the global video surveillance VSaaS market had an opportunity worth US$21.19 bn in 2015, and estimates it to expand at a robust CACR of 17.0% during the forecast period of 2016 to 2024, reaching a valuation of US$88.25 bn by the end of 2024.

North America Remains Most Lucrative Region

By type, the report segments the global market into analog and IP-based, and observes that the latter is gradually replacing the former, although at a sluggish pace, as the consumer market continues using analog cameras due to cost factors. However, professional market is more aggressive about the transition and the segment of IP-based video surveillance and VSaaS is projected to expand at a CAGR of 21.4% during the forecast period of 2016 to 2024, reaching a valuation of US$68.51 by 2024. By component, the report categorizes the market into video surveillance hardware including cameras, recorders and storage, encoders, and monitors, video surveillance software including video analytics and video management software (VMS), and video surveillance as a service including hosted service, managed service, and hybrid service. Although the segment of recorders and storage currently serves most of the demand, camera segment is estimated to expand at the best growth rate. By end-use industry, transportation accounts for the maximum demand, although healthcare segment is anticipated to grow at most prominent rate during the forecast period.

Geographically, North America is the most lucrative region for global video surveillance and VSaaS market, accounting for US$7.30 bn valuation in 2015, which is estimated to reach US$26.91 bn by 2024. Growing terrorism activities is the primary reason for increased demand, backed up the factors such as the need for maintaining security of property and individual. On the other hand, Asia Pacific is quickly emerging as an alternate profitable market, which is a reflection of growing economy and large construction products in China and India.

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Increasing Acts of Terrorism Augmenting Uptake

Increasing acts of terrorism is the primary driver for the global market for video surveillance and VSaaS. According to the U.S. National Security Agency, since the 9/11 incidence, law enforcement agencies in the U.S. have been able to foil over 50 terrorist plot in the country with the help of these devices and services. Government across the world are investing significantly in the development of the most sophisticated surveillance networks, and augmenting the demand. Factors such as continued investments in infrastructure across developed and emerging economies, advancements in high definition (HD) and megapixel cameras, and advent of do-it-yourself (DIY) video surveillance are also expected to positive reflect over the market during the forecast period. However, high cost of IP surveillance systems remains the most prominent restraint over the market, besides growing privacy concerns.

According to the author of the report, “Public transportation authorities across the world are experiencing increased pressure for providing security to passengers and staff in their transit systems. This pressure will significantly escalate the demand from rail cars and buses.”

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This release was published on openPR.