CHICAGO, April 18,
2024 /PRNewswire/ -- The global VSaaS market is
expected to be valued at USD 5.0
billion in 2024 and is projected to reach USD 10.7 billion by 2029; it is expected to grow
at a CAGR of 16.1% from 2024 to 2029 according to a new report by
MarketsandMarkets™. The scalability and flexibility
offered by VSaaS solutions enable businesses to expand their
surveillance systems as needed, making it an attractive option for
organizations of all sizes and industries seeking to enhance
security and operational efficiency.
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Browse in-depth TOC on "VSaaS Market"
199 – Tables
60 – Figures
232 – Pages
VSaaS Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 5.0 billion
|
Estimated Value by
2029
|
$ 10.7 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 16.1%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Feature, AI
Visual Analysis, Vertical & Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Lack of knowledge
regarding benefits of VSaaS services pose a major
challenge
|
Key Market
Opportunities
|
Increasing use of smart
devices
|
Key Market
Drivers
|
Increasing demand for
real-time surveillance data
|
The VSaaS market for hybrid type will hold the highest CAGR
during the forecast period.
The VSaaS market for hybrid services is experiencing notable
growth due to its ability to offer a flexible and customizable
approach to video surveillance. Hybrid services combine the
benefits of cloud-based and on-premises solutions, allowing
businesses to leverage local infrastructure for high-resolution
video storage and cloud services for remote access, scalability,
and redundancy. This hybrid model addresses businesses' diverse
needs and preferences, particularly those with stringent security
requirements or limited bandwidth availability. Additionally,
hybrid VSaaS solutions offer seamless integration with existing
surveillance infrastructure, allowing businesses to modernize their
systems gradually while maximizing the value of their investments
in legacy equipment.
VSaaS market for AI-enabled VSaaS to hold the highest CAGR
during the forecast period.
The VSaaS market for AI-enabled VSaaS is experiencing rapid
growth due to the transformative impact of artificial intelligence
on video surveillance capabilities. AI-powered VSaaS offers
advanced features such as real-time object detection, facial
recognition, and behavior analysis, enabling businesses to enhance
security, optimize operations, and extract valuable insights from
video data. Integrating AI algorithms allows for more accurate and
efficient detection of threats and anomalies, reducing false alarms
and enabling proactive responses to security incidents.
VSaaS market for object detection & recognition AI visual
analysis to hold the highest CAGR during the forecast
period.
The VSaaS market for object detection and recognition is
experiencing significant growth due to its ability to enhance
security, operational efficiency, and customer experience across
various industries. Object detection and recognition technologies
leverage advanced algorithms, such as deep learning and computer
vision, to accurately identify and classify objects in real-time
video streams. This enables businesses to detect and respond to
security threats more effectively, whether identifying unauthorized
individuals, detecting intrusions, or recognizing suspicious
behavior.
VSaaS market for infrastructure vertical to hold the highest
CAGR during the forecast period.
The VSaaS market for the infrastructure vertical is experiencing
notable growth due to several key factors. Firstly, infrastructure
assets such as transportation networks, utilities, and critical
facilities require robust surveillance solutions to ensure safety,
security, and operational efficiency. VSaaS offers infrastructure
operators the ability to remotely monitor and manage vast and often
remote or hard-to-reach areas, improving incident response times
and reducing operational costs. Additionally, as governments and
organizations worldwide invest in modernizing and expanding
infrastructure, there is a growing emphasis on incorporating smart
technologies, including video surveillance, to enhance resilience
and sustainability.
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VSaaS market for Asia
Pacific to hold the highest CAGR during the forecast
period.
The growth of the VSaaS industry in the Asia Pacific region is particularly pronounced
due to several key factors. Firstly, the region's rapid
urbanization and economic development have increased security and
surveillance infrastructure investments across various industries.
Additionally, the widespread adoption of digital technologies,
coupled with advancements in cloud computing and internet
connectivity, has made VSaaS more accessible and cost-effective for
businesses of all sizes. Furthermore, rising concerns about safety,
security, and regulatory compliance drive demand for modern
surveillance solutions, including VSaaS, to address evolving
security threats and operational challenges.
Key Players
The VSaaS Companies includes significant Tier I and II players
like ADT (US), Johnson Controls (Ireland), Axis Communication AB (Sweden), Motorola Solutions, Inc. (US),
Securitas AB (Sweden), and others.
These players have a strong market presence for VSaaS across
various North America,
Europe, Asia Pacific, and RoW countries.
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