CHICAGO, Oct. 28, 2020 /PRNewswire/ -- According to the
new market research report "VSaaS Market with
COVID-19 Impact by Type (Hosted, Managed, and Hybrid), Vertical
(Commercial, Infrastructure, Residential, Public Facilities,
Military & Defense, and Industrial) and Region-Global Forecast
to 2025", published by MarketsandMarkets™, the market is
expected to be valued at USD 2.2
billion in 2020 and is projected to reach USD 4.7 billion by 2025; it is expected to grow
at a CAGR of 16.0% from 2020 to 2025. Low cost of investment, rise
in demand for real-time surveillance data, and flexible scalability
offered by VSaaS are the major factors driving the growth of the
VSaaS market. The integration of VSaaS with access control and
alarm systems increased the penetration of smart devices. The rise
in demand for VSaaS across retail and commercial verticals owing to
COVID-19 is projected to create lucrative opportunities for the
players operating in the VSaaS market during the forecast
period.
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The VSaaS market includes players like ADT (US), Johnson
Controls (Ireland), Axis
Communications AB (Sweden),
Avigilon, a Motorola Solutions Company (Canada), and Stanley
Black & Decker, Inc. (US). These players have a strong
market presence for video surveillance solutions across various
countries in Asia Pacific,
Europe, North America, and RoW.
Low cost of investment
In VSaaS, video data is managed by service providers at a
significantly low cost. The data is stored on the cloud. Thus,
physical data storage devices and personnel are not required, which
reduces a substantial amount of IT staffing cost, including
salaries, benefits, and other associated costs. Increased adoption
of consumer surveillance cameras, which are mainly wireless and can
be installed by end users easily, is being observed. Many players
have emerged in this space in recent years, such as Google Nest,
Ring, and Arlo. Some of the players offer camera and cloud
surveillance as a combined solution, with different subscription
plans for different needs of different businesses. By removing the
expense of purchasing servers, hard drives, and, end users can save
hundreds of dollars on equipment and invest that money into
additional cameras or other aspects of their business. Therefore,
VSaaS reduces upfront capital costs.
Hosted VSaaS is expected to lead the market during the
forecast period
VSaaS market for Hosted solutions is expected to acquire largest
market share from 2020 to 2025. The growing concern among users
toward enhancing security, surging number of government initiatives
for increasing public security, and continuous developments in
infrastructure, including transportation hubs, are driving the
VSaaS market. Additionally, the increasing penetration of
smartphones in countries such as South
Korea, China, Germany, the UK, France, and the US; technological advancements
in telecom networks such as availability of LTE & emerging
trends of 5G; and 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. It also eases the video monitoring from multiple
locations. Moreover, decreasing cloud storage costs have lowered
the subscription cost, which has resulted in increasing the users
across verticals for hosted video services.
Commercial application to hold the largest market size of
VSaaS market during the forecast period
The commercial vertical of the VSaaS market is expected to hold
the largest share during 2020 and 2025. The demand for VSaaS in the
commercial vertical is increasing to enhance security, reduce
robbery, and minimize inventory loss. The adoption of VSaaS in
financial institutions and banks to monitor customers and staff
activities has been increasing since the last few years due to the
advantages offered by VSaaS, such as less initial investments,
flexibility in adding devices, and remote access to surveillance
data. The increasing adoption of VSaaS in the hospitality industry
to detect potential threats also drives the VSaaS market in the
commercial vertical. The increasing number of retail stores and
small business offices creates opportunities for VSaaS
providers. Amidst the COVID-19 pandemic, retail stores,
malls, and hospitality centers are providing opportunities for
VSaaS in applications such as people counting, crowd and occupancy
management, temperature monitoring, facial and mask recognition,
and supply chain management.
Browse in-depth TOC on "VSaaS
Market"
105 – Tables
44 – Figures
180 – Pages
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VSaaS market in APAC to grow at the highest CAGR during the
forecast period
The increasing urbanization in APAC leads to the development of
new cities, manufacturing industries, and retail industries, among
other application areas, which increases the growth of the VSaaS
market. Increasing terrorist activities compel the governments to
improve security measures, including video surveillance systems in
government buildings. The retail industry is another application
area in which VSaaS systems are used due to their capability of
real-time remote access. China and
India are highly populated
countries in the world. Providing a secure environment to the
citizens and traffic monitoring are among the key challenges in
these countries, where VSaaS is helpful in the live monitoring of
residential and commercial premises and traffic across the
roads.
ADT (US), Johnson Controls (Ireland), Axis Communications AB (Sweden), Avigilon, a Motorola Solutions
Company (Canada), Stanley Black & Decker, Inc. (US), Alarm.com
(US), Arcules (US), Comcast (US), Duranc (US), Eagle Eye Networks
(US), Genetec Inc. (Canada),
Honeywell Commercial Security (US), Pacific Controls (UAE), Arlo
Technologies, Inc. (US), Camcloud (Canada), MOBOTIX AG (Germany), Morphean SA (Switzerland), Solink (Canada), Verkada Inc. (US), Vivint (US), Camio
(US), iVideon (US), IronYun (US), vCloud.ai (UK), and Qumulex (US)
are some of the key players in the VSaaS market.
Related
Reports:
Video Surveillance Market by System, Offering (Hardware
(Camera, Storage Device, Monitor), Software (Video Analytics, Video
Management System) & Service (VSaaS)), Vertical (Commercial,
Infrastructure, Residential), and Geography - Global Forecast to
2025
Access Control Market with COVID-19 Impact by Offering
(Card-based Readers, Biometric Readers, Electronic Locks,
Controllers, Software, Services), ACaaS (Hosted, Managed, Hybrid),
Vertical, and Region - Global Forecast to 2025
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