DUBLIN--(BUSINESS WIRE)--The "Video Surveillance Market by Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog, Hybrid), Vertical and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The video surveillance market is expected to grow from USD 48.7 billion in 2022 and is projected to reach USD 76.4 billion by 2027; it is expected to grow at a CAGR of 9.4% during the forecast period. IoT has made sending and receiving data over the internet simpler, facilitating the use of video surveillance in smart cities. Integration of IoT, big data, and video surveillance is expected to provide better operational and security needs in public spaces.
The market for video surveillance services has the highest CAGR during the forecast period.
Modern VMS has integration capabilities for various software applications, such as people counting, facial recognition, and number plate recognition. Real-time video analytics can provide important insights on events or activities across several verticals. Various cloud capabilities fulfill the varying requirements of end users, hence driving the high growth in the video surveillance service market, especially for VSaaS. In cloud implementation, VMS solutions are accessed via the internet and hosted by third-party VMS providers. Video recording, controlling, and management are performed by the cloud. VSaaS is an appealing choice as a service because it eliminates the requirement of storage devices, such as network video recorders (NVR), digital video recorders (DVR), or hybrid recorders. It is a remote approach to video surveillance systems, as opposed to an on-site video security system.
The market for dome cameras to have the highest share in 2021.
Dome security cameras are easily recognizable for their circular, dome encasing. Dome surveillance cameras are highly versatile and can be used in both indoor and outdoor settings, providing unparalleled coverage for nearly any use case. The number of lenses that can be attached to these cameras is limited based on the dome size. However, due to their low cost and relatively small size, they are more prevalent than other types of cameras.
The market for hybrid VSaaS to grow at the highest CAGR during the forecast period.
In hybrid VSaaS, the recorded data is stored at the customer and the service provider's end, providing greater redundancy. As hybrid services ensure more data security, remote access, flexibility in adding devices, flexible payment structure, and scalability of data storage, they are adopted for commercial applications, including enterprises, retail stores, and financial institutions. The demand for storing data both on the premises and over the cloud drives the high growth of the hybrid VSaaS market.
Retail stores and malls segment to grow at the highest CAGR for the commercial video surveillance market during the forecast period.
The market for video surveillance across retail stores and malls is expected to grow at the highest CAGR during the forecast period. The retail sector implements surveillance systems to prevent theft, flash robbery, and organized crime across stores. Big retail shops covering large areas require more automated surveillance, as physical surveillance has certain limitations. This further highlights the importance of video surveillance systems in retail stores.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the video surveillance market space.
Market Dynamics
Drivers
- Low Cost of Investment
- Increasing Demand for Real-Time Surveillance Data
- Flexible Scalability Offered by VSaaS
Restraints
- Privacy and Security Concerns Regarding Data Usage
Opportunities
- Integration of VSaaS with Access Control and Alarm Systems
- Increasing Use of Smart Devices
- Rise in Big Data, IoT, and Smart Cities
- Rising Demand Across Commercial Vertical Owing to COVID-19
Challenges
- Lack of Awareness About Benefits of VSaaS
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 VSaaS Market, by Type
7 VSaaS Market, by Vertical
8 Regional Analysis
9 Competitive Landscape
10 Company Profiles
11 Appendix
Companies Mentioned
- 3Deye Inc.
- ADT
- Alarm.Com
- Arcules, Inc.
- Arlo Technologies, Inc.
- Avigilon Corporation, a Motorola Solutions Company
- Axis Communications Ab
- Bosch Sicherheitssysteme GmbH
- Camcloud
- Camio
- Comcast Corporation
- Duranc Inc
- Eagle Eye Networks Inc.
- Genetec Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Honeywell International Inc.
- Ironyun
- Ivideon
- Johnson Controls
- Mobotix Ag
- Morphean Sa
- Pacific Controls
- Securitas Ab
- Solink Corp.
- Verkada Inc.
- Vivint Smart Home, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ga9e5x
