VSaaS Market worth $7.6 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2022 /PRNewswire/ -- According to the report "VSaaS Market by Type (Hosted, Managed, and Hybrid), Vertical (Commercial, Infrastructure, Residential, Public Facilities, Military & Défense, and Industrial) and Geography (North America, APAC, Europe, Rest of the World) - Global Forecast to 2027", published by MarketsandMarkets™, the VSaaS market is projected to grow from USD 3.3 billion in 2022 and is projected to reach USD 7.6 billion by 2027; it is expected to grow at a CAGR of 18.0% from 2022 to 2027. The growth of this market is driven by factors such as the low cost of investment, the rise in demand for real-time surveillance data, and flexible scalability offered by VSaaS.
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Hybrid VSaaS is expected to grow at the highest CAGR from 2022 to 2027.
Hybrid VSaaS is expected to grow at high rates over the forecast period. The growth is driven by the combined benefits of on-premises video recording and managed video services, provided by hybrid VSaaS. In hybrid VSaaS, the recorded data is stored at both, the customer and service provider's end; the main reason for the popularity of this model is concerns regarding the security of data. This model offers the benefits of on-premises video recording, along with those of managed video services. All day-to-day management of NVRs and cameras is handled by the offsite provider, thus saving time and effort. Moreover, it reduces the need to purchase and maintain a server and, hence, upfront costs are reduced. These benefits provided by hybrid VSaaS is expected to fuel the segment growth over the forecast period.
Infrastructure vertical is expected to grow at high CAGR during the forecast period.
The market for infrastructure vertical is expected to grow at a high CAGR from 2022 to 2027. The increasing demand for VSaaS solutions across public places, transportation & city surveillance segments is expected to propel the growth of the market. Favorable government initiatives to develop smart city projects will add new opportunities for VSaaS providers. Various countries, such as China, India, and South Korea, are investing huge amounts in building smart cities. For instance, in November 2021, The Ministry of Land, Infrastructure and Transport, South Korea, announced plans to invest USD 215 million to establish 64 small and medium-sized smart cities in the country by 2025. This will create opportunities for the VSaaS service providers in infrastructure and city surveillance applications.
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North America held significant share of VSaaS market in 2021 and is expected to follow the trend by 2027.
North America is expected to account for the high market share of the VSaaS market during the forecast period. In North America, particularly in the US, the government has taken several initiatives to implement advanced surveillance systems in public areas and government buildings. the focus of the government on boosting the penetration of VSaaS solutions across defense and infrastructure verticals is also high. Adoption in the military & defense sector to monitor security at the border and military bases has further driven VSaaS market growth in the region.
Key players in the VSaaS market include ADT (US), Johnson Controls (Ireland), Axis Communications AB (Sweden), Avigilon, a Motorola Solutions Company (Canada), Alarm.com (US), Securitas AB (Sweden), Eagle Eye Networks Inc. (US), Hangzhou Hikvision Digital Technology Co., Ltd. (China) and Honeywell International Inc. (US).
Apart from these, Arcules, Inc. (US), Comcast Corporation (US), Duranc Inc (US), Genetec Inc. (Canada), 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), and 3dEYE Inc. (Canada) are among a few emerging companies in the VSaaS market.
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Access Control Market by Offering (Card-based Readers, Biometric Readers, Electronic Locks, Controllers, Software, Services), ACaaS (Hosted, Managed, Hybrid), Vertical, and Region (2021-2026)
Video Surveillance Market by Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog), Vertical, and Geography (2021-2026)
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