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 |
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Key Market Opportunities |
Increasing use of smart devices |
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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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