The video surveillance as a service market is expected to grow by USD 6.16 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Video Surveillance as a Service Market 2020-2024 (Graphic: Business Wire)
The increasing adoption of internet protocol (IP) cameras will drive the growth of the VSaaS market during the forecast period. The growing adoption of IP cameras can be attributed to factors such as scalability, image clarity, built-in security, integration, and easy installation. In addition, the commercial sector highly prefers this product as its price is much lower than the analog cameras, and its high-quality sensor module is easily adaptable to the changing needs of an organization. Moreover, the adoption of IP cameras is expected to increase significantly due to additional features such as its ability to avoid interlacing associated issues, availability of an in-built facility for image encryption and multi-level user access control, and avoidance of third-party image manipulation.
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As per Technavio, the growing adoption of video surveillance cameras in educational institutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Video Surveillance As A Service Market: Growing Adoption of Video Surveillance Cameras in Educational Institutions
Governments across the world are imposing stringent regulations on the use of security solutions in educational institutions. In June 2015, a law passed in Texas, US, mandated the installation of video surveillance in special education classrooms. The higher education industry in the US also plans to introduce video surveillance and body-worn cameras because of the rise in campus shootings across the country. The law applies to all public schools and to any self-contained classrooms in which at least half the students receive educational services for at least half the day. Such regulations, along with the ability to access real-time data from cameras deployed at institutions will drive the adoption of video-surevillance cameras. This, in turn, is expected to drive the growth of the market during the forecast period.
“Factors such as the increased adoption of thermal cameras, emergence of wireless IP surveillance, and the emergence of IoT in video surveillance will have a significant impact on the growth of the video surveillance as a service market value during the forecast period,” says a senior analyst at Technavio.
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Video Surveillance As A Service Market: Segmentation Analysis
This market research report segments the video surveillance as a service market by end-user (commercial, industrial, and residential), solution (hosted, managed, and hybrid) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the video surveillance as a service market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the expansion of international retailers and the increasing focus on improving infrastructure to upgrade construction activities.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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