Video Surveillance as a Service market, shortly known as VSaaS, is all set to turn $2390 million worth by 2017. The survey was conducted by MarketsandMarkets Research Company and was based on market segments such as components- storage, camera, server, analytics; service- managed hosted, hybrid, and applications.
The research conducted by the research firm has revealed that in coming day’s evolution and advances in video surveillance market will provide significant opportunities to improve security and it includes the field of recording, software, monitors and camera.
The market research also revealed that the growth of networked IP video surveillance cameras usage will be in parallel to cloud services and video surveillance sector will move behind traditional security cameras to new applications such as transportation, government and retail sectors. Due to the efficiency of video surveillance as a service, the research revealed that there will be increased demand from consumers, business sectors and government organizations.
The revenue of overall video surveillance market is expected to grow from $11.7 billion in 2012 to $36.28 billion in 2018 at an estimated CAGR growth of 20.08%. The IP camera market is expected to grow from $5.43 billion in 2012 to $25.03 billion in 2018. In the year 2012, the analog market accounted to just $6.36 billion and by the year 2018 the market is said to reach $11.25 billion. VSaaS market, on the whole, is expected to reach $2,390.9 million by 2017 from $474.0 million in 2011 at a CAGR of 31.5% from 2012 to 2017.
As of now, video surveillance as a service is being used in commercial, institutional, infrastructural, industrial and residential applications. Storage of EDGE, intelligent business services and mobile device access are expected to be growing horizons for the development of VSaaS market.
MarketsandMarkets research concluded that the key factors driving VSaaS market will include IT cost containment by major corporates, emergence of data centers, centralized data management and technologies such as internet of things and field of view. However, VSaaS growth on said terms will be highly influenced by factors such as bandwidth, corporate protocols, network security , high infrastructure cost and so may vary in prediction.
