The Future of the VSaaS Industry and VSaaS Market Growth (New Report)
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.
AI-based video analytics is a new technology that is revolutionizing the VSaaS industry. This technology is gaining more adoption across retail, smart cities/transportation, retail, industrial, and healthcare sectors. AI-based video analytics majorly focus on detecting temporal and spatial events in video footage automatically. This technology helps users to provide higher accuracy and performance as well as more refined results compared to motion or sensor-based analytics. According to the Artificial Intelligence Global Surveillance Index 2022, at least 78 out of 179 countries globally are actively using AI-based surveillance technologies. The proliferation of AI analytics in surveillance and monitoring will fuel the market growth of VSaaS.
The market for managed VSaaS is expected to be one of the fastest-growing segments during the forecast period. Managed VSaaS services help organizations reduce manpower, save operational costs, and focus on their core business. This service allows the use of existing devices for video recording and storage. Such benefits offered by the managed VSaaS result in the increased adoption in various applications, such as retail stores, small businesses, enterprises, hospitals, and financial institutions. The recent COVID-19 pandemic has led to an increase in the adoption of managed video solutions due to their high feasibility and accessibility. They are being used to increase the safety and security of employees as well as to maintain proper social distancing norms.
The public facilities vertical segment will grow at a faster rate in VSaaS market during forecast period. Safety is a crucial component to consider in public parks, communities, neighbourhoods, and other municipal districts. Buildings in public facilities are prone to terrorist attacks, so it is important to view and monitor security on their premises. VSaaS is a reliable solution to monitor security in and around such buildings. Its increasing use of VSaaS in educational buildings to enhance the security of students, staff, and visitors creates opportunities for service providers.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=773
In terms of geographic coverage, the VSaaS market has been segmented into four regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in Asia Pacific is expected to record the highest growth rate during the forecast period. The market growth is credited to the increasing number of infrastructure development and smart cities projects in China, South Korea and Japan. These projects requires continuous video monitoring to ensure public safety, traffic control, and city-wide video surveillance, which further increases the adoption of VSaaS.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.