According to the latest market research study by Technavio, the global video surveillance as a service (VSaaS) market is expected to grow at an impressive CAGR of close to 27% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global VSaaS market in terms of revenue and emerging market trends. The report also includes an up-to-date vendor analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the end-user
Source: Technavio
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The top three revenue contributing end-user segments are discussed below
Commercial: Commercial end-users are adopting video surveillance solutions rapidly. The increased adoption is due to an increase in the installation of security solutions to monitor organizational premises and prevent unauthorized access.
“Retail stores that are part of commercial buildings are experiencing an increase in the adoption of security solutions because of the increasing incidence of theft. Financial institutions are also adopting video surveillance solutions at multiple locations such as banks and ATMs,” says Ishmeet Kaur, a lead analyst at Technavio for research on enterprise application.
Industrial sector: In the industrial sector, security camera systems are mostly used in extreme environments. The industrial sector must concentrate on its core activities and needs to ensure that all the possible space is used for the core activity and not for storing video footage. Among various industries the oil and gas companies benefit most from the use of VSaaS as many of the video surveillance cameras are located on oil rigs.
Residential sector: Rising instances of theft, criminal activities, and unauthorized access to residences have increased the security concerns of house owners. Such instances have led residential buildings to be equipped with special platforms that will help residents to remotely control electronic devices at home with the help of mobile devices. These special platforms may include lighting control, energy management, control on safety and security, and electronic locks. The residential sector has become a key adopter of video surveillance as a service mainly due to the requirement of professionals to manage and store the video footage data.
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The top vendors operating in the global VSaaS market are:
- Axis Communications
- ADT Security Services
- Genetec
- Panasonic
The other prominent vendors in the market include Advanced Control, Avid Communications, Cloudastructure, ControlByNet, Iveda Solutions, Neo IT Solutions, NW Systems Group, Pacific Controls, and VIVOTEK.
A more detailed analysis is available in the Technavio market research report titled, ‘Global VSaaS Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports
- Global Operational Intelligence Market 2017-2021
- Global Video Surveillance Market 2016-2020
- Global Commercial Aircraft Video Surveillance Systems Market 2016-2020
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