The global video surveillance and VSaaS market is thus expanding at a CAGR of 17.0% from 2016 to 2024. By the end of 2024 it is expected to rise above US$88 bn, after being valued around US$21 bn in 2015. A large portion of this growth rate is being attributed to the end user segment of transportation, which is its largest segment and is expected to be valued over US$16 bn by the end of the report’s forecast period. The fastest-growing end user segment, however, is expected to be healthcare with a CAGR of 20% between 2016 and 2024.
Hardware vendors have consistently maintained a strong presence in video surveillance and VSaaS solutions sales, followed by assemblers and OEMs, according to Transparency Market Research. The significance of these three components can span across the various segments of the video surveillance and VSaaS market, ranging from IP and analog cameras to storage drives. Vendors such as Genetec, Inc., Eyecast, Inc., Neo Solutions, Inc., and Brivo Systems LLC are at the top of the market due to their high involvement in the above three departments.
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“The top competitors have also shown a common trend of forming alliances with other software and hardware solutions vendors for a better share of the market,” states a TMR analyst. “This includes the 2014 partnership between Smartvue Corporation and Brivo Systems LLC to provide users with low-cost cloud-based VSaaS solutions. Similar alliances were forged between Genetec, Inc. and Microsoft Corporation.”
Security of property and life are two of the biggest factors of concern for organizations as well as individuals and these are becoming a leading driver for sales of video surveillance and VSaaS solutions. Transparency Market Research (TMR) says that recent trends in this market have pointed towards IP-enabled cameras being the immediate future of video surveillance. Although these video surveillance solutions are not cost-effective, there is a growing segment of low-end security cameras that cater to those looking for cheaper security solutions for private property.
Automated Video Surveillance Solutions Show the Highest Long Term Benefits
Two of the top trends among video surveillance technology and VSaaS providers are process automation and the introduction of smart surveillance systems. The former involves bridging the gap between the current building security needs and the technologies that are in effect in most modern buildings.
TMR has observed that companies are striving to bridge this gap while it keeps widening, as the advent of smart buildings and smart cities is showing a very high redundancy rate for conventional security systems. This works in favor of VSaaS providers as its increases the demand for security-critical services and remote surveillance with integrated systems.
Smart Surveillance Solutions are the Need of the Hour
The companies for video surveillance and VSaaS need to quickly adapt to the upcoming smart city projects, especially in the developed economies of the world. Their goal is to incorporate high-end electronics to create tamper-proof wireless transmission and reception systems that can be used to survey wide areas. “A key advantage that smart video surveillance can provide is the significant reductions in hardware, wiring, and maintenance costs,” states a TMR expert. “This is working in cohesion with the 4G LTE upgrades to wireless network systems. Their incorporation in to wireless video surveillance can is already opening up larger scope of development and efficiency, and players need to follow up on that.”
AI Incorporation is the Way Ahead for VSaaS
One of the biggest opportunities that vendors of video surveillance and VSaaS can avail is the commencement of developments in the incorporation of artificial intelligence with video surveillance. Video surveillance is finding better avenues of use in non-conventional fields such as traffic monitoring. The next step is to build analytical solutions that drive artificial intelligence systems, where the developments in machine learning and information management can be highly beneficial.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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