Market Overview
The Global Video Surveillance as a Service Market is expected to grow at a CAGR of 18.3% and reach a value of USD 10.88 billion by the end of the forecast period. Video surveillance as a Service is a method of continuously monitoring and every day observing an individual's or a group's actions, physical behavior, and casual movements to deliver advanced improved security. The growing demand for current cloud technology enables businesses of all sizes, including small, medium, and large businesses, to store essential data in the cloud for monitoring and vigilance. These growing on-cloud deployment techniques will also help to increase Global video surveillance as a service market share by the conclusion of the forecast period.
Various industrial segments, such as small retail businesses, local government agencies, hospitals, and the transportation sector, are among the fastest-growing areas where video surveillance is being employed as a service. The enhanced integration of video surveillance technologies with the modern transportation industry is also a major focus for all of the major players in recent years.
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Market Segmentation
Based on the division of components, the video surveillance market has been segmented into hardware components and software/analytics.
Based on the services, the video surveillance as a service market has been segmented into advanced managed hosting and others.
Based on the end-users, the video surveillance as a service market has been segmented into the industrial sector, commercial sector, infrastructure, and residential sector.
Based on the region, the video surveillance market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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Regional Classification
Because of the presence of major global companies as well as a significant technological improvement, North America is dominating video surveillance as a service market. Due to the increased usage of numerous cloud-based services by way of production systems and distribution channels, North America is expected to be the largest market in terms of profit contribution. Furthermore, due to increased investment, Asia Pacific countries are expected to grow significantly in the web-scale IT industry. In addition, demand for various software-based services has increased in key developing countries. India and China, for example, are expected to drive growth in various web-scale IT businesses across Asia-Pacific.
The Global Video Surveillance as a Service Market in APAC is growing due to an increase in the number of retail chains, small companies, residential units, and hospitality businesses. The growing populations of China and India are driving up the demand for intelligent video surveillance systems. The existence of a large number of camera manufacturers and the low cost of video surveillance systems are allowing the Global Video Surveillance as a Service Market in the region to develop. Demand for Global Video Surveillance as a Service Market is also driven by government attempts to improve public safety and regional infrastructure development.
Industry News
The major key players in the Global Video Surveillance as a Service Market are Bosch Security Systems (Germany), Brivo Inc, (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd (China), Cisco Systems, Inc. (U.S.), Honeywell International Inc. (U.S.), Cloudastructure Inc, (U.S.), Genetec (Canada), Neo Solutions, Inc (U.S.) and Others.
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