Global Video Surveillance as a Service Market Forecast to Showcase a CAGR of 27% Through 2021: Technavio

LONDON--(BUSINESS WIRE)--

According to the latest market study released by Technavio, the global video surveillance as a service (VSaaS) market is expected to grow at a CAGR of more than 27% during the forecast period.

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This research report titled ‘Global Video Surveillance as a Service Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

The market size of the video surveillance as a service sector is expected to grow to USD 3.43 billion by 2021. A massive 120% incremental growth is estimated to originate from the Americas through the forecast period.

The extremely healthy growth in the Americas will be driven by the colossal presence of international retailers in the region. These retailers are investing in several tools such as video surveillance and security guards to combat retail shrinkages. Besides, there is a steady demand from the commercial and industrial sectors, leading to the robust growth of the market in the region.

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Based on end-user, the report categorizes video surveillance as a service into the following segments:

• Commercial sector
• Industrial sector
• Residential sector
• Others

The top three revenue-generating end-user segments in video surveillance as a service are discussed below:

Commercial sector

"Among all the establishments in the commercial sector, retail firms will be the key contributors to the global video surveillance as a service market during the forecast period. Video surveillance systems are not only employed for curbing shoplifting, but also for ensuring that the employees in the retail establishment do not steal any products from the inventory," says Amit Sharma, one of the lead analysts at Technavio for enterprise application research.

Commercial end-users are adopting video surveillance solutions rapidly as a security solution to monitor the premises and prevent unauthorized access. Additionally, the finance sector is adopting video surveillance solutions to keep track of all transactions and footfalls within and around the area.

Industrial sector

Video surveillance cameras in the industrial sector are often exposed to extreme conditions like high temperatures and high level of air particulates. The industrial sector needs to focus on its core activities and ensure optimal utilization of space. Oil and gas companies benefit considerably from the use of VSaaS, which are used extensively to locate oil on oil rigs. Industries also use VSaaS to keep track of inventory and make efficient use of available resources.

Residential sector

Residences are increasingly adopting VSaaS to curb criminal activities, thefts, and unauthorized access to increase a sense of security among homeowners. Hence, residential buildings are adopting special platforms to help residents remotely control video surveillance devices with the help of mobile devices such as smartphones, tablets, and laptops.

"With high-rises becoming more common across the world, security, and safety of the buildings along with the security of their occupants is gaining attention. The physical nature of tall buildings demands different types of security solutions. The residential sector has become a key adopter of VSaaS primarily because of the need for professionals to manage and store the video footage data," says Amit.

The top vendors highlighted by Technavio's research analysts in this report are:

• Axis Communications
• ADT Security Services
• Genetec
• Panasonic

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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