There has been a gradual increase in the terror related and criminal activities on a global scale and this has pushed the law enforcement agencies to adopt various surveillance and security methods to ensure safety of the people. This has propelled the demand for advanced surveillance system and video surveillance cameras in governmental organizations as well as private enterprises. Stringent regulations have been passed by the governments to install security cameras in all public places as well in establishments to curb criminal activities. The video surveillance market has now developed IP/network based system, after 30 years of market dominance by analog video surveillance systems.
It was observed that nearly 1.6 million die every year as a result of violent activities and terror attacks. But with the increased investment in video surveillance camera installations, the crime rate has fallen by 70%. The video surveillance technology has spread widely over the world, with governments and institutions realizing the importance of surveillance in curbing the criminal activities, and installing video surveillance cameras in various places like banking and financial institutions, educational institutes, government buildings, etc. Now with the advancement in cloud based computing and storage, the Video Surveillance as a Service technology has gained momentum.
Video surveillance, as a service (VSaaS), is a hosted platform that offers viewing and recording of video through web. Recent advancement in cloud based storage and the rising need of a central storage system has furthered the adoption of VSaaS. However, the lack of awareness among users about the benefit of VSaaS is restraining the growth of this market. As opposed to the struggle faced by VSaaS, video content analytics (VCA) is becoming mainstream with increasing number of more specific end-users such as casinos, gaming, and transport, etc.
VSaaS market is generally driven by factors such as low initial investment and maintenance cost, integration of next generation features with new innovations in the industry, ease of choosing any type of hardware and watching live stream anytime and anywhere, and the initiatives from governments to install VSaaS for various public safety measures. However, security concerns regarding storage and lack of bandwidth may affect this growth in the coming years.
The competitive landscape of the global VSaaS and VCA market is very dynamic and the players are competing to launch new technology with new products and innovating simultaneously. The global VSaaS market is expected to reach $4.67 billion by 2022, growing at a CAGR of 35.84% from 2016 to 2022. The VCA technology market has grown significantly over the last two years, owing to the advantages provided by the VCA incorporated with various software like recognition software or detection software which adds value to safety, operations and security.
Geographically, the global VSaaS market was dominated by North America in 2016, with the highest market share, and followed by Asia-Pacific, because of the vast deployment of video surveillance projects in China and India. Similarly, in the VCA technology, North America held the largest share here as well in 2016, followed by Europe and Asia-Pacific.
BIS Research has compiled an extensive market research report on ‘Global Video Content Analytics (VCA) and Video Surveillance as a Service (VSaaS) Market, Analysis and Forecast, 2017 – 2022’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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