IP Video Surveillance and VSaaS Market Revenue, Share, Trends, Major Players Growth and Demand by 2023
A video surveillance system is a combination of software and hardware components and is used to capture and analyze video. Though, analog video surveillance acquired steady grip in the market, however, IP video surveillance registering potential growth year-over-year. Several developed markets including, U.S., U.K., and Germany accounted for majority of the IP video surveillance systems deployment in several application sectors.
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Growing IoT market and rising inclination towards smart city surveillance, especially in developing countries with challenging security conditions, are expected to offer lucrative growth opportunities to the IP video surveillance and VsaaS market in near future. IoT applications are likely to play a significant role in security equipment used for protecting industries, banks, offices, residences, and critical installments, such as nuclear power stations.
The industry is undergoing substantial growth in demand for video analytics solutions and cloud-based surveillance solutions. Video analytics reduces the need for humans to analyze and monitor video feeds in real time. The overall IP video surveillance and VsaaS market is exhibiting increasing demand for intelligent surveillance solutions in relation with, organizations to provide real time understanding, with automatic alarm and event notifications.
Geographically, North America and Europe accounts for highest share of the IP video surveillance and VSaaS market. High growth is expected from Asia-Pacific countries such as Japan, China, and India, owing to the constant demand for VSaaS in this region. Apart from this, in MEA region, countries like Saudi Arabia, U.A.E., and Qatar to witness substantial growth in the coming years.
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Some of the key players operating in the IP video surveillance and VSaaS market are Axis Communications AB, Hangzhou Hikvision Digital Technology Co., Ltd., Dahua Technology Co., Ltd., Avigilon Corporation, Bosch Security System, Inc., Panasonic Corporation, Honeywell International Inc., Genetec Inc., Ivideon and Brivo.
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