Economic Growth during COVID-19 Breakthrough for Video Surveillance as a Service Market is Supposed to be Strong

MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Video Surveillance as a Service Market.

Video Surveillance as a Service Market Industry Insight

The video surveillance as a service market 2020 is likely to grow by USD 2.7 Billion in the forecast period 2016 to 2022. The study has been published by Market Research Future, which provides the market impact and new prospects created because of the COVID-19 pandemic. The force can be expected to be significant, which is recorded to be at 19% of the compound annual growth rate.

Top Impacting Factors

The usage of video surveillance in business is witnessed to be growing significantly, owing to the rising need for physical security, coupled with the use of cloud-based services for centralized data. The study signifies that globally, the drive to develop the safety and security across various industries is adding to the market growth, extensively. With hasty developments in cloud computing and video surveillance software, the surveillance market has transformed, in comparison to the previous years.

At the same time, the escalating adoption of internet protocol (IP) cameras will drive the growth of video surveillance as a service market during the assessment period. The mounting adoption of IP cameras can be attributed to factors of image clarity, scalability, integration, built-in security, and easy installation. With this, the commercial sector exceedingly prefers this product as its price is much lower than the analog cameras, and its high-quality sensor module is easily adaptable to the changing needs of an organization.

Furthermore, the adoption of IP cameras is extensively expected to rise significantly owing to additional features such as its availability of an in-built facility for image encryption and multi-level user access control, ability to avoid interlacing associated issues, and avoidance of third-party image manipulation. As per MRFR, the increasing adoption of video surveillance cameras in educational institutions is emerged to have a positive impact on video surveillance as a service market and contribute to its growth significantly over the assessment period.

Segmentation of Market: Video Surveillance as a Service

The global video surveillance as a service market has been segmented over the segments of component, service, and end-users.

In terms of component segment, the market has been bifurcated into software/ analytics and hardware.

In terms of services, the market has included managed hosted and others.

In terms of the end-user segment, the market has included commercial, industrial, infrastructure, and residential.

Regional Framework

Further, global video surveillance as a service market has been segmented into four regions, which include- North America, Europe, Asia-Pacific, and RoW.

The North America regional market led the video surveillance as a service market back in 2019. Throughout the forecast period, the North American region is anticipated to record the highest incremental growth owing to some essential factors such as the expansion of international retailers and the increasing focus on improving infrastructure to upgrading construction activities.

Asian countries are anticipated to be the fastest-growing region during the foretell period 2016-2022,  extensively owing to the expansion of technology, rising need for the cloud service, awareness over video surveillance, mounting need for smart cities, government initiatives and safety policy.

The European market is also anticipated to rise at a steady pace over the forecasted period 2016-2022. The rise is majorly owing to advancements in the technology sector, government policies, and surged adoption of cloud-enabled video surveillance.

Top Giant Market

The giant players of global video surveillance as a service market report have listed 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. The study also mentioned that new entrants, as well as established players, who want to emerge as leaders in the post-COVID era, are taking the impact analysis seriously.