Global Video Surveillance and VSaaS Market Size Set to Grow at Steady CAGR of 13.95% to Reach USD 152.3 Billion by 2029

Published | 20 June 2023

Global video surveillance and VSaaS market is rapidly growing due to increasing concerns regarding public safety, rising demand for advanced surveillance systems, technological advancements in cameras and analytics, and the growing adoption of cloud-based services for video surveillance management.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global video surveillance and VSaaS market size at USD 61.61 billion in 2022. During the forecast period between 2023 and 2029, global video surveillance and VSaaS market size is to grow at a robust CAGR of 13.95% reaching a value of USD 152.3 billion by 2029. The growing demand for cloud-based video surveillance systems, which offer scalability, remote accessibility, and cost-effectiveness, is a major driver driving the growth of the global video surveillance and VSaaS market. Also, artificial intelligence (AI) and machine learning (ML) technologies are increasingly being used in video surveillance systems, enabling advanced analytics, facial recognition, and behavior analysis. Another emerging trend is the combination of video surveillance and other technologies, such as Internet of Things (IoT) sensors, to create full security ecosystems. Enhancing video analytics capabilities, such as real-time monitoring, predictive analytics, and preemptive threat detection, is becoming increasingly important. Finally, privacy concerns and the need for data security are pushing the development of regulatory-compliant privacy-centric video surveillance solutions.

Global Video Surveillance and VSaaS Market – Overview

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Impact of COVID-19 on Global Video Surveillance and VSaaS Market

The COVID-19 pandemic significantly impacted the global video surveillance and VSaaS (Video Surveillance as a Service) market. With the implementation of lockdowns and social distancing measures, the demand for video surveillance has surged across various sectors such as healthcare, retail, and transportation. The need to monitor and enforce safety protocols, track occupancy levels, and ensure public safety has driven the adoption of video surveillance solutions. Also, the shift towards remote working has increased the demand for VSaaS, allowing businesses to monitor their premises and assets remotely. However, supply chain disruptions and economic uncertainties have affected the market growth to some extent. Overall, the pandemic has accelerated the adoption of video surveillance and VSaaS solutions worldwide.

Global Video Surveillance and VSaaS Market – By Component

On the basis of component, global video surveillance and VSaaS market is divided into Hardware, Software, and Services. The largest segment in the Global Video Surveillance and VSaaS (Video Surveillance as a Service) market is the hardware segment. This segment includes the physical equipment required for video surveillance systems, such as cameras, recorders, storage devices, and monitors. With the increasing demand for video surveillance solutions in various industries, the hardware segment has experienced significant growth. Technological advancements, such as the development of high-resolution cameras and network-based video surveillance systems, have further boosted the demand for hardware components. Also, the hardware segment is expected to continue its dominance in the market due to the continuous need for upgrading and replacing outdated surveillance equipment.

Competitive Landscape

Global video surveillance and VSaaS market is fiercely competitive. Major companies in the market include Hangzhou Hikvision Digital Technology Co., Ltd., Dahua Technology Co., Ltd., Axis Communications AB, Hanwha Techwin Co., Ltd., Avigilon Corporation, Bosch Security Systems, Inc., Honeywell International Inc., Pelco, Inc., Panasonic Corporation, FLIR Systems, Inc., Genetec Inc., Milestone Systems A/S, Verint Systems Inc., Zhejiang Uniview Technologies Co., Ltd., and March Networks Corporation. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global video surveillance and VSaaS market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Video Surveillance and VSaaS Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Video Surveillance and VSaaS Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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