The global VSaaS market size is expected to reach $13,584.3 million by 2030, growing at a CAGR of 18.3% from 2021 to 2030. ICT will be used by smart cities to improve operational efficiency, share data with citizens, and offer better citizen safety and government services. Intelligent video surveillance is being adopted in smart cities so that emergency services can respond more rapidly and detect potential mishaps, in order to reduce crime.
The market has also been growing rapidly owing to the increasing penetration of IP cameras. This is itself aided by the IT cost containment by major IT firms, the emergence of data centers, and improved functionality associated with centralized data storage.
The VSaaS market in APAC is expected to grow at the highest CAGR, of around 20%, during 2021–2030. The spread of smart cities will boost the adoption of these services in the region, as will the rising public safety and security concerns, and the technological improvements in camera and network technologies.
Essentially, the increasing population in China and India is driving the demand for smart video monitoring solutions. The presence of a high number of camera manufacturers and the low cost of video surveillance systems present chances for the market to grow. Government measures to improve public safety and infrastructure development in the region also contribute to the growing demand for video surveillance services.
The industry is gaining prominence as a result of the increasing pace of technical improvements. Major firms in the VSaaS market are concentrating on providing advanced services to improve security management.
Major players in the market are ADT Security Services Inc., Brivo Systems LLC, Axis Communications AB, Cisco Systems Inc., Honeywell International Inc., Camcloud Inc., Genetec Inc., Duranc Inc., Cloudastructure Inc., Eagle Eye Networks Inc., Mobotix AG, IVIDEON Inc., Pacific Control Systems LLC, Johnson Controls, Timetec Cloud Sdn. Bhd., Avigilon, Panasonic, Stanley Black & Decker Inc., Hikvision, Verint Systems Inc., IndigoVision Group plc, MIRASYS, and Ozvision.