The competition in the global video surveillance and VSaaS market is
forecast to remain intense in the coming years. Besides the presence
of several established and local enterprises, the market exhibits
considerable opportunities for emerging players, finds Transparency
Market Research (TMR) in a new study. This will however result in
fiercer competitive rivalry among companies operating in the global
video surveillance and VSaaS market. Thus to remain ahead of the
curve, players are inclined towards partnerships and strategic
collaborations. These could help them gain advanced technologies,
besides offering distribution channel advantages.
Hangzhou Hikvision Digital Technology Co. Ltd., Dahua Technology, and
Axis Communications AB are among the leading companies in the global
video surveillance and VSaaS market. These companies are mostly
capitalizing on product launches to have a stronger foothold. In
addition, the market players are taking efforts toward extending
their merger and acquisition activities across emerging nations.
Considering the positive influence of various strategies adopted by
market players, coupled with other drivers, the global vide3o
surveillance and VSaaS market will continue exhibiting steep growth.
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According to TMR, the global video surveillance and VSaaS market is
likely to reach US$101.70 bn by the end of 2025, from its earlier
valuation of US$25.11 bn in 2016. If these figures hold true, the
global video surveillance and VSaaS market will rise at a promising
16.6% CAGR between 2017 and 2025. By type, the global video
surveillance and VSaaS market is bifurcated into analog and IP-based
video surveillance and VSaaS segments. Of these, the IP-based video
surveillance and VSaaS segment is expected to exhibit exponential
rise at a CAGR of 20.8% between 2017 and 2025. Regionally Asia
Pacific emerged as the leading market and is predicted to showcase a
CAGR of above 20% during the aforementioned forecast period.
Demand for Counter-terrorism Strategies Emerges as Chief Growth
Driver
The global market for video surveillance and VSaaS will continue
demonstrating strong growth, on account of increasing security
concerns globally. Video surveillance technologies have proven
extremely crucial especially for monitoring terrorist activities and
likelihood for illegal infiltrations. Governments around the world
are therefore investing in advanced video surveillance devices and
sophisticated surveillance networks to give impetus to their
counter-terrorism operations. Bringing critical infrastructure under
video surveillance has thus become a worldwide drive, creating
lucrative prospects for the market’s expansion.
“Considering the spread of terrorism and crime activities
worldwide, coordinate efforts are required to reinforce and maintain
secure and resilient infrastructure include assets, systems, and
networks,” said a lead TMR analyst. Furthermore, upcoming sports
events and other major dates, focus on video surveillance and VSaaS
is more than ever. Following the surging demand, manufacturers are
leaving no stone unturned to offer advancements in high definition
(HD) and megapixel cameras. The cumulative effects of these factors
will be realized by the video surveillance and VSaaS market as
lucrative growth opportunities. In addition, the advent of do it
yourself (DIY) video surveillance accelerated pace of gains is on
cards for the market.
Corporate Protocols and High Bandwidth Requirements Emerge as
Major Challenges
On the downside, bandwidth requirements in the corporate sector are
very high due to the considerable number of users and applications.
This has created a burden on the corporate sector as the use of IT
applications is rising at an exponential rate. Furthermore, the
bandwidth challenges have become more demanding as industries are
transitioning from physical security to IP-based video surveillance
and VSaaS solutions. It has therefore become extremely difficult for
advanced security systems to effectively operate in growing networks
and accommodate more users and applications.
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Nevertheless, with recent technological advancements such as
inclusion of artificial intelligence the market will witness greater
opportunities for growth in the future. Furthermore, integration of
video analytics will help improving physical security and optimize
utilization of surveillance. These developments will guarantee growth
to the global video surveillance and VSaaS market in the coming
years.
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