The global video surveillance as a service market is estimated to be worth $ xx million in 2018. It is anticipated to grow at a CAGR of 20.77% between 2019 and 2027 and generate a revenue of $ xx million by 2027. The market is supported by the worldwide investments made by the various governments in surveillance equipment and technologies against any risk of terrorism.
The factors like declining prices of cameras, rise in the adoption of security solutions by the commercial sector and a shift from analog to IP cameras are majorly driving the global video surveillance as a service market. The market can be segmented on the basis of type, service, and application. On the basis of type, the IP-Based video surveillance market is anticipated to show an increase during the forecast period and generate $ xx million by 2027. By service, the hosted service market held the largest market share as this service is especially in demand for a number of smaller businesses. In terms of application, the residential application is showing promise as it is expected to grow during the forecast period. However, it is the commercial application that is expected to dominate the global VSAAS market in coming years.
Several retailers are now expanding in the North America region, especially in the US as the market generated $ xx million in 2018. However, the Asia-Pacific market is expected to hold a major share by the end of the forecast period, especially due to the growing Indian and the Chinese market in this region. The complex and restrictive nature of security product certification in some of the European countries is proving it difficult for several retailers to flourish in this region. However, various efforts are being made to expand the market in this region, and the market is predicted to grow during the forecast period.
Axis Communications is a major vendor in video surveillance solutions which is focusing on refining the partner network, develop and launch various innovative products and compete to provide efficient products for the end users and continue to expand globally.
The other major players in the market include Axis Communications Ab, Envysion Inc., Cisco Systems, ADT Security Corporation, Bosch Security Systems Genetec Inc., Indigo vision Ltd, Honeywell Security Group, Mobotix Ag, Neovsp and Verint Systems Inc.