Video Surveillance as a Service Market
Inkwood Research estimates that the global Video Surveillance as a Service market is valued to project a CAGR of 18.55% in terms of revenue during the forecast years 2021-2028.
“Browse through 41 market data tables and 43 figures spread across 170 pages, along with an in-depth TOC of Global Video Surveillance as a Service Market Forecast 2021-2028.”
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CCTV, as a service, is basically a hosted platform for viewing and recording video through the web. The cameras are installed at the users’ site and the video is streamed over the system at the provider’s facilities. Recent innovations in data storage technologies along with the need for centralized storage have driven the increased adoption of video surveillance as a service.
Falling Camera Prices to Propel Market Growth
Prices for security solutions, including IP cameras, are falling rapidly. Also, with a new array of technologies, there is no need for an internal server to store camera data, as it is stored in the cloud. This leads to economical and easy installation of security solutions. Previously, the costs of security products were high and therefore unaffordable for small residential and commercial owners. The drop in prices of these solutions is mainly due to their increased demand and the growing competition between suppliers.
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Hosted to be the dominant service by 2028
The hosted segment includes the recording of video and the provision of offsite hosting for products, such as cameras. The recorded video is then securely stored in a data center or remote server.
Moreover, the end user can also watch live or recorded video as per their requirement. Hosted video surveillance as a service is used to manage data recorded and stored in the cloud. It is available as a monthly subscription. Moreover, the end user can also customize the plan according to their needs.
Asia-Pacific leading the global market
The expansion of infrastructure in developing countries like India and China has significantly boosted the market growth in Asia-Pacific.
In addition, the lower cost of the entire CCTV-based security system, due to lower video camera prices, has boosted price competitiveness, especially in the Indian, Chinese and South Korean markets. . Additionally, several product launches and technological advancements in the surveillance security industry in the region are likely to provide ample opportunities for market growth.
Industry rivalry among vendors is expected to be high during the forecast period. Several large companies, including Honeywell International, Bosch, and Cisco, have entered the market due to its lucrative nature and have the expertise required to provide the service. They are also able to charge more, given their brand. Some of the major companies operating in the market are Axis Communications AB, Envysion, Cloudastructure Inc, etc.
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Inkwood Research specializes in syndicated and custom research reports and consulting services. Market intelligence studies with relevant factual research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective understanding that recognizes commercial environments. Our geographic analysis includes North and South America, EEC, CIS, Middle East, Europe, Asia and Africa.
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