Albany, NY, Feb. 20, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research " Video Surveillance and VSaaS Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 ", the global video surveillance and VSaaS market is expected to reach a value of US$ 48.32 Bn by 2020. The market would grow at an estimated CAGR of 18.1% during the forecast period from 2014 to 2020. Increased security and safety concerns, theft and traffic surveillance and government regulations are some important reasons driving the growth of video surveillance and VSaaS market, globally. In 2013, North America was the largest market in terms of revenue accounting for around 34% share of the total video surveillance and VSaaS market. Asia Pacific is expected to be the fastest growing regional market during the forecast period, growing at a CAGR of 22.2%. Growth in the Asia Pacific market is mainly spurred by the demand from countries such as China, India, Thailand and South Korea. The growing investments in infrastructure have necessitated investments in security systems which have led to the growth in demand for surveillance cameras.
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IP-based video surveillance market is expected to grow rapidly at a CAGR of 23.3% during the forecast period. Due to need for surveillance cameras with better video quality, the demand for IP-based video surveillance systems is growing, worldwide. While hardware comprised around 87% of the total video surveillance and VSaaS market, cameras held the largest share of the total video surveillance hardware market, accounting for around 34% share in 2013. Further, the market is experiencing significant growth in demand for cloud-based surveillance solutions and video analytics solutions. Video analytics eliminates the human need for monitoring and analyzing video feeds in real time. There is growing demand for such intelligent surveillance systems to provide real time insights with automatic event and alarm notifications. Video analytics software market is expected to grow at a CAGR of 23.7% during the forecast period.
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Video surveillance-as-a-service (VSaaS) market is expected to grow at a CAGR 32.0% during the forecast period (2014 to 2020). VSaaS eliminates the need for high storage capacity servers and is quite cost effective and thus, is finding increased demand and key players in the video surveillance industry are increasingly focusing on deploying cloud-based services.
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Among the end user application areas for video surveillance and VSaaS, transportation segment which comprises city surveillance, public transits, and highways was the largest segment in 2013, accounting for around 15% share of the total video surveillance and VSaaS market. Other important application areas for video surveillance and VSaaS include residential, retail, hospitality, stadiums, and healthcare.
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Key players in the global video surveillance and VSaaS market include Hikvision Digital Technology Co., Ltd., Axis Communications AB, Bosch Security Systems, Inc., Agent Video Intelligence, Canon, Inc., Geovision, Inc., Genetec, Inc., Panasonic System Networks Co. Ltd., Cisco Systems Inc., Pelco, Inc., Zhejiang Dahua Technology Co. Ltd. and Honeywell Security Group. During the recent years, the industry has observed increased business acquisition and partnership activities from the players. High investment in product development has been a key characteristic of video surveillance industry and major players maintain a high new product launch rate.
The global video surveillance and VSaaS market is segmented as below:
Video Surveillance and VSaaS Market
By Type
- Analog Video Surveillance and VSaaS
- IP-based Video Surveillance and VSaaS
By Component
Hardware
- Cameras
- Recorders and Storage
- Encoders
- Monitors
Software
- Video Analytics
- Video Management Software (VMS)
Video Surveillance as a Service (VSaaS)
- Hosted
- Managed
- Hybrid
By End-use Sector
- Residential
- Retail
- Business Organizations
- Transportation
- Government Buildings
- Hospitality
- Industrial
- Stadiums
- Healthcare
- Others (Educational Institutions and Religious Infrastructure)
By geography
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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