Report: Global Video Surveillance, VSaaS Market to Top $48B by 2020
Among the various regions forecast in the report, North America led the overall market, accounting for nearly 34% market share in 2013.
The global market for video surveillance and video surveillance as a service (VSaaS) will develop at a 18.1% compound annual growth rate (CAGR) between 2014 and 2020, according to a new report.
ALBANY, N.Y. – The global market for video surveillance and Video surveillance as a Service (VSaaS) will develop at a 18.1% compound annual growth rate (CAGR) between 2014 and 2020, rising from a valuation of $14.98 billion in 2013 to $48.32 billion by 2020, according to a new report by Transparency Market Research.
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The report projects growth prospects for the market owe to a general rise in safety, security and theft concerns. Of the two key segments of the global video surveillance and VSaaS market, hardware and software, the segment of hardware dominated the market with 87% market share in 2013. In the hardware section, the sub-segment of video cameras held the largest share of the market, which accounted for nearly 34% in 2013.
The IP-based video surveillance segment is expected to grow at a 23.3% CAGR over the report’s forecast period. The need for surveillance cameras with efficient video quality is expected to be the key factor fueling the growth prospects of the IP-based video surveillance market. The report states that the market is observing a huge surge in demand for video analytics and surveillance solutions.
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Among key end-use applications, the report states that the transportation segment, comprising public transits, city surveillance and highways, accounted for nearly 15% of the global video surveillance and VSaaS market in 2013. Other end-use application segments analyzed in the report include residential, hospitality, health care, stadiums and retail.
Of the various regional markets forecast in the report, North America led the overall market, accounting for nearly 34% market share in 2013. Over the report’s forecast period, Asia Pacific is expected to develop at the fastest pace (22.2% CAGR).
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