In terms of video surveillance as a service or VSaaS market, both developed and emerging markets recording highest growth in application areas such as, city surveillance and traffic management.
A video surveillance system is a combination of software and hardware components and is used to capture and analyze video. Though, analog video surveillance acquired steady grip in the market, however, IP video surveillance registering potential growth year-over-year.
Several developed markets including, U.S., U.K., and Germany accounted for majority of the IP video surveillance systems deployment in several application sectors. On the contrary, emerging economies, predominantly, China, India, and Brazil, are registering immense growth towards the same.
Due to the rising need for surveillance cameras with improved video quality, the demand for IP-based video surveillance systems is increasing worldwide.
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The industry is undergoing substantial growth in demand for video analytics solutions and cloud-based surveillance solutions. Video analytics reduces the need for humans to analyze and monitor video feeds in real time.
The overall IP video surveillance and VsaaS market is exhibiting increasing demand for intelligent surveillance solutions in relation with, organizations to provide real time understanding, with automatic alarm and event notifications.
Geographically, North America and Europe accounts for highest share of the IP video surveillance and VSaaS market. High growth is expected from Asia-Pacific countries such as Japan, China, and India, owing to the constant demand for VSaaS in this region.
Apart from this, in MEA region, countries like Saudi Arabia, U.A.E., and Qatar to witness substantial growth in the coming years, attributed to Saudi Vision 2030, and major upcoming events such as, World Expo 2020 in U.A.E., and World Cup 2022 in Qatar.
The Asia-Pacific region is anticipated to grow at a tremendous rate, due to the increasing consciousness of video surveillance, the growth of technology, and the constant increasing need for cloud services as a preference for efficient application and data management. Corporate and bandwidth protocols, high infrastructure cost and network security are the major challenges in the growth of the IP video surveillance and VSaaS market.
Surging demand for safe and convenient security alternatives are intensifying the IP video surveillance and VSaaS market. Rising security concerns with increasing crime rate and terrorist threats buoyed the heavy adoption of these solutions.
Additionally, due to the fact that the entire surveillance, that includes recording, storing, managing, monitoring and storing, is on cloud, the systems do not require dedicated servers, unlike traditional surveillance systems. Requirement of minimal maintenance in these systems is a major factor for their wide adoption for commercial and residential purposes.
Growing IoT market and rising inclination towards smart city surveillance, especially in developing countries with challenging security conditions, are expected to offer lucrative growth opportunities to the IP video surveillance and VsaaS market in near future. IoT applications are likely to play a significant role in security equipment used for protecting industries, banks, offices, residences, and critical installments, such as nuclear power stations.
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Some of the key players operating in the IP video surveillance and VSaaS market are Axis Communications AB, Hangzhou Hikvision Digital Technology Co., Ltd., Dahua Technology Co., Ltd., Avigilon Corporation, Bosch Security System, Inc., Panasonic Corporation, Honeywell International Inc., Genetec Inc., Ivideon, and Brivo.
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