Rising Safety and Security Concerns Increase Demand for Video Surveillance and VSaaS Systems: Global
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A new market research study published by Transparency Market Research covers the global video surveillance and VSaaS systems market. The report predicts huge growth prospects for the market in the near future owing to a general rise in safety, security, and theft concerns in the current scenario. The report states that the market will develop at a healthy 18.1% CAGR between 2014 and 2020, rising from a valuation of US$14.98 billion in 2013 to US$48.32 billion by 2020.The report is titled “Video Surveillance and VSaaS Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020” and is available on the company’s website for sale.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.
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The market segment of IP-based video surveillance 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 fuelling 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.Of the key end-use applications studied for the global video surveillance and VSaaS market, the report states that the transportation segment, comprising public transits, city surveillance, and highways, accounted for nearly 15% of the market in 2013. Other important end-use application segments analyzed in the report include residential, hospitality, healthcare, stadiums, and retail.
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