The revenues for the VSaaS Market were estimated at US$ 7.6 Bn in 2021 and are anticipated to grow at a CAGR of 9.6% from 2022-2032, according to a recently published Future Market Insights report. The market is expected to reach a valuation of US$ 8.5 Bn in 2022 and US$ 21.1 Bn by 2032.
The researchers found that the VSaaS market is being pushed by growing user concerns over improved security, a growing number of government policies to increase public security, and continuous infrastructure developments, particularly transportation hubs.
Rising smartphone penetration in developing nations combined with advancements in technology in telecommunication services, such as LTE accessibility and the rapidly increasing 5G pattern, and elevated Internet connectivity, are assisting the host VSaaS market in expanding further, as a high Internet connection is one of the basic requirements of users and service providers.
The need for cloud-based solutions is increasing among various end-users. The rise may be linked to several benefits of cloud-based solutions, such as quick response times. Home workplaces, commercial real estate developments, as well as the financial sector, are projected to use VSaaS services due to rising interest in cloud services and increased knowledge of video surveillance application administration.
Banks and financial organisations have high expectations for VSaaS. It aids in the enhancement of security, as well as the monitoring of ATMs, employees, and consumers. There are roughly 376,984 ATMs in Europe, including 60,752 ATMs in Germany. The expanding use of ATMs across the European Union will boost the expansion of the VSaaS industry in the commercial sector.
“During the projected period, The VSaaS industry will profit from the increased demand for VSaaS services across corporate domains to minimise thefts, maintain safety, and decrease inventory losses in the commercial sector.” comments a Future Market Insights analyst.
Asia Pacific is a strong market
The Asia Pacific VSaaS market is estimated to grow at the quickest rate during the forecast period. The region’s smart city expansion will encourage the regional use of VSaaS solutions. Advanced video surveillance systems have been combined with city management to boost efficiency. Yinchuan, China, is an innovative smart city in which everything, from buses to trash cans, is linked into a unified system. Over 1.65 million theft offences were registered in China in 2020. Cameras are often put in public places in China and are subsidised by the government to offer complete video surveillance coverage.
Competitive landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the VSaaS Market are focused on R&D to offer innovative technological solutions.
Particular instances of this activity have been noted by the researchers by way of example. In December 2021, Axis Communications established an open-source initiative for video verification, which assures the authenticity of surveillance video which is used in the business’s cameras. According to the analysts, Axis has issued a whitepaper outlining an architecture that will form a basis for partners to deploy integrated video authentication solutions.
Also, in April 2021, Flir and Neurala collaborated to create AI-Powered Industrial Computer Vision technology. With little data and no AI knowledge, this new imaging system enables users to quickly develop deep learning models on the VIA platform using Neurala’s Brain Builder. By using the free Flir Spinnaker software platform, these models may be instantly downloaded to a Flir Firefly DL camera.
