(USGovernment-News.Com, June 01, 2022 ) The VSaaS Market is projected to grow from USD 3.3 billion in 2022 and is projected to reach USD 7.6billion by 2027; it is expected to grow at a CAGR of 18.0% from 2022 to 2027. The growth of this market is driven by factors such as the low cost of investment, the rise in demand for real-time surveillance data, and flexible scalability offered by VSaaS.
AI-based video analyticsis a new technology that is revolutionizing the VSaaS industry. This technology is gaining more adoption across retail, smart cities/transportation, retail, industrial, and healthcare sectors. AI-based video analytics majorly focus on detecting temporal and spatial events in video footage automatically. This technology helps users to provide higher accuracy and performance as well as more refined results compared to motion or sensor-based analytics. According to the Artificial Intelligence Global Surveillance Index 2022, at least 78 out of 179 countries globally are actively using AI-based surveillance technologies. The proliferation of AI analytics in surveillance and monitoring will fuel the market growth of VSaaS.
The market for managed VSaaSis expected to be one of the fastest-growing segmentduring the forecast period. Managed VSaaS services help organizations reduce manpower, save operational costs, and focus on their core business. This service allow the use of existing devices for video recording and storage. Such benefits offered by the managed VSaaS result in the increased adoption in various applications, such as retail stores, small businesses, enterprises, hospitals, and financial institutions. The recent COVID-19 pandemic has led to an increase in the adoption of managed video solutions due to their high feasibility and accessibility. They are being used to increase the safety and security of employees as well as to maintain proper social distancing norms.
The public facilities vertical segmentwill grow at a faster rate in VSaaS marketduring forecast period. Safety is a crucial component to consider in public parks, communities, neighborhoods, and other municipal districts. Buildings in public facilities are prone to terrorist attacks, so it is important to view and monitor security on their premises. VSaaS is a reliable solution to monitor security in and around such buildings. Its increasing use of VSaaS in educational buildings to enhance the security of students, staff, and visitors creates opportunities for service providers.
In terms of geographic coverage, the VSaaS market has been segmented into four regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in Asia Pacific is expected to record the highest growth rate during the forecast period. The market growth is credited to the increasing number of infrastructure development and smart cities projects in China, South Korea and Japan. These projects requires continuous video monitoring to ensure public safety, traffic control, and city-wide video surveillance, which further increases the adoption of VSaaS.
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