Global VSaaS Market to Grow 27% Annually Through 2021, Report Says
A steady demand from the commercial and industrial sectors is fueling robust growth for VSaaS solutions in the Americas.
ELMHURST, Ill. – The global video surveillance as a service (VSaaS) market is expected to grow at a compound annual growth rate (CAGR) of more than 27% during the forecast period of 2017-2021, according to the latest market study released by Technavio.
The market size of the VSaaS sector is expected to grow to $3.43 billion by 2021. A 120% incremental growth is estimated to originate from the Americas through the forecast period, according to the market research firm.
In the Americas, a steady demand from the commercial and industrial sectors is leading to the robust growth for VSaaS solutions in the region. Commercial end users are adopting video surveillance solutions rapidly as a security solution to monitor the premises and prevent unauthorized access. Additionally, the finance sector is adopting video surveillance solutions to keep track of all transactions and footfalls within and around the area.
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“Among all the establishments in the commercial sector, retail firms will be the key contributors to the global video surveillance as a service market during the forecast period. Video surveillance systems are not only employed for curbing shoplifting, but also for ensuring that the employees in the retail establishment do not steal any products from the inventory,” says Amit Sharma, one of the lead analysts at Technavio for enterprise application research.
In the residential sector, VSaaS is being increasingly adopted to curb criminal activities and unauthorized access to increase a sense of security among homeowners. Hence, residential buildings are adopting special platforms to help residents remotely control video surveillance devices with the help of mobile devices.
“With high-rises becoming more common across the world, security and safety of the buildings along with the security of their occupants is gaining attention. The physical nature of tall buildings demands different types of security solutions. The residential sector has become a key adopter of VSaaS primarily because of the need for professionals to manage and store the video footage data,” says Amit.
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