PORTLAND, Ore. – The global IP video surveillance and video surveillance as a service (VSaaS) market is expected to reach $61.3 billion by 2022, according to a new report published by Allied Market Research, based here.
North America is anticipated to account for the highest share of the overall market revenue during the forecast period (2016-2022). The Asia-Pacific region is expected to experience the fastest compound annual growth rate (CAGR) during the forecast period, as well as account for 25% share of the overall market revenue by 2022.
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The market by type includes hardware, software, cloud-based solutions and services. The IP surveillance hardware segment occupied a prominent share of the overall market in 2015. However, the service segment is expected to grow at the fastest CAGR of 23.6% from 2016 to 2022, owing to increasing demand of VSaaS and the increasing requirement of system maintenance and update amongst the users. The software segment is projected to see a CAGR of 19.3%, owing to the rising demand of advanced video management and video analytics solutions in various industry verticals.
Based on application areas, the IP surveillance and VSaaS market is segmented into banking & financial sector, retail, health care, government & higher security, manufacturing & corporate, residential, entertainment & casino, and others. The government & higher security segment is expected to adopt IP surveillance system at the fastest pace during the analysis period and is anticipated to exhibit a prominent CAGR of 18.8% from 2016 to 2022. The growth would be supplemented by increasing usage of video security solutions at government organizations, public places, and others.
