ALBANY, N.Y. – The global market for video surveillance and video surveillance as a service (VSaaS) was valued at $12.6 billion in 2012 and is expected to reach $42.8 billion by 2019, growing at a CAGR of 19.1%, according to a new report by Transparency Market Research.
Security threats, acts of terrorism, vandalism and petty crimes continue to drive demand for video surveillance and VSaaS systems by governments and business owners, according to the research firm, based here. Additionally, the adoption of IP video surveillance systems has led to a demand for high-quality video footage, thus increasing the demand for storage. This has given rise to the VSaaS industry, which helps in saving the captured, cloud-based footage that can be retrieved at any time.
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In the report, the global video surveillance and VSaaS market is segmented by components, systems, applications and geography. The component segment includes hardware, software and services. The hardware segment is further fragmented into cameras, recorders and storage, encoders and monitors; the software segment includes video analytics and video management software (VMS); and the services segment includes hosted, managed, and hybrid solutions.
The report also profiles some of the key players such as Axis Communications, Bosch Security Systems, Cisco Systems, Dahua, Hikvision, Honeywell, Genetec, Geovision, Panasonic and Pelco.
