DUBLIN, Feb. 1, 2021 /PRNewswire/ — The “VSaaS Market with COVID-19 Impact by Type (Hosted, Managed, and Hybrid), Vertical (Commercial, Infrastructure, Residential, Public Facilities, Military & Defense, and Industrial) and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global VSaaS market is expected to be valued at USD 2.2 billion in 2020 and is projected to reach USD 4.7 billion by 2025; it is expected to grow at a CAGR of 16% from 2020 to 2025.
The market has a promising growth potential due to several factors, including the integration of VSaaS with access control and alarm systems, increased penetration of smart devices, and the rise in demand for VSaaS across retail and commercial verticals owing to COVID-19.
Privacy and security concerns regarding data usage is expected to restrain the growth of the market. Moreover, the lack of awareness about the benefits of VSaaS is expected to be a prime challenge for the market players.
Although the market for VSaaS is growing significantly in many countries, there are still some pain points, e.g., less adoption of VSaaS in developing or underdeveloped countries. The lack of awareness about the benefits of VSaaS and making people aware of the benefits are the key challenges for VSaaS providers.
The lack of knowledge of advantages of VSaaS among end-users may result in less penetration of VSaaS in various applications areas. Hence, it is necessary to increase awareness about VSaaS among end-users, as sometimes people are not ready to switch to VSaaS over their traditional approach of surveillance.
Hosted Solution: The largest shareholder of the type segment of VSaaS market
Hosted VSaaS is expected to lead the market during the forecast period. The growing concern among users toward enhancing security, surging a number of government initiatives for increasing public security, and continuous developments in infrastructure, including transportation hubs, are driving the market for VSaaS. Additionally, the increasing number of smart cities and the growing importance of VSaaS for retail, SMBs, and residential applications are also propelling the growth of the VSaaS market.
The increasing penetration of smartphones in countries such as South Korea, China, Germany, the UK, France, and the US; technological advancements in telecom networks such as the availability of LTE and emerging trend of 5G; and availability of high-speed Internet are helping the market for hosted VSaaS to grow. Further, the as high Internet speed is one of the basic requirements of service providers and customers.
Infrastructure: The fastest-growing vertical of the VSaaS market
The infrastructure vertical of the VSaaS market is expected to grow at the highest CAGR during the forecast period. The increasing demand for VSaaS solutions across transportation, city surveillance, and public places is expected to propel the growth of the market.
Increasing investments by governments of various countries to increase safety levels in public places help the market to grow. The increasing number of smart city projects will require various security and surveillance systems for real-time and remote monitoring. This would drive the growth of the market during the forecast period.
North America: The largest-growing region in the global VSaaS market
North America currently holds the largest share in the VSaaS market owing to the increasing government initiatives to implement advanced surveillance systems in public places, government buildings, and high-security areas. Increasing public safety initiatives and security practices are creating opportunities in both government and commercial verticals. The growing interest of customers in technologies such as artificial intelligence and deep learning and the increasing adoption of VSaaS are the major factors driving the VSaaS market in this region.
Residential is one of the crucial verticals in the North American VSaaS market. The increasing demand for video surveillance solutions across homes and apartments to improve the security of residential property is driving the adoption of VSaaS in the residential segment.
The report segments the VSaaS market and forecasts its size, by value, based on Type (Hosted, Managed, Hybrid), Vertical (Commercial, Infrastructure, Residential, Public Facilities, Military & Defense and Industrial) and Region (Asia-Pacific, Europe, North America, and RoW).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the VSaaS market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
- Low Cost of Investment
- Increasing Demand for Real-Time Surveillance Data
- Flexible Scalability Offered by VSaaS
- Privacy and Security Concerns Regarding Data Usage
- Integration of VSaaS with Access Control and Alarm Systems
- Increasing Use of Smart Devices
- Rising Demand for VSaaS Across Commercial Vertical Owing to COVID-19
- Lack of Awareness About Benefits of VSaaS
- Johnson Controls
- Axis Communications
- Avigilon, A Motorola Solutions Company
- Stanley Black & Decker, Inc.
- Eagle Eye Networks
- Genetec Inc.
- Honeywell Commercial Security
- Pacific Controls
- Arlo Technologies
- Morphean SA
- Verkada Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vesxhr
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SOURCE Research and Markets