The global market for video surveillance and VSaaS was valued at US$ 14.98 Bn in 2013 and is expected to reach US$ 48.32 Bn by 2020, growing at a CAGR of 18.1% during the forecast period from 2014 to 2020. The market is majorly driven by increasing security measures and government regulations in order to prevent terrorism and crime. Surveillance cameras can play a significant part in the fight against terrorism. They allow suspects to be identified more quickly and can provide useful evidence about suspects. Thus, video surveillance can help prevent many undesirable activities by maintaining a vigilant eye on every move at every place of importance and has become a necessity of modern society. In addition, business organizations and general public have started recognizing the need and importance of obtaining useful data from surveillance footage, which in turn, is contributing to the demand of video analytics. Further, owing to the shift from analog to IP-based cameras, there is need for large capacity storage which is driving the demand for cloud based storage and services (VsaaS).
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The different components of video surveillance and VSaaS include hardware, software and VSaaS. Among the hardware segments, video surveillance cameras accounted for around 34% share in 2013 of the total video surveillance hardware market. The demand for cameras is driven by its increased use in applications such as traffic monitoring, security as well as demographic monitoring. Another important factor to be considered is increasing trend of replacing analog cameras by IP-based cameras in high-end applications which would further drive the market for cameras. Growing use of IP-based systems have resulted in an overload of recorded data generated and spurred the demand for cloud based storage. In addition, enhanced cloud based services and analytics have contributed to the growth of the VSaaS market.
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Growing investments in infrastructure across the globe in various industries is also creating the demand for security systems. End-use industry segments of video surveillance and VSaaS include residential, retail, business organizations, transportation, government buildings, industrial and others. Transportation industry which includes mass transit mediums, city and highway surveillance is the largest end-user of video surveillance and VSaaS. North America was the largest regional market for video surveillance and VSaaS products as the region has been enhancing security measures in view of high incidences of terror activities and increased shift from analog to IP-based systems. Growing use in traffic monitoring is also a significant factor contributing to the growth of video surveillance and VSaaS market in this region. Asia Pacific, with significant encouragement from governments and the police in this region for increasing surveillance in order to avoid security threats, is expected to grow at a significant rate, registering a CAGR of 22.2% during the forecast period.
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Key players in the global video surveillance and VSaaS market include Hikvision Digital Technology Co., Ltd., Axis Communications AB, Bosch Security Systems, Inc., Agent Video Intelligence, Canon, Inc., Geovision, Inc., Genetec, Inc., Panasonic System Networks Co. Ltd., Cisco Systems Inc., Pelco, Inc., Zhejiang Dahua Technology Co. Ltd. and Honeywell Security Group. Players in this industry maintain a strong focus towards research and development in order to enhance their market presence despite a tough competitive environment that the video surveillance industry posses. Further, during the recent years, players in this industry have significantly enhanced their focus on cloud-based solutions. The players are trying to bring cloud capability into their portfolio either through in-house development of cloud-based video surveillance solutions or through partnerships.