IP Video Surveillance and VSaaS Market is Expected to Reach $83.03 Billion by 2030

According to a new report published by Allied Market Research, titled, "IP Video Surveillance and VSaaS Market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2021 - 2030," the global IP video surveillance and VSaaS market size was valued at $28.39 billion in 2020, and is projected to reach $83.03 billion by 2030, growing at a CAGR of 10.9% from 2021 to 2030. Asia-Pacific is expected to be the leading contributor to the global IP video surveillance and VSaaS market, followed by Europe and North America.

A video surveillance system is a surveillance system that captures images and videos that can be compressed, stored, or sent over communication networks. Digital video surveillance systems can be used in nearly any environment. Security and surveillance are required for all organizations globally.

Owing to increase in adoption of advanced surveillance by the government sector, manufacturers have realized the need for optimum IP surveillance systems. There are many advantages that an IP camera CCTV system offers over an analog format. IP security cameras send their signal over a network, allowing greater information transfer than an analog signal sent to a DVR, which act as major IP video surveillance and VSaaS market trends.

North America is one of the key contributors to the IP video surveillance and VSaaS market owing to the increase in number of applications in commercial, industrial, and residential sectors, which fuels the demand for IP video surveillance & VSaaS in the region. For instance, Mount Royal University in Canada is turning to artificial intelligence to strengthen its security across its campus.

The university replaced their old CCTV cameras with 360-degree high-resolution cameras and a software system enabled with AI. The three components of the project have been funded by three different revenue sources, including the University’s operating budget, the library project fund, and the provincial government’s Infrastructure Maintenance Act. In addition, an app called MRU is also available for download on iTunes and the Google Play store that alerts users about safety concerns on campus and will allow them to report an emergency from their phones.

On the basis of the IP video surveillance and VSaaS market analysis, by application, the banking & financial sector segment generated the highest revenue in 2018 followed by the retail segment, which is estimated to witness rapid growth among the other applications mentioned in the report.

The U.S. is also one of the major contributors to the IP video surveillance and VSaaS market growth. U.S Department of Homeland Security’s Transportation Security Administration (TSA) agency has an authority over the security of the public travelling in the U.S. On November 19, 2018, the U.S. Secret Service started testing a facial recognition system that uses security cameras to capture images of people outside the White House and match their respective identity. This is expected to increase the demand for video surveillance in the U.S. during the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly impacted global economies, resulting in workforce & travel restrictions, supply chain & production disruptions, and reduced demand & spending across many sectors. Sudden decline in infrastructure development and installation projects is expected to hamper the IP video surveillance and VSaaS market for commercial and industrial sectors. The IP video surveillance and VSaaS industry witnessed dip in its growth rate, owing to delayed construction projects, which led to a substantial impact. However, the demand for IP video surveillance and VSaaS from the medical industry accelerated during the pandemic.

Key findings of the study

• By product, the hardware segment generated the highest revenue in the global IP video surveillance and VSaaS market in 2020.
• In 2020, the banking & financial segment garnered the highest revenue among the application segment.

The key players profiled in the report include Avigilon (Motorola Solutions), Axis Communications AB, Bosch Security Systems GmbH, Dahua Technology Co., Ltd., D-Link Corporation, Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell Security (Honeywell International Inc.), The Infinova Group, Panasonic Corporation, and Pelco (Schneider Electric).

These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration. These key players adopt several strategies such as, new product launch and development, acquisition, partnership and collaboration and business expansion to increase the IP video surveillance and VSaaS market share during the forecast period