VSaaS Market Share, Size, Trends, Industry Analysis Report, By Type (Hosted, Managed, Hybrid); By Feature; By AI Visual Analysis; By Vertical; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jun-2024
- Pages: 120
- Format: PDF
- Report ID: PM4953
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
VSaaS Market size was valued at USD 4,390.76 million in 2023. The market is anticipated to grow from USD 5,074.84 million in 2024 to USD 16,466.00 million by 2032, exhibiting the CAGR of 15.8% during the forecast period.
Market Overview
The rising prevalence of house thefts, accidents, murders, and other crimes globally is stimulating the adoption of surveillance systems. The ability to record real-time activities with effective quality is enabling government organizations, primarily police teams, to equip CCTVs in public locations. This significantly propelled the adoption of video surveillance as a service system in the market, driven by its ability to reduce the dependence on traditional on-premise platforms, thereby lowering installation and maintenance charges among end-users. Additionally, the growing new product innovations with additional features and growing expansion strategies by the companies are expected to influence the VSaaS market in the next few years optimally.
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For instance, in January 2024, Irsity, an AI-based surveillance technology provider, announced the expansion of its business in Latin America, particularly in Brazil and Argentina, aiming to increase its growth by 50% in 2024.
Moreover, the enormous potential to provide accessibility to videos through a cloud-based network is assisting workers to effectively monitor people’s actions in real time, enforcing agencies to monitor crime scenes effortlessly, thereby finding offender early on in the crime investigations.
Growth Drivers
Rising Integration of Advanced CCTV Cameras
The growing installation of CCTVs in public places, police stations, and other organizations is significantly boosting the VSaaS market around the world. For instance, in July 2023, Delhi police officials announced the adoption of AI-based CCTV cameras in the Delhi prisons to cover the uncovered locations in the police station. The increasing smuggling cases and other illegal activities are necessitating the government to take utmost security at the police stations. This trend is likely to drive VSaaS integration in the next few years due to its flexibility, scalability, and convenience in monitoring CCTVs.
Growing Research Innovations in the Surveillance Systems
The growth in investments in research activities in VSaaS development by the major companies is anticipated to create significant growth opportunities in the next few years by boosting the product launches of effective VSaaS systems in the marketplace. For instance, in January 2024, Irsity AB Software announced the development of a new AI solution to monitor motorcycles in real time to reduce the prevalence of robberies in the world.
Restraining Factors
Privacy Concerns are likely to Impede the Market Growth
The ongoing privacy issues among end users are expected to limit its utility around the world. The increasing bandwidth problems, network issues, and complexities associated with VSaaS management will likely reduce its demand in the global market. Additionally, the existing on-premise users' unwillingness to adopt new technologies is hindering market growth.
Report Segmentation
The market is primarily segmented based on type, feature, AI visual analysis, vertical, and region.
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By Type |
By Feature |
By AI Visual Analysis
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By Vertical |
By Region |
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By Type Analysis
Hosted Segment is Expected to Witness the Highest Growth During the Forecast Period
The hosted segment is projected to grow at a CAGR during the projected period, mainly driven by its convenience and lower cost compared to on-premise video surveillance systems. This hosted VSaaS system offers users the ability to effectively utilize cloud infrastructure by providing management, storage, and processing, which, in a way, removes the need for adopting hardware systems. Furthermore, this hosted VSaaS system assists businesses in upgrading their storage limits as per changing business needs without the need for new hardware installations.
By Feature Analysis
Non-ai Segment Accounted for the Largest Market Share in 2023
The non-AI segment held the largest market share in 2023 and is expected to maintain its position throughout the forecast period. This is primarily due to the presence of customers who do not require AI-based VSaaS systems for their business operations, leading to a demand for non-AI VSaaS systems. Additionally, concerns about data leaks and the perceived reliability of traditional non-AI systems are restricting the use of AI-based VSaaS platforms in the market.
By AI Visual Analysis
Object Detection and Recognition Segment Held the Significant Market Revenue Share in 2023
The object detection and recognition segment held a significant revenue share in 2023, which was highly accelerated due to the continuous rise in product thefts and crime rates in business operations. With the ability to improve safety and security in business operations, most companies are showing interest in adopting object detection and recognition systems. The ongoing integration of advanced algorithms, including deep learning and machine learning, in object detection and recognition systems is anticipated to enhance their performance.
By Vertical Analysis
Commercial Segment is Expected to Register Significant Growth
The commercial segment is anticipated to witness a significant rate of growth over the forecast period. This is mainly attributable to the growing initiatives taken by companies to protect their assets and reduce potential thefts, robberies, and other crimes in their business operations, propelling the adoption of VSaaS systems around the world. Furthermore, the increasing cost minimization strategies of the key companies are creating ample opportunities for the VSaaS market due to its ability to lower maintenance charges by removing the need to adopt hardware.
Regional Insights
North America Region Registered the Largest Share of the Global Market in 2023
The North American region held the dominant share in 2023. This is due to the growing infrastructure development activities in the region, including CCTVs to promote public safety, which facilitate the demand for VSaaS. Additionally, the presence of established market players in VSaaS manufacturing and ongoing product advancements with the integration of the latest technologies, such as machine learning, artificial intelligence, and virtual reality, are projected to accelerate this growth trajectory over the study period.
Moreover, the rising prevalence of crimes is expected to stimulate CCTV camera use in the region, primarily in the United States. As per FBI statistics, there is a 30% rise in murder case incidence in the United States, while robberies, assault, rape, and murders are up 5% between 2019 and 2020. This trend is projected to drive VSaaS demand during the forecast period.
The Asia Pacific region is expected to be the fastest growing region, with a healthy CAGR during the projected period, owing to increasing concerns about security at crime branches. Increasing new policy initiatives in the region, specifically in India, are facilitating new growth opportunities for the VSaaS market. For instance, the Indian government installed 4000 CCTVs in Bengaluru in 1400 areas as part of Safe City Project Phase 1.
Key Market Players & Competitive Insights
Strategic Partnerships to Drive the Competition
The VSaaS market is highly competitive with the presence of a diverse range of market players engaged in the innovation of new surveillance systems in the marketplace. The increasing expansion activities, such as partnerships, collaborations, and acquisitions among key players to increase their productivity, are anticipated to create new growth potential for the VSaaS market over the forecast period.
Some of the major players operating in the global market include:
- Agent Video Intelligence Ltd. (Israel)
- Axis Communications AB (Sweden)
- Canary Connect Inc. (US)
- D-Link Systems Inc. (Taiwan)
- FLIR Systems Inc. (US)
- Genetec Inc. (Canada)
- GeoVision Inc. (Taiwan)
- Homeboy Inc. (US)
- NETGEAR Inc. (US)
- Pelco Inc. (US)
- Robert Bosch GmbH (Germany)
Recent Developments in the Industry
- In November 2022, Bosch announced the introduction of new monitoring and controlling solutions with increasing demand for video surveillance systems by households and businesses to safeguard their assets.
Report Coverage
The VSaaS market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, type, feature, AI visual analysis, vertical, and their futuristic growth opportunities.
VSaaS Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 5,074.84 million |
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Revenue forecast in 2032 |
USD 16,466.00 million |
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CAGR |
15.8% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
VSaaS Market report covering key segments are type, feature, AI visual analysis, vertical, and region.
VSaaS Market Size Worth $ 16,466.00 Million By 2032
VSaaS Market exhibiting the CAGR of 15.8% during the forecast period.
North America is leading the global market
the key driving factors in VSaaS Market are Rising integration of advanced CCTV cameras
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