VSaaS Market Size & Share | Industry Report, 2022-2027

The VSaaS market is projected to grow from USD 3.3 billion in 2022 to reach USD 7.6 billion by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.0% from 2022 to 2027.

The growth of this market is driven by factors such as the low cost of investment, the rise in demand for real-time surveillance data, and flexible scalability offered by VSaaS.

Driver: Increasing demand for real-time surveillance data

Increasing demand for real-time surveillance data across commercial and infrastructure sectors is one of the major drivers for VSaaS market growth. Security concerns and advancements in technologies demand real-time remote monitoring on any device at any time by end users such as retail stores, manufacturing sites, enterprises, warehouses, and banks to detect unusual events on their premises. Also, users with multiple business sites demand real-time and remote access to surveillance data to keep an eye on the site remotely. Additionally, smart cities are also leveraging networks of intelligent sensors to capture data and organize system responses to incidents as they unfold, as well as improve processes such as traffic flow. Thus, the rising demand for remote access to surveillance data at any time enables the VSaaS market to grow worldwide, as it offers real-time access to live footage on any device located at any location.

Restraint : Strningent government regulations associated to privacy and data security

Rising privacy and security concerns have led to stringent privacy protection laws such as the Federal Information Security Management Act (FISMA) in the US and the General Data Protection Regulation (GDPR) in Europe. These laws are being enforced on VSaaS providers so that a user’s personal data is not misused, especially in the area of facial recognition technology. Also, IT enterprises are becoming increasingly aware of the dangers of private data bridges and, therefore, becoming more concerned when selecting a VSaaS solution. These factors are expected to restrain market growth during the projected timespan.

Opportunity : Increasing use of smart devices

The increasing use of smart devices along with rising popularity of do-it-yourself (DIY) video surveillance for home security is creating lucrative opportunities for VSaaS service providers in the market. In recent years, a high penetration rate of smartphones has been observed in China, the US, the UK, India, and Japan due to a decrease in their price, advancements in technologies, and improved usability. According to GSM Association, the number of active smartphones across the globe in 2021 was over 6.2 billion units, which is expected to cross the 7.4 billion units mark by 2025. The increasing use of smart devices has created significant opportunities for VSaaS providers. Service providers can increase their presence in the market by offering VSaaS compatible with these devices.

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Challenge: Lack of knowledge regarding benefits of VSaaS services pose a major challenge

Though VSaaS market is growing significantly across developed economies, there are still some challenges faced by the services providers. This challenge majorly includes lack of knowledge about benefits of VSaaS services along with lesser adoption rate across underdeveloped and developing economies. Adding to this, several countries do not have access to high-speed internet connectivity. This further pose a challenge to service providers as VSaaS requires high-speed internet connection to operate on cloud platform. End-users are becoming skeptical about switching to VSaaS over traditional video surveillance systems, therefore, it is becoming crucial to increase the awareness for VSaaS services among end-users in the market.

Key players in the VSaaS market are ADT (US), Johnson Controls (Ireland), Axis Communications AB (Sweden), Avigilon, a Motorola Solutions Company (Canada), Alarm.com (US), Arcules, Inc. (US), Securitas AB (Sweden), Comcast Corporation (US), Duranc Inc (US), Eagle Eye Networks, Inc. (US), Genetec Inc. (Canada), and Honeywell International Inc. (US).

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