LONDON– Technavio, a U.K.-based global technology researcher, has published a report on expected growth areas in the global security as a service market, estimating that by 2020, the overall market for what it terms ”video surveillance as a service” (VsaaS) will be valued at $1.5 billion.
The report studies VsaaS in three geographic areas of the global security market: The Americas, which constitutes close to 65% of the market; second, Asia and Pacific, making up 15% of the market; and the third being Europe, Middle East, and Africa, which takes up 20% of the market.
According to the report, the America’s (and specifically the U.S.) foothold in the video surveillance market is largely due to its willingness to adapt new technologies, especially in the areas aiming to allow for better remote viewing of video footage.
“A key factor that is aiding the growth of the market in the region is the ability of VSaaS solutions to allow for remote viewing of video footage, especially on smartphones,” said Amrita Choudhury, a lead IT securityresearch analyst with Technavio. “The commercial sector in this region is a major adopter of VSaaS. Many companies use video surveillance for the purpose of measuring productivity.”
The report bases its assessment of the European, Middle Eastern and African markets on the region’s use of stringent regulations to force organizations to adopt video surveillance technology.
According to the report, India is one of the fastest growing markets in the Asia Pacific region, noting that the country’s public and private organizations typically use on average around 250 security cameras. Also cited for the APAC region, is the expected rise in cloud-based services where most of the work is currently taking place in Japan, India and Thailand.
Technavio cites Axis Communications, Bosch Security Systems, Cisco Systems, Honeywell Security and Panasonic as the most prevalent vendors in the video surveillance market.
Visit Technavio’s posting to request to see the whole report.