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VSaaS market is expected to reach US$8.5 billion in 2022
Wed, 12th Oct 2022
FYI, this story is more than a year old

According to a recently published Future Market Insights report, the VSaaS Market revenues were estimated at US$7.6 billion in 2021 and is anticipated to grow at a CAGR of 9.6% from 2022-2032. As a result, the market is expected to reach a valuation of US$8.5 billion in 2022 and US$21.1 billion by 2032.

Growing user concerns about improved security are pushing VSaaS, a growing number of government policies to increase public security, and continuous infrastructure developments, particularly transportation hubs. 

Rising smartphone penetration in developing nations combined with advancements in telecommunication services, such as LTE accessibility, the increasing 5G pattern, and elevated internet connectivity, are assisting the host VSaaS market in expanding further, as a high internet connection is a requirement of users and service providers.

The need for cloud-based solutions is increasing among various end-users. The rise may be linked to several benefits of cloud-based solutions, such as quick response times. Home workplaces, commercial real estate developments, and the financial sector, are projected to use VSaaS services due to rising interest in cloud services and increased knowledge of video surveillance application administration.

Banks and financial organisations have high expectations for VSaaS. It aids in the enhancement of security, as well as the monitoring of ATMs, employees, and consumers. 

There are approximately 376,984 ATMs in Europe, including 60,752 ATMs in Germany. The expanding use of ATMs across the European Union will boost the expansion of the VSaaS industry in the commercial sector.

The region’s smart city expansion will encourage the regional use of VSaaS solutions. Advanced video surveillance systems have been combined with city management to boost efficiency. Yinchuan, China, is an innovative smart city in which everything, from buses to trash cans, is linked into a unified system. Over 1.65 million theft offences were registered in China in 2020. Cameras are often put in public places in China and are subsidised by the government to offer complete video surveillance coverage.

Competitive Landscape

The key companies in the VSaaS Market are focused on R&D to offer innovative technological solutions.

  • Axis Communications established an open-source initiative for video verification, assuring the authenticity of surveillance video used in the business’s cameras. Axis has issued a whitepaper outlining an architecture that will form a basis for partners to deploy integrated video authentication solutions.
  • FLIR and Neurala have collaborated to create AI-Powered Industrial Computer Vision technology. This new imaging system enables users to develop deep learning models on the VIA platform using Neurala’s Brain Builder with little data and no AI knowledge. Using the free Flir Spinnaker software platform, these models can be downloaded to a Flir Firefly DL camera.

“During the projected period, the VSaaS industry will profit from the increased demand for VSaaS services across corporate domains to minimise thefts, maintain safety, and decrease inventory losses in the commercial sector,” says a Future Market Insights analyst.