The global video surveillance and VSaaS market revenue stood at $21.2 billion in 2015 and is expected to reach $88.2 billon by 2024, at a CAGR of 17% from 2016 to 2024.
IP-based video surveillance systems comprise the largest segment, accounting for a market share of approximately 55%.
Based on components, the video surveillance and VSaaS market is segmented into hardware, software, and VSaaS.
Video surveillance hardware segment acquired the majority share among other components in 2015.
The VSaaS segment is anticipated to grow the fastest, with an expected CAGR of 30% during the forecast period from 2016 to 2024, as it eliminates the need for high-storage-capacity servers and offers cost effectiveness. The VSaaS services market is further segmented into hosted, managed, and hybrid services.
The transportation end-user segment held a major share of the video surveillance and VSaaS market in 2015. Public transport media are prone to theft, vandalism, and other such activities which need to be controlled. The use of video surveillance in traffic monitoring in transportation sector is increasing in a bid to curb increasing crime across the globe.
During the coming years, the video surveillance and VSaaS market is expected to grow significantly in Asia Pacific due to its fast technological development, growing economy, large number of construction projects, and population growth.