Ip Video Surveillance and Vsaas Market Expected to Reach $61.3 Billion by 2022: Allied Market Research

According to a new report published by Allied Market Research titled “IP Video Surveillance and VSaaS Market - Opportunities and Forecast, 2016–2022,” the global IP video surveillance and VSaaS market is expected to reach $61.3 billion by 2022. North America is anticipated to account for the highest share of the overall market revenue during the forecast period (2016 – 2022). The Asia-Pacific region is expected to witness the fastest CAGR during the forecast period and account for 25% share of the overall market revenue by 2022.

The market by type comprises hardware, software, cloud-based solutions and services. The IP surveillance hardware segment occupied a prominent share of the overall market in 2015. However, the service segment is expected to grow at the fastest CAGR of 23.6% from 2016 to 2022, owing to increasing demand of VSaaS and the increasing requirement of system maintenance and update amongst the users. The software segment is anticipated to witness a CAGR of 19.3% from 2016 to 2022, owing to the rising demand of advanced video management and video analytics solutions in various industry verticals.

Based on application areas, the IP surveillance and VSaaS market is segmented into banking & financial sector, retail, healthcare, government & higher security, manufacturing & corporate, residential, entertainment & casino, and others. The government & higher security segment is expected to adopt IP surveillance system at the fastest pace during the analysis period and is anticipated to exhibit a prominent CAGR of 18.8% from 2016 to 2022. The growth would be supplemented by increasing usage of video security solutions at government organizations, public places, and others. 

New product launch is one of the prominent strategies adopted by players in order to meet customer demands across various industries. Video management software solution providers consistently launched innovative video surveillance and video management software...