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The development of smart cities is expected to propel the growth of the video surveillance as a service (VSaaS) market in the coming years.
A smart city employs information and communication technology (ICT) to boost operational performance, exchange data with the public, and enhance government service and resident protection. Governments all over the world have lofty goals for making communities smarter and better for people and travelers.
Smart cities are implementing intelligent video monitoring to help emergency responders respond more quickly in real-time or to detect and handle possible accidents to minimize crime.
VSaaS refers to hosted cloud-based video surveillance. The service typically includes video recording, storage, remote viewing, management alerts, cyber security, and more.
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The global video surveillance as a service (VSaaS) market is expected to grow from $2.38 billion in 2020 to $2.93 billion in 2021 at a compound annual growth rate (CAGR) of 22.97%, according to a global market report by The Business Research Company market research company.
The growth in the VSaaS market is mainly due to the rise in demand for real-time surveillance data in urban areas. The analog, IP video surveillance and VSaaS market size is expected to reach $5.96 billion in 2025 at a CAGR of 19.45%.
Asia Pacific was the largest region in the video surveillance as a service (VSaaS) market in 2020, according to einnews.com.