The VSaaS market is projected to grow from USD 3.3 billion in 2022 and is projected to reach USD 7.6 billion by 2027; it is expected to grow at a CAGR of 18.0% from 2022 to 2027.
The growth of this market is driven by factors such as the low cost of investment, the rise in demand for real-time surveillance data, and flexible scalability offered by VSaaS.
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Key strategies adopted by the players in the VSaaS market to uphold their position and ensure long-term growth and market success are product launches, collaborations, and partnerships. For instance:
In September 2021, Camcloud (Canada) announced to support 4K UltraHD resolution in its Cloud Video Surveillance solution. Through this product upgrade, customers can configure their cameras for higher resolutions, framerates, and bitrates than standard plants.
In March 2021, Johnson Controls (Ireland) and Telos Corporation (US) formed a strategic partnership to enhance the security and privacy of their customers. Through this partnership, the companies will integrate the offerings, including Telos Ghost and Johnson Controls OpenBlue Cloudvue Gateway, to enhance security and privacy for customers.
ADT (US) provides automation, security, and smart home solutions to business customers and consumers across the US. The company has started investing more in DIY products and platforms, mobile security applications, alarm verification, and other innovative technologies. The company generates majority of its revenue by providing video monitoring services and installation of security solutions. The company has operational presence across 300 locations and nine monitoring centers across the US. As of December 31, 2021, the company had served around 6.6 million recurring revenue customers in the US.
Johnson Controls (Ireland) is a global diversified technology and multi-industrial leader serving a wide range of customers in more than 150 countries. The company designs, manufactures, and sells fire protection and security products, including intrusion security, anti-theft devices, access control, VSaaS and video management systems, for commercial, industrial, retail, residential, small business, institutional, and governmental customers worldwide. Several tailored managed video solutions, such as video and audio alarm verification, video assistance, and video escort assistance, are offered by the company. It also offers cloud security services for thousands of businesses. The company is focused on expanding its presence across different market segments through acquisitions and partnerships. As part of this strategy, in August 2020, Johnson Controls acquired the remaining stake of Qolsys Inc. (US) to expand its presence across residential, commercial, and smart building solutions.
VSaaS Market by Type (Hosted, Managed, and Hybrid), Vertical (Commercial, Infrastructure, Residential, Public Facilities, Military & Defense, and Industrial) and Geography (North America, APAC, Europe, Rest of the World) - Global Forecast to 2027
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