The security of physical and digital assets has become increasingly important during the past several years, as terrorist and cybersecurity activities continue to influence technological investments. The emerging and ongoing threats now facing the public, private and consumer markets are driving the demand for advanced video surveillance systems capable of monitoring locations and potentially deterring crime.
While there are a number of trends currently taking place in the surveillance industry, the emergence of cloud computing has introduced new possibilities to a wide variety of industries. As a result, the market for Video Surveillance as a Service is forecast to expand at a compound annual growth rate of more than 31 percent from 2012 to 2017, at which time it will generate nearly $2.4 billion in revenue, up from only $474 million in 2011, according to a new study by MarketsandMarkets.
Although VSaaS will likely eventually reach global adoption, North America currently holds the highest market share with more than 37 percent, closely followed by Europe, which has nearly 35 percent, the report said.
The advantages of VSaaS
Cloud computing applications and storage solutions are rapidly making their way into the surveillance industry. Since the technology streamlines security processes in an outsourced environment, companies using cloud-based surveillance cameras can be much more efficient, MarketsandMarkets said.
Currently, VSaaS is used in commercial, industrial and residential applications, among others, but will likely spread to a more universal adoption as the demand for centralized data and storage grows, the news source noted. Mobile technologies are also expected to drive the VSaaS forward.
A separate report by IMS Research echoed the growing cloud-based surveillance industry because decision-makers want solutions that support self monitoring, real-time alerts and integrated analytics. However, there will also be challenges that must be addressed if it is to reach mainstream adoption.
"For VSaaS to become more widely adopted, the market needs to resolve a number of barriers," said Sam Grinter, Market Analyst with IMS Research. "For consumers and commercial users, the price per camera needs to drop significantly and installation must be simpler. Additional requirements for commercial users include new features and technologies, such as business intelligence functions, that increase the return on investment of using a VSaaS solution."
Once these inhibitors are addressed, cloud-based surveillance technologies will continue forward to enhance physical security over sensitive assets.