(Originally published: BUSINESS WIRE)–The global security as a service market is expected to grow steadily during the predicted period and generate an impressive revenue of about USD 1.5 billion by 2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global security as a service market for 2016-2020. The market is further categorized into four end-user segments, including commercial, government, residential, and others, of which the commercial segment dominated the market with 56% of the overall market share in 2015.
Over the past decade, video surveillance solutions have changed in line with the advances in technology, leading to the evolution of video surveillance as a service or VSaaS. “In video surveillance as a service, a customer pays on a yearly, quarterly, or monthly basis for the ability to view live or recorded video surveillance data off-site to the location of the security camera. The video is used for self-monitoring, surveillance, and business applications,” says Amrita Choudhury, a lead IT security research analyst from Technavio.
Advantages of security as a service
Cost reduction: Security as a service solutions help reduce IT support costs by outsourcing hardware and software maintenance. Unlike the traditional software that is sold as a perpetual license with an upfront cost (and an optional ongoing support fee), these solutions come with a subscription fee, most commonly a monthly fee or an annual fee, which is affordable to most organizations
Several systems are supported by security as a service: It has become a common delivery model for many business applications, such as human resource management, customer relationship management, and accounting software
Customization: A customer can request a specific set of parameters that affect a program’s functionality as well as the look-and-feel so that the application appears to be having the customer’s choice of selection
Technavio’s ICT research study segments the global security as a service market into the following regions:
In 2015, with a market share of almost 65%, the Americas dominated the global security as a service market, followed by EMEA with 20% and APAC with over 15%.
Americas: largest security as a service market
The global security as a service market in the Americas is expected to account for a market share of over 64% by 2020. The American Office of the Director of National Intelligence, based in Virginia, US, faced the challenge of identifying threats and transmitting information to law enforcement officials in real time. In order to provide potential threat information and connect in real time, the office designed a new program in June 2016. It is designed to train computers to identify potential shooters and terrorists before they act. The program, called Deep Intermodal Video Analytics, aims to produce a common framework and software prototype for activity detection, person detection, and recognition across a multi-camera network.
The US has always been a major adopter of any new security technology. The adoption of video surveillance systems increased considerably after the 9/11 terrorist attacks. Since the 9/11 attacks, government agencies as well as private institutions have been increasingly installing video surveillance systems across the country.
“A key factor that is aiding the growth of the market in the region is the ability of VSaaS solutions to allow for remote viewing of video footage, especially on smartphones. The commercial sector in this region is a major adopter of VSaaS. Many companies use video surveillance for the purpose of measuring productivity,” says Amrita.