The Indian Video Surveillance as a Service (VSaaS) market is expected to grow at a rapid rate in the coming years as rising security threats boost the technology’s popularity across various verticals. According to a new report from 6Wresearch, the market is projected to grow at a CAGR of 22 percent during 2017-2023
The Indian Video Surveillance as a Service (VSaaS) market is expected to grow at a rapid rate in the coming years as rising security threats boost the technology's popularity across various verticals.
According to a new report from 6Wresearch, the market is projected to grow at a CAGR of 22 percent during 2017-2023.
“Video Surveillance as a Service (VSaaS) is gaining huge adoption across all the major vertical markets in India, attributed to surge in criminal activities and rising security concerns,” the report said. “The cost effectiveness coupled with remote access of videos via laptop, tablet and smartphones are contributing towards the acceptance of VSaaS in the country. Further, improving internet penetration is complementing the growth of VSaaS market in the country.”
In the year 2016, managed VSaaS was more popular, capturing majority of the market share, but with an increase in the adoption of cloud services, hosted VSaaS sector could post highest growth during the forecast period. Among the different verticals, government and transportation sector held the highest market share, followed by retail and commercial segments.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting at 6WResearch, with the growing internet penetration in the country, customers are moving from traditional video surveillance solutions to cloud-based VSaaS solutions. VSaaS does away with the necessity for hardware such as NVR and DVR at the customers' end, while ensuring the maintenance is done at the service provider's end. Such factors that improve the ease of use, cost effectiveness along with mobility – remote access to video streams – are boosting the growth of VSaaS market in India.
“Owing to economical factor and convenience, VSaaS is considered ideal for small & medium businesses and companies with multiple locations who want central management and a shift from capital expenditure to monthly operating expenditures. Additionally, growing organized retail formats in India are posing huge opportunities in VSaaS market,” Samuel added.
Further helping the market are several ambitious projects from the Indian government, like the smart and safe cities. Suman Gautam, Research Associate at 6WResearch's India Electronics Division, acknowledged this as he added that to ensure the safety of people and property various regional governments have mandated the installation of surveillance systems at public places like bus stands, railway stations and even at places of worship. Adding a sense of urgency to the matter are several cases of vandalism, theft and terrorist attacks that have occurred of late.
“Apart from security aspects, the emerging technologies such as artificial intelligence, video analytics are expected to take video surveillance beyond traditional uses. In the retail segment, behavioral pattern analysis of customers, optimization of shop floor plans, merchandise display strategies etc. via data mining of videos generated are expected to be the upcoming VSaaS trends,” Suman concluded.