LONDON--(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:
- Americas
- APAC
- EMEA
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.
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Stringent regulations fueling the security as a service market in EMEA
One of the main reasons for the growth of the EMEA market is the stringent regulations with regard to security in the region. In the case of non-compliance, organizations are severely penalized. This is propelling the adoption of video surveillance solutions, particularly in government organizations. Rapid advances in technology is another factor driving the growth of the market in EMEA. There has been the rising trend of video surveillance being adopted by numerous private companies for business intelligence as well as for security purposes. High rental costs in the region are forcing many companies to utilize as much space as possible.
The video surveillance system also complements some of the physical security systems in the buildings such as the access and physical intrusion control systems. Video surveillance helps detect and investigate the property for the theft of equipment belonging to the bank, its visitors, or staff. The acts threatening the safety of visitors or staff working on the premises (fires or physical assault) can also be monitored.
APAC to attain a market share of 16% by 2020
India is one of the fastest growing markets in the region. Indian organizations use around 250 cameras on average for video surveillance. The number is significantly lower than that in developed countries such as the US and the UK, where organizations use 350 cameras on average. The surveillance market in India is expected to grow at a rapid pace because of the country's focus on developing smart cities and increasing need for better security and safety.
The primary reason for the growth of the region's market is the emergence of many SMEs, which are rapidly adopting video surveillance devices. The region is also predicted to adopt new technologies such as cloud-based services. Most of the back-end processing work across the numerous industries takes place in APAC countries such as India, Japan, and Thailand.
The top vendors in the global security as a service market highlighted in the report are:
- Axis Communications AB
- Bosch Security Systems
- Cisco Systems, Inc.
- Honeywell Security Group
Browse Related Reports:
- Global Managed Security Services Market 2016-2020
- Global Network As A Service Market 2016-2020
- Global Storage As A Service Market 2016-2020
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