Video surveillance and VSaaS market expected to reach $42.81 billion in 2019

ALBANY, USA: Transparency Market Research published a new market report "Video Surveillance and VSaaS Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019". The report states that the global market is expected to reach a value of USD 42.81 billion by 2019, growing at a CAGR of 19.1 percent from 2013 to 2019.

Some important reasons that are driving the growth of the video surveillance and VSaaS market globally are increased security and safety concerns and need to monitor activities to detect intrusion, theft and traffic surveillance.

IP based video surveillance market is expected to grow rapidly at a CAGR of 24.2 percent by system during the forecast period from 2013 to 2019. The hardware market was valued at USD 9.49 billion by components in 2012 and is expected to grow at a CAGR of 17.3 percent during the forecast period from 2013 to 2019. The transportation segment accounted for around 15 percent share of the total market in 2012 and is expected to grow at a CAGR of 21.2 percent during the forecast period from 2013 to 2019.

In terms of geography, North America was the largest market in terms of revenue generation in 2012 that accounted for around 35 percent share of this market followed by Asia Pacific with around 31 percent share. Asia Pacific is expected to be the fastest growing market during the forecast period, growing at a CAGR of 23.4 percent and registering a market size of USD 17.12 billion in 2019. Growth in the Asia Pacific market is mainly spurred by demand from China.