June 21, 2013 -
According to a new research report, the global video surveillance as a service (VSaaS) market is expected to grow at a CAGR of 28.1 percent between 2012-2016.
The report, Global Video Surveillance as a Service Market 2012-2016, has been added to the Research and Markets catalogue.
“’Video Surveillance as a Service offers a company a number of benefits in terms of security and storage capacity,” a TechNavio analyst said in a statement. “A key trend being noticed in the Global VSaaS market, however, is that many VSaaS vendors have been offering key video analytics software as part of their product offering. Video analytics allows an end-user to analyze the video footage data through the measurement of certain parameters. For example, facial recognition software could be used to identify certain individuals in a company and the video analytics software can be used to maintain a counter of the number of times a particular individual has crossed an area.”
The report notes that increasing demand for video surveillance is a key factor driving the market. And as well, the group expects private and public institutions to improve overall security. Aptly, the report indicates that the demand for VSaaS is “completely dependent on the growth in the gobal video surveillance market.”
According to a separate report, Facial Recognition Market: Global Advancements, Emerging Applications, Business Models and Worldwide Market Forecast and Analysis (2013-2018), a major driving force in the market is the growth of the surveillance market as well as huge government spending.
Reported previously in BiometricUpdate.com, IMS Research has projected that worldwide revenue for the video-surveillance market will reach $US20.5 billion in 2016, up 114 percent from US$9.6 billion in 2012, though the firm believes this figure could rise even further, taking into account recent events like the Boston bombing.
Also, According to a recent CNN/Time/Orc poll, 79% of Americans are in favor of using facial recognition at various locations and public events, and 81% support expanded camera surveillance on streets and in public places.
MorphoTrust USA, a prominent provider of biometric technologies, and in particular, facial recognition, has just published a new infographic outlining how facial recognition technology helps law enforcement agencies bring criminals to justice.
Shortly after news of the Boston Marathon bombing broke, BiometricUpdate published a feature which explored the use of facial recognition to identify the Boston bombers and discussed the technology’s benefits and limitations in identifying a suspect.