In our last few blogs, we detailed the many benefits of migrating to Video as a Service (VaaS) and Access Control as a Service (AcaaS) cloud-based subscription models. And although NextGen is a trusted security solutions provider, you don’t have to take our word on the benefits of migrating to the Cloud. Read on to learn what leading market research firms and security industry publications are saying about these Cloud-based solutions and how they’re positioned for growth.
According to FortuneBusinessInsights.com, which offers end-to-end solutions beyond flagship research technologies to help senior leaders across enterprises achieve their mission-critical goals, the global video as a service (VaaS) market size was valued at USD 4.85 billion in 2023 and is projected to grow from USD 5.57 billion in 2024 to USD 19.36 billion by 2032, exhibiting a CAGR of 16.8% during the forecast period (2024-2032).
And, according to a MarketsandMarkets, a competitive intelligence and market research provider with over 10,000 clients worldwide offering quality B2B market research, Access Control as a Service – Global Forecast to 2027 report, the global access control as a service market is estimated at USD 0.9 Billion in 2021 and is projected to reach USD 2.2 Billion by 2027, registering a CAGR of 16.4% during the forecast period. The ability of public clouds to store data and to make it available for users at any location, the report notes, has been the key driving factor for the deployment of public cloud in ACaaS
So, what are the major factors driving the VaaS market? According to GMI Research, a market research and consulting firm, these drivers include rising demand for real-time and remote access video services, approval of Cloud-based services by enterprises, extending numbers of Internet users around, and lower total cost of ownership.
As Cognitive Market Research, which specializes in industry data research and analysis reports, the industry devoted to offering remote monitoring and surveillance solutions via cloud-based platforms which is known as the “cloud video surveillance market” allows users with an internet connection to view recordings and live video streams from any location. Cloud video surveillance systems, which provide ease, scalability, and flexibility, have become increasingly popular in various industries, such as transportation, healthcare, and retail. Integration with other security systems, real-time warnings, and centralized management are important. Growing security concerns, improvements in video analytics, and the expanding use of Internet of Things (IoT) devices are some drivers driving the industry. The need for cloud video surveillance systems is increasing as more people and businesses place a premium on safety and security, which is influencing the development of contemporary security technology.
In terms of the increasing rate of adoption for AcaaS services, MarketsandMarkets reports that the growth of the market in North America can be attributed to rising adoption of IoT-based security systems with cloud computing platforms.
Migrating to Cloud-based Access Control and Video Surveillance models is proving to be a viable, affordable, and highly secure option for enterprises spanning all industry sectors. NextGen has the experience and expertise to help you organization move seamlessly to Cloud-based solutions. Call on us today to learn more.