The video surveillance industry is witnessing a massive growth due to increase in the use of surveillance cameras for security and protection. According to a study by Seagate Technology LLC, approximately 566 petabytes of data is being generated in one day from new video surveillance cameras installed worldwide in 2016.Increase in surveillance activities are promoting the development of the video surveillance storage market substantially. Market reports linked to the information and communication technology industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is anticipated to earn revenues totaling USD 38 billion while expanding at a 25% CAGR in the forecast period.
The innovations in terms of video surveillance cameras is motivating the development of the video surveillance storage market. Increase in the number of facility management companies has also positively favored the demand for video surveillance storage. Moreover, the escalating security concerns globally are prompting further expansion of the product range available in the market. However, the adoption of cloud-based services is anticipated to fuel the market’s expansion rate substantially in the upcoming years.
The video surveillance storage (VSS) market is segmented on the basis of type of storage, organization size, storage technology, deployment, services, vertical and region. On the basis of storage technology, the market is segmented into Storage Area Network (SAN), Direct Attached Storage (DAS)and Network Attached Storage (NAS). On the basis of storage type, the market is additionally segmented into Solid State Drives (SDDs) and Hard Disk Drives (HDDs). On the basis of deployment, the market is segmented into on-premise and on-cloud. On the basis of services, the market is additionally segmented into managed services and professional. On the basis of organization size, the market is segmented into large enterprises and SME. The video surveillance storage covers an extensive area of verticals such as retail, education, healthcare, BFSI, transportation, government and others.
The regional analysis of the video surveillance storage market covers regions such as Europe, North America, Asia Pacific and rest of the world. The North American region is anticipated to control a key market share in the forecast period. The growing use of surveillance data and requirement for cloud-based storage solutions are guiding the market in this region. The incidence of important companies in the region and growth of advanced storage solutions are powering the market development. The Asia Pacific region is likely to show increased development throughout the forecast period. The implementation of video surveillance through many enterprises and the requirement for storage facilities is motivating the market in this region. The availability of video analytics such as motion detection, object detection and various tools are also boosting the market’s growth.
The changes observed in terms of strategy execution and creation are altering the growth pace of the market. The plan design process in the market has become significantly easier in which deviations are well accounted for, this method increases the overall success of these plans in the market. The evolution patterns are revised in tandem to the customer likings to realize greatest growth, and in the long run, sustainability. The basis for growth plans also has stimulated the market for potential new entrants. The market contenders are making considerable adjustments to minimize the incidence of competitive disadvantage. The leadership trends in the market are reinforcing the level of growth that can be achieved in present market scenario. The market is also well equipped to meet the challenges and keep up with the dynamic growth trends effectively.
The eminent players in the video surveillance storage market are Dell (U.S.), Cisco Systems (U.S.), Hitachi Ltd. (Japan), NetApp (U.S.), Seagate Technology LLC (U.S.), Avigilon Corporation (Canada), Honeywell International Inc. (U.S.), Robert Bosch GmbH (Germany), Schneider Electric SE (France).