An increasing number of large enterprises around the world make use of over 100 cameras for surveillance on an average, which function 24/7. The use of surveillance cameras as well as the worth of video analytics is only going to increase in the near future, boosting the need for video surveillance storage. Massive investments in security and safety against terrorist attacks, emerging trend of smart cities, rising integration of Artificial Intelligence into video surveillance systems, and the fast-paced growth of IoT solutions also ensure high business growth for video surveillance storage market.
As per the Market Research Future Reports (MRFR), the video surveillance industry is exhibiting a considerable expansion due to increasing usage of surveillance cameras for protection and security. The global video surveillance storage market is estimated to grow up to USD 38 billion at CAGR 25% through the forecast period. The increasing safety issues among individuals and organizations and the increment of the internet of things are majorly affecting the global video surveillance market 2020. The new technological advancement in the field of storage and the low cost of hard disk drives are propelling the market expansion. However, the lack of awareness concerning video surveillance and the latest storage technologies are obstructing market growth. The adoption of cloud-based services among organizations will aid with an opportunity to propel the video surveillance storage market. The most important challenge for the video surveillance storage market is the retention tenure over a limited amount of storage.
The increasing demand for time-saving and highly efficient surveillance systems that are affordable also induce favorable prospects for video surveillance storage market growth across the globe. Additionally, the soaring demand for real-time data in sectors like law enforcement to track events and perpetrators can benefit the global market in the approaching period. The market can be presented with a host of lucrative opportunities in the form of increasing adoption of cloud-based services for databases.
Having said that, the steep cost of installing video surveillance system can deter its demand to some extent and curb the market growth. On the bright side, the increasing focus on tech innovations of video surveillance systems among established and new players can warrant excellent growth prospects for the market in the following years.
Read Also: http://www.marketwatch.com/story/video-surveillance-storage-market-to-value-usd-38-bn-by-2023-video-surveillance-storage-market-trends-growth-drivers-industry-analysis-and-development-status-2020-04-14
The companies that are currently leading the video surveillance storage market include Schneider Electric SE (France), Hitachi Ltd. (Japan), NetApp (U.S.), Dell (U.S.), Avigilon Corporation (Canada), Seagate Technology LLC (U.S.), Cisco Systems (U.S.), Robert Bosch GmbH (Germany), Honeywell International Inc. (U.S.), and others. These vendors are constantly innovating and making sizeable investments in research and development activities to come up with an elaborate product portfolio.
Pelco, Inc.(U.S.), Mindtree Limited (India), Iveda Solutions Inc. (U.S.), Quantum Corporation (U.S.), Buffalo Technology (Japan), Arxys Software Orchestrated Storage (U.S.), Promise Technology Inc. (U.S.), are a few prominent innovators in the worldwide market.
Some other significant companies are Johnson Controls (U.S.), Rasilient Systems Inc. (U.S.), Eyecast Inc. (U.S.), Western Digital Corporation (U.S.), Pacific Controls (UAE), Fujitsu (Japan), Nexsan Corporation (U.S.), Veracity Inc. (U.K), to name a few.
The global video surveillance storage market has been analyzed for Asia Pacific, Europe, North America, and the Rest of the World. North America is expected to seize a considerable market share during the review period. The rising surveillance data and requirement for cloud-based storage solutions are bringing an impact on the market in this area. The crucial participation of major players in the region and the advancement of unique storage solutions are propelling the market expansion.
The APAC region is anticipated to witness a high rate of expansion during the review period. The adoption of video surveillance across several organizations and the requirement for storage facilities are affecting the market in this region. The video data such as object identification, motion detection, and various tools are aiding in expanding the market size.
Europe surveillance video storage market is estimated to exhibit a decent expansion. Europe has seized the second position in the market. However, the Asia Pacific region is estimated to display a significant expansion throughout the review period. Several organizations in China, Taiwan, and India are adopting cloud-based storages, which is increasing the requirement and demand for video surveillance storage market. Also, video surveillance storage in the APAC region is aiding in the expansion of the worldwide market.
The video surveillance storage (VSS) market segment comprises storage technology, type of storage, deployment, services, organization size and vertical.
The storage technologies discussed in the MRFR report are Storage Area Network (SAN), Direct Attached Storage (DAS), and Network Attached Storage (NAS).
The storage types are Hard Disk Drives (HDDs), as well as Solid State Drives (SDDs).
Deployment-based segments include on-cloud and on-premise.
Service-wise, the main market segments are professional and managed services.
The various sizes of organizations that use video surveillance storage systems are small and medium enterprises (SMEs) along with large enterprises.
The video surveillance storage market share is increasing steadily owing to its rising use in verticals like government, education, healthcare, BFSI, transportation, retail, and others.