Video Surveillance Storage Market size was valued at $10.4 billion in 2019, and it is estimated to grow at a CAGR of 6.4% during 2020-2025. The ever-increasing installations of surveillance systems across all verticals promises significant growth opportunity for video surveillance storage market. In addition, gaining popularity of cloud-based storage coupled with need to comply with necessary security regulations is further expected to drive the growth of video surveillance storage market during the projected period. Hence these benefits are analyzed to drive the market in the forecast period 2020-2025.
Deployment – Segment Analysis
Cloud deployment is growing at a highest CAGR of 8.5% in the forecast period owing to its operational flexibility and real-time deployment ease to companies than on-premises deployment mode. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources. Additionally, the cost-effective cloud-based solutions ease installation when compared to the on-premises solutions. The highest level of data security and reliability offered by the cloud deployment are increasing the share of cloud deployment in the forecast period. Many industry verticals are continuing to opt for the cloud deployment mode, as it helps them avoid costs pertaining to hardware, software and storage. Moreover, Cloud-based video surveillance storage and management is an emerging approach with considerable potential. However, until the substantial bandwidth challenge can be overcome, it won’t offer a cost-effective alternative to today’s video surveillance solutions for most mid- and large-sized enterprises with multiple locations and more demanding video requirements. Hence these benefits are analyzed to drive the market growth in the forecast period 2020-2025.
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End User – Segment Analysis
Healthcare is the fastest growing segment in Video surveillance storage market and estimated to grow at a CAGR of 9.4%. Threats in healthcare industry comes in several forms, such as gang violence, drug-related crimes, and patient outbursts. This combined with the ongoing risk of infant abduction cases and terrorist attacks, have enforced security administrators to adjust safety procedures as well as to increase video monitoring of sidewalks, nearby streets, parking facilities, hallways, entrances, ambulance bays, and emergency department as well as waiting areas in an effort to prevent the occurrence of violent or criminal acts. Hence, the Video surveillance storage demand in this industry is expected to rise.
Geography- Segment Analysis
Video surveillance storage Market in APAC is expected to account for a prominent market share of 38% followed by North America and Europe. This is mainly due to an increase in the need for safety and security against terrorist attacks and presence of well-established and emerging players providing video surveillance storage solution and services. Moreover, there is a rise in competition in the Video surveillance storage market, due to the increasing number of smart cities in the countries such as India and China demanding video surveillance storage systems to monitor and analyze public places for security purposes. The governments of Japan, Australia, India, South Korea, New Zealand, and Singapore are investing in smart city projects for monitoring traffic, and protecting their citizens and public places. Due to these contributions to the VSS market, APAC is expected to witness strong growth.
Drivers – Video Surveillance Storage Market
Increasing necessity and mandates for video surveillance across industry verticals
Increasing necessity and mandates for video surveillance across industry verticals and regions drive the demand for video surveillance storage market. Several companies across the globe are increasing their investments in installing video surveillance. In 2020, Umbo Computer Vision raises $8 million for AI-powered video security. Similarly, various companies such as ABB, Honeywell and so on are increasingly investing in video surveillance for enhanced security in their facilities. Similarly, governments across several regions have mandated industries to install these surveillance systems for enhanced security. Hence these investments and mandatory rules are analyzed to drive the market in the forecast period 2020-2025.
Growing funds from governments and stakeholders for developing smart cities
Significant support from Governments of several countries in smart city initiatives across the globe are analyzed to drive the market. In 2019, Indian government has invested $15 billion for the development of 100 smart cities and rejuvenation of 500 others over five years. Similarly, US government is also investing heavily for smart city development. Development of Smart cities will enable the installation of Video Surveillance hence the demand for Video Surveillance storage increases in the forecast period 2020-2025.
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Challenges – Video Surveillance Storage Market
Cyber Security attacks and data breaches
Although Video Surveillance Storage is growing at a high CAGR increased threat of cyber-attack against a video surveillance system has greatly increased, and has become top concern for customers and operators. In addition, local security issues of past systems are also still present and must be addressed in the overall security position, while the integrity, confidentiality, and accessibility of video surveillance data must be further protected during recording, retrieval and in transit—whether across the local network or across a public network to a remote location. Hence these challenges will hamper the market growth in the forecast period.
Product Launches, acquisitions and R&D activities are key strategies adopted by players in the Video Surveillance Storage Market. Video Surveillance Storage top 10 companies include Avigilon Corporation, Cisco Systems, Inc., Dell, EMC Corporation, Hitachi, Ltd., Honeywell International, Inc., Netapp, Inc., Robert Bosch GmbH, Schneider Electric (Pelco), Seagate Technology LLC among others.
In May 2019, NetApp launched NetApp ONTAP 9.6. NetApp ONTAP 9.6 is a cloud-based flash solution. ONTAP is capable of storing high-quality video surveillance footages.
Video surveillance storage Market in APAC is expected to account for a prominent market share of 38%, due to an increase in the need for safety and security against terrorist attacks and presence of well-established and emerging players providing video surveillance storage solution and services.
Healthcare is the fastest growing segment in Video surveillance storage market and is estimated to grow at a CAGR of 9.4% owing to growing threats in the healthcare setor.
Cloud deployment is growing at a highest CAGR of 8.5% in the forecast period owing to its operational flexibility and real-time deployment ease to companies than on premise deployment mode.
Video Surveillance Storage top 10 companies include Avigilon Corporation, Cisco Systems, Inc., Dell, EMC Corporation, Hitachi, Ltd., Honeywell International, Inc., Netapp, Inc., Robert Bosch GmbH, Schneider Electric (Pelco), Seagate Technology LLC among others
Related Reports :
A. North America Mobile Surveillance Market
B. Video Surveillance and Analytics Market
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