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.
Market Research Future (MRFR) reveals that the global video surveillance storage market 2020 can expand to a size of USD 38 billion by 2023-end. MRFR also projects the global market expansion rate to be 25% between 2017 and 2023 (forecast period).
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.
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The video surveillance storage market growth will be apparent in the primary regions of Europe, North America, Asia Pacific (APAC) and the rest of the world (RoW).
North America can possibly secure the leading position in the global market, all due to factors like the surge in surveillance data and the mounting requirement for cloud-based storage solutions. Housing a massive number of well-known vendors and witnessing launch of highly innovative storage solutions, the regional market is set to expand incredibly over the next couple of years. Also, the increasing number of installations of surveillance systems in a broad range of verticals gives rise to attract opportunities for the video surveillance storage market within the region. The accelerating need to comply with stringent security rules and regulations is anticipated boost the video surveillance storage market size in the region.
APAC can soon be one of the leading regions in the global market, while achieving a high growth rate. The lucrative business growth in the region is the outcome of the increasing innovations in storage technologies, surge in the number of CCTVs being installed in various industry verticals, and the rising trend of smart city projects. Video surveillance storage systems observe the highest demand in the developing countries of India, Japan, and China, thanks to the expanding number of smart cities and the rapidly increasing industrialization and urbanization.
The video surveillance storage 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.
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.
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