Video Surveillance Storage Market: Growth Factors, Restraints, Trends, Opportunities, and Challenges for the manufacturers (2023-2029)

Video Surveillance Storage Market was valued at USD 8.53 Billion in 2022, and it is expected to reach USD 12.91 Billion by 2029, exhibiting a CAGR of 6.1 % during the forecast period (2023-2029)

Video surveillance storage is the process of storing real-time video data generated by surveillance cameras on storage devices. The data can then be retrieved at a later stage for further investigation of any occurrence or acts as a proof for a situation in either file or block format. According to research by MMR, the number of cameras used for video surveillance across the globe will climb above 7.9 billion by the end of 2022. Cloud video surveillance with appropriate privacy and cybersecurity protections makes businesses much safer. The Video Surveillance Storage solution provides several benefits for storing all the video and audio data generated by modern video surveillance. Video surveillance systems are utilized for campus safety, hospital and patient safety, stadium safety, airport safety, and police safety, among other things. Furthermore, video surveillance cameras gather large volumes of data, necessitating the growth of network bandwidth and storage capacity.

Many companies all over the world are spending millions of dollars to install video surveillance cameras in their workplaces. Most governments have also directed businesses in many industries to install video surveillance cameras to improve their overall security level. The rising security concerns are driving the growth of the video surveillance storage market. Furthermore, advancements in storage technology and the availability of low-cost hard disc drives support the growth of the video surveillance storage market.To know about the Research Methodology :- Request Free Sample Report
Video Surveillance Storage Market Dynamics:
Increased need for highly efficient and Al vision-based surveillance systems

Network video surveillance systems are advancing from simple monitoring devices to comprehensive solutions that may be used in any sector. Al technology integrated with systems at all levels is expected to grow at a significant rate during the forecast period. Furthermore, the data provided by Al vision solutions using Al cameras as vision sensors provide meaningful business insight to help enterprises better understand their customers and operations. Cloud-based systems utilize people-counting algorithms to assist store owners in evaluating sales or floor design strategies, or heat-mapping to measure and avoid long checkout lines in order to boost customer satisfaction. Its applications and benefits can be used for traffic management or smart parking systems, logistics and distribution, or healthcare for critical area monitoring. Such advantages fuel the Video Surveillance Storage market growth during the forecast period.

Network technology and the Internet of Things (loT) are now extensively used for video Surveillance. These technologies are expected to increase the possible uses for audio and video analytics and Al in an increasingly connected world. It has become easier and more feasible for the person to monitor and control any system from anywhere with the increasing adoption of internet of thing technology. Video Surveillance as a Service (VSaaS) is increasingly being used in a variety of applications due to the numerous benefits it provides such as remote access to video feeds stored in the cloud through desktops, laptops, or mobile devices with an Internet connection from any place. As a result, VSaaS offers video surveillance systems tremendous flexibility. Furthermore, scaling of video surveillance systems using VSaaS is simple since it simply takes the addition of cameras to scale up VSaaS to meet the requirements of numerous end users.

The number of smart cities and megaprojects to drive the Video Surveillance Storage Market
The implementation of numerous smart cities and megaprojects is not limited to the United States but is spreading around the world, including China, Brazil, India, Middle Eastern nations, and other growing economies. As a result, the rising critical infrastructure, along with the need to upgrade the current security system, serves as a primary driver for the video surveillance market.

Increasing Government Initiatives to Improve Public Safety

However, the incompatibility of older systems with converged networks may hamper the market's potential growth to some extent. To overcome this challenge, communication service providers are collaborating with over-the-top service providers and investing in new infrastructure.
Video Surveillance Storage Market Segment Analysis:
By Solutions, the Customer Relationship Management segment accounted for the greatest market share in 2022 and is expected to grow at the highest CAGR of 24% during the forecast period. The telecom sector is becoming more customer-centric than ever before. The customer experience is the most important priority, as it has become the most effective weapon in the continual battle for customers. The billing platform of the operator should support the customer-centric approach by enabling the creation of convergent offers and customized services. The operator should be able to deliver any combination of services in a package while continuously improving the consumer experience. Customer data becomes a valuable asset that should be capitalized on through upselling and cross-selling. The customer relationship management segment gets momentum because the telecom end-use industry has now become more customer-centric and the key market players are focusing on retaining their existing customers.

By Deployment, the Cloud segment accounted for the largest share in Video Surveillance Storage Market in 2022 and is expected to grow at the highest CAGR of 18.1 % during the forecast period. Most companies utilize cloud computing to grow capacity, improve functionality, or add new services on demand without having to commit to potentially expensive infrastructure investments or start hiring existing in-house support staff. Cloud-based applications are created and deployed particularly for cloud environments. Cloud-based has a shared instance hosted in the cloud with several tenants. The cloud-based segment is expected to grow owing to the rising deployment of micro-services in 5G billing. Cloud-based services provide users with a more real-time experience, allowing them to monitor invoices and follow service records.

By Services, the managed services segment is expected to account for the largest nearly 23.2% share in Video Surveillance Storage Market by 2029 thanks to the rise in telecommunication services and the need for collaborating customer services. The increasing trend of outsourcing enables corporations to emphasize on prime aspect of business and upsurge revenue.
Video Surveillance Storage Market Regional Insights
North America is forecasted to have the largest market share and dominate the Video Surveillance Storage market during the forecast period. There is a rising need for connected devices because the technological landscape in various industries is rapidly changing in this region. Customer relationship management is also gaining traction in the region. The rising digitization of organizations across industry verticals as well as the adoption of cloud technologies and various service models are propelling the Video Surveillance Storage Market in this region.

The Asia Pacific region is expected to develop faster in the Global Video Surveillance Storage Market over the forecast period, owing to the fast acceptance of Video Surveillance Storage Systems among business and individual users in the region. With rising demand from the Chinese telecom industry and technical improvements in other Asia Pacific nations such as Japan and India. The region has one of the world's most advanced and fastest-growing economies. According to the Global System for Mobile Communications Association, approximately 93% of the Asian-Pacific population is used a 4G internet connection. Furthermore, the applications such as customer relationship management are one of the fastest growing segments which in turn is favoring the growth of the global Video Surveillance Storage market across the Asia Pacific region.
Report Scope and Research Methodology:
The report provides a quantitative analysis of the Video Surveillance Storage market drivers, restraints, trends, and estimations. PORTER's five forces analysis shows the ability of buyers and suppliers to make profit-oriented strategic decisions and build their supplier-buyer network. In-depth analysis as well as the market size and segmentation assist in determining the current Video Surveillance Storage market potential. The report also includes the factors that are supposed to affect the business positively or negatively and will give a clear futuristic view of the industry to the decision-makers. The report contains strategic profiling of top key players in the market, a wide-ranging analysis of their core competencies, and their strategies, growths, agreements, joint ventures, partnerships, and acquisitions that apply to the businesses.

The bottom-up approach has been used to estimate the market size of the global market. A special focus has been given to each economy and arrived at a market estimate for region and global. Primary and secondary data collection methods have been used to collect the data. Secondary sources include paid sources, annual reports of key players, and manufacturing associations of industrial robotics. Detailed secondary sources are provided in the report. Primary interviews were carried out with stakeholders in the industry that including manufacturers, end users, and consultants. A combination of secondary and primary data collection made this report authentic.
Video Surveillance Storage Market Scope: Inquire before buying



Video Surveillance Storage Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 8.53 Bn.


Forecast Period 2023 to 2029 CAGR:
6.1%
Market Size in 2029:
US $ 12.91 Bn.


 Segments Covered:
by Storage Media
1. HDD
2. SSD


by Deployment
1. Cloud
2. On-Premise


by Application
1. Managed Service
2. Consulting Service
3. Training & Certification



Video Surveillance Storage Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Video Surveillance Storage Market, Key Players are:
1. Optiva, Inc. (Canada)
2. Genetec (Canada)
3. Avigilon Corporation (Canada)
4. March Networks (Canada)
5. Alcatel-Lucent SA (France)
6. Amdocs, Inc. (US)
7. Dell (US)
8. IBM Corporation (US)
9. BCDVideo (US)
10. Cisco Systems, Inc (US)
11. honeyell International, Inc. (US)
12. Pelco Corporations (US)
13. Rasilient Systems Inc (US)
14. Seagate Technology Holdings plc (US)
15. OpenEye (US)
16. Hikvision (US)
17. ExacqVision (US)
18. Verkada (US)
19. Eagle Eye Networks, Inc (US)
20. Hitachi Ltd (Japan)
21. CPPLUS International. (India)
22. Sterlite Technologies Limited (India)
23. Huawei Technologies Co., Ltd. (China)
24. SAP SE (Germany)
25. Hanwha (South Korea)
26. VIVOTEK INC. (Taiwan)

FAQs:

1. Which is the potential market for Video Surveillance Storage in terms of the region?
Ans. In the Asia Pacific region, the fast acceptance of Video Surveillance Storage Systems among business and individual users is expected to drive the market.

2. What is expected to drive the growth of the Video Surveillance Storage market in the forecast period?
Ans. The importance of Video Surveillance Storage in the Telecom sector is a major factor driving the market growth during the forecast period.

3. What is the projected market size & growth rate of the Video Surveillance Storage Market?
Ans. Video Surveillance Storage Market was valued at USD 8.53 Billion in 2022, and it is expected to reach USD 12.91 Billion by 2029, exhibiting a CAGR of 6.1% during the forecast period.

4. What segments are covered in the Video Surveillance Storage Market report?
Ans. The segments covered are Solutions, Deployment, Services, and region.