The global video surveillance storage market is anticipated to generate revenues of USD 12,107.6 million in 2023. Demand for video surveillance storage is anticipated to increase at a CAGR of 13.7% and reach USD 43,846.1 million by 2033.
Cloud-based Video Surveillance Storage Solutions Revolutionized the Market
Healthcare Sector Contributes to the High Adoption of Video Surveillance Storage
The healthcare and pharmaceutical industries are subject to a variety of threats, including drug-related crimes, gang activity, and irate patients. To stop violent or criminal acts, security administrators have been forced to adjust safety procedures and increase video monitoring of:
This is in addition to the ongoing risk of infant abduction cases and terrorist attacks. As a result, the need for VSS (video surveillance storage) solutions in this sector is anticipated to increase.
Roadblocks in the Video Surveillance Storage Industry
Communication service providers are working with over-the-top service providers and investing in new infrastructure to address these issues.
| Attributes | Details |
|---|---|
| Video Surveillance Storage Market CAGR (2023 to 2033) | 13.7% |
| Video Surveillance Storage Market Size (2023) | USD 12,107.6 million |
| Video Surveillance Storage Market Size (2033) | USD 43,846.1 million |
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Historical Demand Analysis 2018 to 2022
The industry's resilience is demonstrated by the fact that it expanded at a CAGR of 11.6% between 2018 and 2022. It had a valuation of USD 6,950.5 million in 2018 and USD 10,800.7 million in 2022, respectively.
During the past few years, the telecom industry has grown significantly. To maintain their clientele in the cutthroat market, telecommunications companies are constantly under pressure to create novel services at lower prices.
During this period, the market saw tremendous growth due to the following factors:
Future Outlook (2023 to 2033)
Megaprojects and the growth of smart cities pave the way for a positive outlook in the sector. Video surveillance storage demand is being driven by an increase in the requirements and laws for video monitoring across industrial sectors. Several businesses globally are increasing the amount of money they spend installing video surveillance.
Large enterprises are contributing effectively to the video surveillance storage market share. Due to a rise in the adoption of technology to conduct their activities safely and securely, it is anticipated to expand at a similar pace.
Nevertheless, due to a rise in SMEs' adoption of video surveillance storage solutions globally, high profits are expected in the coming years. Due to these factors, the market is likely to have a valuation of USD 43,846.1 million by 2033 and expected an incremental opportunity of USD 31,738.5 million between 2023 and 2033.
| Countries | Market Share (2022) |
|---|---|
| United States | 18.1% |
| Japan | 6.1% |
| Australia | 2.4% |
| Germany | 7.1% |
The United States is anticipated to dominate the video surveillance storage sector, claiming the leading share throughout the forecast period. The demand for security and protection against possible dangers has increased. In turn, new and well-established businesses have emerged that provide facilities and services for video surveillance.
These developments are credited with driving the expansion of the region. The market's key competitors now have a variety of chances to diversify their product offerings. Key players are keeping up with rapidly changing technology advancements owing to increased military and defense spending.
| Country | China |
|---|---|
| CAGR (2023 to 2033) | 13.1% |
| Country | India |
|---|---|
| CAGR (2023 to 2033) | 15.3% |
The need for storage facilities and the widespread use of video surveillance in many sectors are driving this market. Government attempts in China to install surveillance cameras in public areas including cities, schools, churches, and airports further fuel market expansion.
Business development is also developing in India as a result of rising government investment in smart city policies and public protection initiatives. One of the primary factors influencing the area's extensive acceptance of video surveillance storage systems is the availability of inexpensive equipment.
The Global System for Mobile Communications Association estimates that 4G internet is used by about 93% of people in Asia Pacific. Customer relationship management is another important growing application area that is boosting the market share of the Asia Pacific region globally.
By 2033, the United Kingdom is anticipated to have a significant market CAGR of 11.3%. Growth is attributed to the existence of both established and up-and-coming firms offering video surveillance storage solutions and services.
Growing demand for safety and protection against terrorist threats is also responsible for high market share. For instance, the partnership between Colt Technology Services and IBM took a new turn when they teamed together to launch a brand-new Industrial 4.0 lab in the United Kingdom. Companies test out edge cloud services in this lab.
| Category | Type |
|---|---|
| Top-segment | Network Attached Storage |
| Market Share (2022) | 29.2% |
| Category | Storage Media |
|---|---|
| Top-segment | Hard Disk Drives |
| Market Share (2022) | 52.3% |
NAS systems are designed to be simple to use, with streamlined setup and management procedures. Due to its simplicity of use, NAS is a preferred option for individuals, small businesses, and even key corporations.
It is expected to dominate the market due to the rising cloud-based solutions. Every NAS system offers cloud storage service integration, enabling organizations to make use of both on-premises and cloud-based storage advantages.
In multiple applications, including video surveillance, hard disk drives have a demonstrated track record of dependability and longevity. The adoption of hard disk drives is ideally suited since they are built to handle continuous read and write operations.
The hard disk drives market keeps innovating and introducing improvements, including larger area density, faster read/write rates, and more dependability. The performance and effectiveness of HDDs are improved by these technical developments, which increases their attractiveness for storage applications related to video surveillance.
Key drivers of market expansion are the steadily increasing number of security and surveillance cameras used in the military/defense. The demand for video surveillance technology is expected to increase due to rising defense and security spending.
This is in response to terrorist threats, supported by the significance of AI in video surveillance systems, and growing IoT applications. During the forecast period, demand for video surveillance storage services increased due to the necessity of adhering to legal security requirements.
Video Surveillance Storage Service Providers Focus on Leading Solutions
To acquire a competitive edge in the market, manufacturers and companies are concentrating on providing improved and sophisticated video surveillance storage solutions.
To meet the growing customer demand, key firms are increasingly concentrating on research and development investments. There are several chances for key companies to diversify their product offerings, due to the rising demand for surveillance solutions from the military and defense industry.
One of the primary business strategies used by manufacturers in the video surveillance storage industry to help customers is local manufacturing to reduce operating costs. In recent years, the market has provided some crucial benefits.
Nowadays, service providers' top issue is still cybersecurity. Leading figures are concentrating on excellent strategies to overcome this obstacle.
For example, An American cybersecurity technology business with its headquarters in Austin, Texas is called CrowdStrike Holdings, Inc. It offers services for managing cloud workloads, securing endpoints, gathering threat data, and responding to cyberattacks.
A key provider of observability and high-performance cloud log management solutions, Humio was acquired by CrowdStrike Holdings. By ingesting and correlating data from any log, application, or feed, the purchase allows CrowdStrike to further develop its extended Detection and Response (XDR) capabilities and provide useful insights and real-time security.
Recent Developments
The global video surveillance storage market is valued at USD 12,107.6 million in 2023.
The key players in the video surveillance storage market are Hikvision, Dahua Technology, and Milestone Systems.
The hard disk drive (HDD) segment is the largest and is expected to remain dominant throughout the forecast period.
Players opt for mergers and acquisitions, partnerships, and product launches.
China, India, and Japan dominate the Asian market.
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Video Surveillance Storage Market
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