Press release
Video Surveillance Storage Market 2023: Growth Drivers and Future Scenarios
Rise in installation of video surveillance system owing to security concerns and Availability of inexpensive hard disk have boosted the growth of the global video surveillance storage market. Based on region, Asia-Pacific accounted for the highest share in 2021, contributing to around two-fifths of the total market share, and is projected to continue its leadership status by 2031.
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The global video surveillance storage market size was valued at USD 12.3 billion in 2021, and is projected to reach USD 39.5 billion by 2031, growing at a CAGR of 12.3% from 2022 to 2031.
The video surveillance storage market is segmented on the basis of component, storage media, organization size, industry vertical, and region. By component, it is divided into hardware, software and services. By storage media, it is segregated into hard disk drive (HDD) and solid-state drive (SSD). By organization size, it is categorized into SMEs and large enterprises. By industry vertical, it is classified into BFSI, retail, manufacturing, healthcare & pharmaceutical, government & defense, education, media and entertainment, transportation and logistics and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on type, the hardware segment accounted for the highest share in 2021, contributing to more than half of the total share, and is expected to maintain its leadership status during the forecast period. However, the software segment is expected to manifest the highest CAGR of 14.65% from 2022 to 2031.
Based on storage media, the hard disk drive segment held the largest share in 2021, accounting for nearly three-fourths of the global video surveillance storage industry and is expected to maintain its dominance in terms of revenue by 2031. However, the solid-state drive segment is estimated to witness the largest CAGR of 14.22% during the forecast period.
On the basis of enterprise size, the large enterprises segment dominated the market in 2021, accounting for around two-thirds of the market, and is projected to maintain its leading position throughout the forecast period. However, the SMEs segment is estimated to showcase the highest CAGR of 14.23% during the forecast period.
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Based on region, Asia-Pacific accounted for the highest share in 2021, contributing to around two-fifths of the total market share, and is projected to continue its leadership status by 2031. However, the market across North America is projected to portray the fastest CAGR of 14.97% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading players of the global video surveillance storage market analyzed in the research include Carbon Black Inc., Cisco Systems, Inc., Crowdstrike Inc., Intel Corporation, McAfee, LLC, Microsoft Corporation, Palo Alto Networks, Inc., RSA Security LLC., Symantec Corporation, and Trend Micro Incorporated.
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Covid-19 Scenario:
● The Covid-19 pandemic positively impacted the adoption of video surveillance storage system.
● Companies had focused on emerging technologies such as AI, IoT, and cloud computing that reduce processing time and resource-efficient across industries such as BFSI, government, and healthcare to perform contactless operations.
● Moreover, the pandemic encouraged the use of contactless solutions such as facial recognition in video surveillance system.
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