Press release
Video Surveillance Storage Market Size Expected to Reach USD 123.8286 Billion by 2030
The video surveillance storage market is experiencing significant growth driven by various factors such as increased investments in safety and security, the rise of smart city projects, the focus on Artificial Intelligence in video surveillance systems, and the growing trend of IoT solutions.
Additionally, the demand for highly efficient and time-saving surveillance systems at reasonable costs, as well as the need for real-time data in the law enforcement sector, are key factors driving the global video surveillance storage market.
The market is witnessing substantial growth opportunities due to the increasing installations of surveillance systems across various industry verticals, as well as the growing popularity of cloud-based storage and the need to comply with security regulations. However, challenges such as the risk of vendor lock-in and the high cost associated with the deployment of storage systems are factors that may limit the market's growth.
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Market Size and Projections:
The Video Surveillance Storage Market is projected to grow from USD 42.4367 Billion in 2023 to USD 123.8286 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 19.54% during the forecast period (2023 - 2030).
Key Companies in the Video Surveillance Storage Market include,
Cisco Systems (U.S.)
Dell (U.S.)
Hitachi Ltd. (Japan)
Seagate Technology LLC (U.S.)
NetApp (U.S.)
Robert Bosch GmbH (Germany)
Honeywell International Inc. (U.S.)
Avigilon Corporation (Canada)
Schneider Electric SE (France)
Storage Media and Technology:
The market is witnessing a shift towards the use of hard disk drives (HDD) as the primary storage media, holding the highest market share in the storage media segment. Additionally, the use of network-attached storage (NAS) and direct-attached storage (DAS) are key components driving the video surveillance storage market, with direct-attached storage being influenced by the impact of COVID-19.
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Industry Trends and Challenges:
The increasing installations of surveillance systems across all industry verticals promise significant growth opportunities for the video surveillance storage market .
However, challenges such as the risk of vendor lock-in and the high cost associated with the deployment of storage systems are factors that may limit the market's growth.
Furthermore, the absence of awareness concerning the availability of storage systems and technologies, as well as the cost of expanding bandwidth, are identified as restraining factors for the video surveillance storage market.
In conclusion, the video surveillance storage market is experiencing substantial growth driven by factors such as increased investments in safety and security, the rise of smart city projects, and the growing trend of IoT solutions. The market is projected to witness significant expansion, particularly in regions like India, and is characterized by a shift towards the use of hard disk drives as the primary storage media. However, challenges related to vendor lock-in and high deployment costs are factors that may impact the market's growth.
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