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Video Surveillance Storage Market Report 2024 - Video Surveillance Storage Market Size, Growth, And Trends
Video Surveillance Storage Market
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According to The Business Research Company's, The video surveillance storage market size has grown exponentially in recent years. It will grow from $22.91 billion in 2023 to $27.76 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to surge in surveillance deployments, transition to ip-based systems, rise in high-definition cameras, data retention requirements, security concerns and incident management.
The video surveillance storage market size is expected to see exponential growth in the next few years. It will grow to $58.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to market entry of new players, market competitiveness, advancements in data management, cost-effective and scalable solutions, vertical-specific demands. Major trends in the forecast period include adoption of edge storage, cost-efficiency and roi focus, hybrid storage approaches, cloud-based storage solutions, integration of video analytics.
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Market Drivers and Trends:
A rise in cyberattacks is expected to propel the growth of the video surveillance storage market going forward. Cyberattacks refer to deliberate and malicious attempts by individuals, groups, or entities to exploit vulnerabilities in computer systems, networks, or digital devices for unauthorized access, disruption, damage, or theft of information, resources, or financial assets. The use of video surveillance storage is crucial in preventing cyberattacks on surveillance systems, ensuring data integrity, and safeguarding against unauthorized access to sensitive footage. For instance, in January 2023, according to the new data provided by Checkpoint, an Israel-based provider of software and hardware products for IT security global cyberattacks increased by 38% in 2022, compared to 2021. Therefore, the rise in cyberattacks is driving the video surveillance storage market.
Technological advancements are a key trend gaining popularity in the video surveillance storage market. Major companies are focusing on cloud-based video surveillance storage for efficient and massive storage. With cloud-based video surveillance storage, the captured video is moved to the cloud and has infinite storage space. For instance, in September 2021, Ava Security, a US-based company specializing in unified physical and cyber security, launched Ava Cloud Storage. Ava Cloud Storage allows users to intelligently back up their video content in the cloud, ensuring a trustworthy, economical, and convenient archive for as long as possible. With this, the customer no longer needs to acquire the entire film 24/7 and may be more strategic about video storage. This strategic storage is achieved because Ava Cloud Storage uses machine learning-based Smart Recording to evaluate which activities or occurrences are relevant.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cisco Systems Inc., Dell Technologies Inc., Hitachi Ltd., Seagate Technology LLC, Robert Bosch GmbH, Avigilon Corporation, Schneider Electric SE, Hangzhou Hikvision Digital Technology Co. Ltd., Panasonic Corporation, Pelco Incorporated, Huawei Technologies Co. Ltd., Axis Communications AB, BCDVideo LLC, Dahua Technology Co. Ltd., FLIR Systems Inc., AxxonSoft Inc., Bosch Security Systems, Inc., Digital Watchdog Inc., Exacq Technologies Inc., Genetec Inc., Hanwha Vision, Hewlett Packard Enterprise Company, Intransa Inc., March Networks Corporation, Milestone Systems, NetApp Inc., NICE Systems Ltd., Pivot3, Promise Technology Inc., QNAP Systems Inc., Quantum Corporation, Razberi Technologies Inc., Salient Systems Corporation, Synology Inc., Toshiba Corporation, Western Digital Corporation
Video Surveillance Storage Market 2024 Key Insights:
• The video surveillance storage market size is expected to see exponential growth in the next few years. It will grow to $58.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%.
• Possible Terrorist Attacks Are Anticipated To Fuel The Video Surveillance Storage Market
• Technological Advancements In The Video Surveillance Storage Market
• North America was the largest region in the video surveillance storage market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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