Video surveillance systems are rapidly replacing traditional systems as a safer option. They provide details of a possible danger at early stage and also deter the criminals by their presence at different important locations. Storage of the surveillance data collected by video security systems is an issue requiring immediate attention for many enterprises. Growing adoption of these surveillance systems is contributing to the saturation of data by large margins. Growth in demand for the storage systems is creating growth prospects in the global video surveillance market. Technological advancements and dropping prices of storage options are also expected to create better opportunities for the existing players in the industry.
Drivers and Restraints
The global video surveillance storage market is strongly driven by the rising demand for the surveillance systems across different industrial verticals. Growth in installation of advanced surveillance systems, reducing prices of hard disk drives, and high return on investment are some of the major driving factors for the global video surveillance storage market. Growth in demand for video surveillance directly reflects on the rising demand for the storage systems. Technological advancements and innovative storage solutions are also expected to create better growth opportunities for the industry. Lack of knowledge about the storage technologies and requirement of large bandwidth are expected to the crucial restraining factors for the global market.
Experts segment the global video surveillance market into different types of storage technologies, media, deployment, end-users, professional services and geographic regions. Following are the details of this segmentation in the industry:
- Technologies: DAS, NVR, SAN, DVR, NAS, & unified/hybrid storage
- Services: System integration, consulting, designs, maintenance & support
- Media: Solid state drives (SSD), hard disk drives (HDD) and others
- Deployment: On-premise and cloud deployment
- End-User: Enterprises, government, utilities, home and consumer
- Geography: EU, NA, LATAM, MEA, and APAC
Future Growth Opportunities
According to the experts, video surveillance storage market is expected to grow at an impressive CAGR of over 16% by 2018. At the projected growth rate, the market is expected to reach past $10.41 billion by the end of the year 2018, which was poised at $4.90 billion in 2013. During the next few years, growing rate of adoption from emerging markets is expected to be a crucial growth factor for the global market. Descending prices of storage drives are also expected to trigger demand in the storage devices in consumer, government, and home segments of the global market. During the forecasting period, North America is expected to dominate the global market. Asia Pacific on the other hand is expected to witness impressive growth in terms of CAGR.