Video Surveillance Storage Market Size Reach USD 39.5 Billion by 2031
Introducing new IP-based digital technologies to detect & prevent undesirable behaviors such as shoplifting, theft, vandalism & terror attacks fueling market.
PORTLAND, PORTLAND, OR, UNITED STATE, March 27, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Video Surveillance Storage Market Size Reach USD 39.5 Billion by 2031.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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.
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Increase in installation of video surveillance systems due to growing security concerns is driving the growth of video surveillance storage market. In addition, advances in storage technology and the availability of inexpensive hard disk drives drive the growth of the video surveillance storage market. In addition, increase in government regulations for installing video surveillance systems in certain public places fuels the video surveillance storage market growth.
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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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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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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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.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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