Video Surveillance Storage Market worth $17.5 billion by 2024
According to a research report "Video Surveillance Storage
Market by Product (SAN, NAS, DAS, and video recorders),
Storage Media, Enterprise Size, Application (Commercial, City Surveillance,
Industrial), Deployment Mode, Vertical (Education, BFSI), and Region - Global
Forecast to 2024", published by MarketsandMarkets, the global Video
Surveillance Storage (VSS) market size to grow from USD 7.6 billion in 2019 to
USD 17.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.1%
during 2019–2024.
The factors driving the market growth are the adoption of IP
cameras and demand for video surveillance and its storage to secure public
places. On the other hand, the low awareness of the availability of storage
technologies and systems may restrain the market growth.
Browse 129 market data Tables and 37 Figures spread through
170 Pages and in-depth TOC on "Video Surveillance Storage Market - Global Forecast to 2024"
Market Players
The Video Surveillance Storage
Market report provides the competitive landscape and company profiles of
key vendors. Major vendors in the global VSS market include Cisco (US), Hitachi
(Japan), Dell (US), Honeywell (US),Avigilon (Canada), NetApp (US), Bosch
(Germany), Seagate (US), Quantum (US), and Schneider Electric (France).
The transportation and logistics
vertical to hold the largest market size during the forecast period
The VSS
market study covers different verticals, including government and defense,
education, Banking, Financial Services, and Insurance (BFSI) , transportation
and logistics, healthcare and pharmaceutical, manufacturing, media and
entertainment, retail, and others (IT and telecommunications, legal, and
construction). These verticals are expected to witness the high adoption of VSS
solutions to achieve various benefits, including increased employee efficiency,
reduced crime rate, and secured public places. Among these verticals, the
transportation and logistics vertical is expected to hold the largest market
size during the forecast period. It is investing a huge amount in installing
video surveillance systems for monitoring traffic, preventing accidents, and
conducting accidental investigation.
Among applications, the city
surveillance segment to grow at the highest CAGR during the forecast period
Based on
applications, the VSS market has been segmented into commercial,
defense/military, city surveillance, and industrial. The city surveillance
segment is expected to hold the largest market size and highest growth rate.
The city surveillance application helps in monitoring traffic and securing
airports, seaports, stadiums, and theatres. Video surveillance systems are
installed in all these places; therefore, these systems demand huge storage
capacity.
Asia Pacific to hold the largest market size during the
forecast period
Asia Pacific (APAC) is expected to
hold the largest market size in the global Video Surveillance Storage Market.
There is a rise in competition in the VSS market, due to the increasing number
of smart cities in the countries such as India and China demanding video
surveillance storage systems to monitor and analyze public places for security
purposes. The governments of Japan, Australia, India, South Korea, New Zealand,
and Singapore are investing in smart city projects for monitoring traffic, and
protecting their citizens and public places. Due to these contributions to the
VSS market, APAC is expected to witness strong growth.
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