Global Video Surveillance Storage Market Revenue Was Valued At US$ 6035.9 Million In 2018
Video surveillance storage
is the process of storing real-time video data generated by surveillance cameras on storage devices. The data can then be recovered at a later stage for investigation of any event or actions as an evidence for a situation in either file or block format. Video surveillance systems are used for campus safety, hospital and patient safety, stadium safety, airport safety, and police safety among others. Furthermore, video surveillance cameras are used to capture significant amounts of information requiring scaling of network bandwidth and storage capacity.
The development of video surveillance storage is inseparable from the development of video surveillance technology, and the two complement each other. Throughout the development of video surveillance, I have experienced three stages: analog video surveillance, semi-digital video surveillance, and digital HD video surveillance. Digitalization, networking, integration, and intelligence are the main features of current video surveillance. This feature also affects the development trend of video surveillance storage.
Video Surveillance Storage market is highly competitive, rapidly changing, and significantly affected by new product introductions and the market activities of other industry participants. Video Surveillance Storage service providers much provide a value-added product that is easy to install and cost effective. An increase in investments in safety and security against terrorist attacks, rise in the trend of smart city projects worldwide, increase in the focus of Artificial Intelligence on video surveillance systems, and a growing trend of IoT solutions are anticipated to boost the global video surveillance storage market. Moreover, a rise in the need for highly efficient and time-saving surveillance systems at reasonable costs is a key factor driving the global video surveillance storage market. In addition, increase in demand for real-time data in the law enforcement sector for evidence of events and individuals is expected to boost the global video surveillance storage market over the forecast period. The adoption of cloud-based services for databases is expected to offer growth opportunities to the video surveillance storage market, But currently cloud-based services can't be widely used in practice.
However, lack of standardization and high initial cost are projected to restrain the global video surveillance storage market. Furthermore, an expansion in database and rise in issues related to network security are expected to hinder the global video surveillance storage market. However, an increase in focus on the innovation of video surveillance systems by many well-established and emerging players from the video surveillance storage market is expected to overcome this restraint in the near future.
The global revenue of Video Surveillance Storage market was valued at US$ 6035.9 million in 2018 and is expected to reach US$ 16651.9 million by the end of 2024, with a CAGR of 18.40% over the forecast period.
Asia-Pacific and North America are the largest market of Video Surveillance Storage. In 2018, the revenue market share of Video Surveillance Storage was about 37.66% in Asia-Pacific, while the market share in North America was about 22.72%.
As to providers of Video Surveillance Storage, Dell EMC, Western Digital, Hikvision, Quantum, Dahua Technology, Hitachi, Seagate Technology and NetApp are still having wonderful performance benefited by their high-tech and product quality, they accounted for 45.21% of the Video Surveillance Storage market in 2018.
As to applications of Video Surveillance Storage, this report focuses on these applications, Government and Defense, Education, BFSI, Retail, Transportation and Logistics, Utilities, Healthcare, Home Security and others, Utilities, Home Security and BFSI are expected to be the dominant applications over the forecast period in Video Surveillance Storage market.