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The video surveillance industry has developed from a nostalgic roll-out of traditional CCTV cameras to a sector powered by technology development efforts such as Smart Cities, IoT, and cloud. Solutions include a diverse environment that involves sensors, media, applications, numerous hardware, and professional services. Video surveillance storage refers to the device for storing data collected from security and surveillance cameras. Video surveillance plays a critical function in defense by being able to capture visual imagery and to track it at a later time, if necessary. The video surveillance system has benefits such as the capacity to store optimized data and the increased accuracy of the footage received.
The ever-growing number of security and surveillance cameras across military and defense and other industry verticals is one of the major factors for the growth of the market. Rising expenditures on defense and security against terrorism threats, rising patterns in smart city initiatives worldwide backed by the importance of Artificial Intelligence on video surveillance systems, and a growing increase in IoT applications are projected to improve the global demand for video surveillance technology. Furthermore, the growing adoption of cloud-based storage, combined with the need to comply with the required security regulations, is also anticipated to fuel the growth of the demand for video surveillance services over the projected period.
Key Market Driver -
• An increase in investments in safety and security against terrorist attacks • Increasing regulations for video surveillance across industries and regions is driving the market growth
Key Market Restraint -
• The high cost of storage solutions and lack awareness is expected to impede the market growth
The COVID-19 is expected to have a positive impact on the video surveillance storage market. With the spread of coronavirus, an increasing number of businesses have deployed thermal imaging and security cameras to track quarantine measures and keep their facilities safe from increased exposure to the coronavirus. Thus the adoption of video surveillance solutions is likely to witness growth during the next years.
Various manufacturers and businesses are focused on offering enhanced and advanced video surveillance storage solutions to gain a competitive edge in the market. Key players are also focused on R&D investments to cater to the rising demand from the consumers. Increased demand for security and surveillance solutions from the military and defense sector is expected to create numerous opportunities for key players to expand their product portfolio. Some of the key players in the video surveillance storage market are Hitachi Vantara, NetApp, Avigilon Corporation, Seagate Technology LLC, Schneider Electric, Quantum Corporation, Huawei Technologies Co., Ltd., Rasilient Systems Inc., Nexsan, Inc., and others.
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North America is anticipated to dominate the industry by gaining maximum share over the forecast period. The growth of the region is attributed to a rise in the demand for security and defense against potential threats and the emergence of well-established and new companies offering video monitoring facilities and services. Moreover rising expenditure on military and defense verticals has created numerous opportunities for key players in the market to expand their product portfolio and meet constantly evolving technological changes.
Asia Pacific is projected to exhibit strong growth during the forecast era. The proliferation of video surveillance through different industries and the need for storage facilities are driving the demand in this area. Government initiatives in ASEN countries to install video surveillance cameras in public places, such as cities, educational buildings, religious places, and airports further boost the market growth. Growing policy spending in smart cities and public protection programs in the Asia-Pacific area is also increasing business development. The availability of low-cost devices is one of the main reasons for the widespread acceptance of video surveillance storage systems in the area.
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