Video Surveillance Storage Market Expected to Reach $39.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Video Surveillance Storage Market," The video surveillance storage market size was valued at $12.3 billion in 2021, and is estimated to reach $39.5 billion by 2031, growing at a CAGR of 12.3% from 2022 to 2031.

Video surveillance storage is the process of storing real-time video data produced by surveillance cameras on a storage device. The data can then be retrieved at a later stage to examine the event or action as evidence of the state in file or block form. Video surveillance systems are used for campus safety, hospital and patient safety, stadium safety, airport safety, and police safety. In addition, video surveillance cameras are used to capture large amounts of information that require scaling of network bandwidth and storage capacity. Furthermore, factors such as rise in demand for highly efficient and AI vision-based surveillance systems, drive the growth of the market. In addition, the proliferation of AI edge computing and analytics for security purposes and the rise of the ‘as a service’ business model further drive the growth of Video Surveillance Storage Market Trends. Furthermore, increase adoption of emerging technologies such as cloud computing and IoT as well as increases focus on the responsible and ethical use of technology are expected to provide lucrative growth opportunities for the market in the upcoming years. However, security issue over cloud-based storage and high cost of innovation and budget constraints hampers the market growth.

Depending on organization size, the large enterprises dominated the video surveillance storage market share in 2021, and is expected to continue this trend during the forecast period due to increase in adoption of video surveillance storage in large enterprises to operate business safely and securely. However, the SMEs segment is expected to register highest growth rate in the upcoming years, owing to increase in usage of video surveillance storage solutions by SMEs globally.

Region wise, the video surveillance storage industry was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to rise in usage of video surveillance storage in government, commercial, residential and industrial sector for security purposes.

The global COVID-19 pandemic has positively impacted adoption of video surveillance storage system, owing to lockdowns imposed by governments of different countries. Moreover, post COVID-19 situation, companies are focusing on emerging technology such as AI, cloud computing, Internet of Things (IoT), data analytics, and edge-based solutions that reduce processing time and resource-efficient across industries such as BFSI, healthcare, and government to perform contactless operation. Thus, drive adoption of the video surveillance storage market globally. Furthermore, COVID-19 has prompted the increased use of touchless solutions such as facial recognition access control and the use of solutions such as license plate recognition could become more popular in the video surveillance system in the upcoming year as customers look to minimize physical contact risk. Such benefits will provide numerous opportunities for the market growth during the forecast period.

KEY FINDINGS OF THE STUDY

• By component, the hardware segment accounted for the largest video surveillance storage market forecast in 2021.
• By region, North America generated highest revenue in 2021.
• By industry vertical, the government & defense segment generated the highest revenue in 2021.

The key players that operate in the video surveillance storage market analysis are 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the video surveillance storage industry.