Video Surveillance Storage Market Worth $17.5 Billion by 2024 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Dec. 13, 2019 /PRNewswire/ -- According to the new market 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(TM), 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.
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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.
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129 - Tables
37 - Figures
170 - Pages
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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.
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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.
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).
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