Video Surveillance Storage Market Growing at a CAGR 18.1% | Key Player Cisco, Hitachi, Honeywell, Avigilon, NetApp

May 25 15:49 2020
Video Surveillance Storage Market Growing at a CAGR 18.1% | Key Player Cisco, Hitachi, Honeywell, Avigilon, NetApp

Cisco (US), Hitachi (Japan), Dell (US), Honeywell (US),Avigilon (Canada), NetApp (US), Bosch (Germany), Seagate (US), Quantum (US), and Schneider Electric (France)
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

MarketsandMarkets forecasts 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 CAGR of 18.1% during 2019–2024. Major growth factors for the market include the adoption of IP cameras and demand for video surveillance and its storage to secure public places.

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.

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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 theaters. Video surveillance systems are installed in all these places; therefore, these systems demand huge storage capacity.

Video surveillance storage is an important segment of the overall video surveillance system setup. It refers to the process of storing data generated by surveillance cameras connected to storage devices. This real-time data gets stored in the storage devices that consist of storage media, such as Hard Disk Drives (HDDs) and Solid State Drives (SSDs), and connects directly or over the network. The data stored on these devices can later be retrieved for analysis in case of any unwanted occurrence of an event. The growing video surveillance market is complementing the surveillance storage market.

The major VSS vendors operating in the market include Cisco (US), Hitachi (Japan), Dell (US), Honeywell (US), Avigilon (Canada), NetApp (US), Bosch (Germany), Seagate (US), Quantum (US), and Schneider Electric (France).

NetApp was founded in 1992 and is headquartered in California, US. The company is one of the leading providers of hybrid cloud data services. It specializes in network storage, cloud computing, storage efficiency, information management, data storage, and hybrid cloud. It operates through 3 reportable segments, namely, product, hardware maintenance and other services, and software maintenance. In the VSS market, NetApp offers Video Surveillance Storage Solution and the NetApp E-Series storage solution. In May 2019, NetApp launched NetApp ONTAP 9.6. NetApp ONTAP 9.6 is a cloud-based flash solution. ONTAP is capable of storing high-quality video surveillance footages.

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Seagate was founded in 1979 and is headquartered in California, US. The company is one of the leaders in offering electronic data storage solutions. It specializes in external storage, internal storage, cloud storage, small business storage, portable storage, networking, home entertainment, storage solutions, and data recovery. The company’s main products are HDDs. The company offers SMEs data storage services, such as online backup, data protection, and recovery solutions. In March 2019, Seagate launched the Seagate SkyHawk 14 Tera Byte (TB) hard drive. The hard drive is designed for network video recorders. An AI model is offered with the Seagate SkyHawk 14TB hard drive for supporting frame recognition streams.

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