Reducing costs of the hard disk drives, increasing implementation of the surveillance systems and higher return on investments due to scalability and flexibility are playing a major role in shaping the future of video surveillance storage market. Even though the government organizations and enterprises have implemented the storage solutions for surveillance data, due to regulations of longer storage of the data, these organizations and enterprises are switching to more scalable storage solutions. Many companies are providing cost effective solutions for surveillance storage which can store data for several years cost effectively and securely.
MarketsandMarkets has segmented the global video surveillance storage market by type of storage technologies and solutions: direct attached storage (DAS), network attached storage (NAS), storage area network (SAN), digital video recorders (DVRs), network video recorders (NVRs) and unified/hybrid storage; by type of storage media: hard disk drives (HDDs), solid state drives (SSDs) and others which include linear tapes and magnetic disks; by types of deployment models: cloud deployment and on-premise deployment; by type of professional services: consulting and design, system integration and maintenance and support; by types of end-users: government and utilities, enterprises and consumer and home; and by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA).
The major forces driving this market are reducing prices of hard disk drives, growing installations of surveillance systems and higher return on investment due to scalability of these systems. Companies providing video surveillance storage solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating sophisticated storage solutions and services for the government organizations and enterprises.
MarketsandMarkets emphasizes that the global video surveillance storage market is estimated to be $4.90 billion in 2013 and is expected to grow to $10.41 billion in 2018. This represents an estimated Compound Annual Growth Rate (CAGR) of 16.3% from 2013 to 2018. In the current scenario, NA is expected to be the biggest market on the basis of spending and adoption for the video surveillance storage solutions and services. MarketsandMarkets further expects that the increasing video surveillance storage markets in the developing economies will further enhance the growth of the market.