India’s video surveillance storage market is showing strong potential over the next several years due to increased popularity of video surveillance as a monitoring tool, the emergence of high-resolution cameras as well as other technology advancements. That was the conclusion reached by a recent research report by 6
India's video surveillance storage market is showing strong potential over the next several years due to increased popularity of video surveillance as a monitoring tool, the emergence of high-resolution cameras as well as other technology advancements.
That was the conclusion reached by a recent research report by 6Wresearch, which forecasted that India's video surveillance storage market would grow at a compound annual growth rate of 10.5 percent between 2018 and 2024.
“India video surveillance market is exhibiting substantial growth as a result of growing consumer awareness regarding significance of video surveillance for security and continuous monitoring,” the research note said. “In addition, flourishing video surveillance market coupled with surging adoption of high-resolution cameras are resulting in higher demand for video surveillance storage solutions. Continuous advancement in storage technologies, smart cities development as well as increasing installation of CCTVs across verticals such as banking, financial services and investment (BFSI), retail, hospitality and healthcare are further complementing the growth of video surveillance storage market in the country.”
According to the report, about half of the total revenue generated in India's video surveillance storage market in 2017 came from the government, transportation, commercial offices and IT/IT-enables services segments. Meanwhile, cloud storage, which has gained momentum throughout the world due to it being a more cost-effective storage solution over on-premise storage, is seeing further market acceptance in India as well.
“In terms of mode of deployment, on-premise storage bagged maximum revenue share followed by cloud storage. Although verticals such as government and BFSI restrict adoption of cloud storage for data security concerns, customers are switching towards cloud based technology as it provides improved accessibility and cost effectiveness; cloud storage is projected to display highest growth rate during the forecast period,” the report noted.
As for the near future, storage will experience growth due to many factors, including deployment of high-resolution cameras. “With declining prices of cameras and increasing awareness, end consumers have registered rising demand for high-resolution cameras with 1080p resolution in comparison to traditional-based 720p resolution. Surging adoption of high resolution CCTV is resulting in increasing demand for advanced video surveillance storage solutions,” said Anuj Mehrotra, Senior Research Analyst at 6Wresearch.
Advanced compression technologies will also play a role in driving storage market growth. “Ultra-high-definition surveillance cameras with 4K resolution are yet to gain wide adoption in India as higher bandwidth and data storage requirements are hindering its market growth. High Efficiency Video Coding (HEVC), H.265, is the newest video compression technology which enables streaming of high quality videos in a faster way and also offers storage reduction,” Mehrotra said.
In terms of storage technology, storage-attached networks (SAN) is expected to experience the highest growth, the report said. “Among different video surveillance storage technologies, NAS (Network Attached Storage) technology gained highest revenue share in 2017 followed by DAS (Direct Attached Storage) and SAN. However, SAN is anticipated to exhibit highest growth rate during the forecast period, attributed to growing acceptance of SAN across larger applications including city surveillance, transit system management, and monitoring of large institutions/premises,” said Suman Gautam, Research Associate at 6Wresearch. “Furthermore, multi-tier storage solution is one of the key trends across video surveillance storage market offering video data retention for longer time period which is helpful in post recording analysis of video feeds.”
According to the report, some of the major players in the India video surveillance storage market include Dell EMC, NetApp India, Quantum Seagate, Huawei Technologies, Cisco Systems and Western Digital.