Global Video Surveillance Storage Market Garnered around USD 8 Billion in 2021 and is Expected to Grow at ~6% CAGR during 2022-2031; Rising Demand for Cameras for Security and Monitoring to Push Growth- Kenneth Research
New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Video Surveillance Storage Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
Global Video Surveillance Storage Market Size:
The global video surveillance storage market gathered around USD 8.0 billion in 2021 and to grow with a CAGR of ~6% during the forecast period. The market expansion can be ascribed to the rising demand for cameras used for security and surveillance in a variety of locations, including businesses, banks, retail stores, and other places. According to the World Health Organization, automobile accidents cause close to 1.3 million fatalities annually. To control vehicle speed, cameras are placed along the route, and they require a suitable storage system to preserve the data.
The implementation of more video monitoring storage systems in business spaces for individual security is furthermore anticipated to fuel the expansion of the global video surveillance storage market. For instance, there were 1,045,500 brick-and-mortar outlets in 2020 in the United States. In addition to these eight major Indian urban centers had 255 retail malls as of 2018. This was an expansion from 190 malls in previous years. It is also anticipated that over 100 malls to be finished by 2022. The need for surveillance cameras are growing as there are more stores and shopping centers.
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Global Video Surveillance Storage Market: Key Takeaways
Rising Military Expenditures and Rising Number of SMEs to Drive the Market Growth
One of the key drivers of the market’s expansion is the steadily increasing number of security and surveillance cameras used in the defense sector and other industry sectors. The global market for video surveillance storage is expected to develop as a result of rising defense and security spending against terrorism threats, global smart city initiatives supported by the importance of AI for video surveillance systems, and growth in IoT applications. In 2021, global military spending increased further and surpassed USD 2.2 trillion for the first time. Spending rose for the sixth year in a row this year. 2021 saw a real-terms 0.8% rise in total worldwide military bringing it to USD 2,115 billion. U.S., China, India, the U.K., and Russia were the top five spenders in 2021, collectively accounting for 63% of expenditures. Additionally, in order to maintain security, surveillance cameras are needed in industries and warehouses. In 2019, there were 29,369 thousand Small and Medium-sized Enterprises (SMEs) in Brazil that employed 20-49 people. The rising number of enterprises and growing military spending increase the demand for surveillance cameras and video surveillance storage space and promote the expansion of the market.
Global Video Surveillance Storage Market: Regional Overview
The global video surveillance storage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Growing Demand for Video Surveillance and Expanding Smart cities to Boost the Asia Pacific Market
On the strength of the expansion in the corporate sector and an increase in the number of smart cities in emerging nations, the market in the Asia Pacific region is predicted to experience modest development over the projected period. According to the India Brand Equity Foundation (IBEF), the union budget for 2021-2022 includes UD 868 million for India’s smart cities program. Similarly, Australia and China are developing smart cities in preparation for a breakthrough. By 2025, the APAC region is projected to invest USD 810 billion in smart cities, or roughly 40.1% of the total. In near future, cities are predicted to host about 85% of all economic activity. In addition to this, these nations are adopting video surveillance for security reasons in public areas which calls for suitable storage systems. As of 2021, China was predicted to be home to roughly 545 million CCTV cameras, or 55% of all cameras in the world containing about 1.47 billion people. In China, there are over 373 .2 cameras for every 1000 persons. The Increased number of CCTV cameras and initiatives for smart cities raise the demand for video surveillance storage space.
Increasing Adoption of CCTVs and their storage to Fuel the North American Market
The global video surveillance market in the North American region is estimated to witness modest growth over the forecast period. The rising demand for CCTVs and storage space drives the market in the region. There are around 51 million CCTV cameras, i.e., 15.30 devices installed in 100 people in the U.S. in 2022. Additionally, in the U.S., residents also prefer CCTV surveillance for their homes and residential areas. For instance, in the United States, around 6.6 million users purchased electronic security systems and services from ADT company including CCTVs in 2020. The rising need for cameras and their storage drives the market expansion in the region.
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The study further incorporates Y-O-Y growth, demand & supply, and forecasts future opportunities in:
Global Video Surveillance Storage Market, Segmentation by Deployment Type
The cloud segment is anticipated to hold the biggest share over the forecast period. This is explained by the advantages of cloud deployments, including their cost effectiveness, increased scalability, and increased reliability. Over 2.5 billion users are utilizing the Google Drive storage service in 2020. A developing idea with significant business potential is video surveillance based on cloud deployment. The high level of security offered by cloud deployment is anticipated to fuel the expansion of the segment in the global video surveillance storage market. Over 120 Zettabytes of data are predicted to be in the cloud by 2025. Google Drive is currently the most prominent cloud storage platform in the world with a usage rate of 95.5 percent. The best cloud storage for collaboration, Dropbox comes in second with a still impressive 66.5 percent followed by OneDrive with 40 percent and iCloud with 39 percent.
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Global Video Surveillance Storage Market, Segmentation by Enterprise Type
The small and medium segment is estimated to hold substantial market share during the forecast period. Small and medium-sized businesses (SMEs) are the foundation of the global economy, according to the World Bank. SME enterprises make up about 95 % of all businesses worldwide and account for 55% of all jobs. Around 585 million business owners populate around the world and in 2019, there were an estimated 215.5 million enterprises operating globally. The growing number of SMEs raises the need for camera surveillance for security reasons propelling the market expansion.
Global Video Surveillance Storage Market, Segmentation by End-User
Few of the well-known market leaders in the global video surveillance storage market that are profiled by Kenneth Research are Dell Technologies, Inc., Avigilon Corporation, Quantum Corporation, Schneider Electric, Rasilient Systems, Inc., Hitachi Vantara LLC, NetApp, Inc., Seagate Technology LLC, Huper Laboratories Co., Ltd., Micron Technology, Inc., and others.
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Recent Developments in the Global Video Surveillance Storage Market
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