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™, 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.
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.
Browse in-depth TOC on "Video Surveillance Storage Market"
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.
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.
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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.