SecurityWorldMarket

05/07/2020

Video surveillance storage market predicted to grow to $10.2 billion

Northbrook, Il

Marketsandmarkets forecasts the Video Surveillance Storage (VSS) market to grow from USD 7.5 billion in 2020 to USD 10.2 billion by 2025, at a CAGR of 6.1% during the forecast period. The factors driving the market growth are the adoption of IP cameras and a growing 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, suggests the research company.

Vertical sectors are expected to witness a 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. This sub-sector is investing a huge amount in installing video surveillance systems for monitoring traffic, preventing accidents, and conducting accidental investigation.

Based on applications, the city surveillance segment is expected to hold the largest market size in the VSS market up to 2025. The city surveillance application helps in monitoring traffic and securing airports, seaports, stadiums, and theatres. Whereas, the industrial vertical is expected to grow at the highest CAGR during the forecast period. The constant need to monitor manufacturing plants that deal with high grade raw materials, chemicals, and precious metals is the top priority in industrial applications. VSS solutions help such industries to avoid thefts and accidents in the workplace and maintain a proper decorum.

In terms of geography, the analysts expect the Asia Pacific (APAC) region to hold the largest market size in the global VSS market. There is a rise in competition in the VSS market, due to the increasing number of smart cities in 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, 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 VSS market report provides the competitive landscape and company profiles of key vendors and mentions major vendors, such as Cisco, Hitachi, Dell, Honeywell, Avigilon, Bosch, Seagate, Quantum, Schneider, Fujitsu, BCDVideo, Nexsan, Idis, Qognify, Genetec, Axis amongst others.


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