Forecast: Video Surveillance Storage Market Worth $18B by 2020
Research firm Markets and Markets projects a compound annual growth rate (CAGR) of 22.41% from 2015 to 2020.
DALLAS – The video surveillance storage market is expected to reach $18.28 billion by 2020, posting a compound annual growth rate (CAGR) of 22.41% from 2015 to 2020, according to a report published by research firm Markets and Markets.
The market is broadly segmented into storage technologies, storage media, deployment models, services, verticals and regions. Storage technologies include: storage area network (SAN), direct attached storage (DAS) and network attached storage (NAS). SAN technology is further sub segmented into fiber channel (FC) SAN, Internet small computer system interface (iSCSI) and fiber channel over Ethernet (FCoE).
The storage media includes hard disk drives (HDDs) and solid state drives (SDDs). The types of services considered include system integration, consulting and design service, and maintenance and support service.
The report segments vertical markets into government and defense, education, banking/financial services, retail, utilities, health care, home security, among others. The market is also segregated into five major regions, namely, North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa.
Video surveillance storage has emerged from a simple data recording to sophisticated storage of data using technologies that can be analyzed and retrieved, whenever required. The stored data can also be used as footage to uncover an unwanted event, in case of theft and various such scenarios.
Among market drivers, the report cites norms that are being imposed by governments to store data for a specific period of time. Falling prices for HDDs is allowing end users to store large volume of data, further encouraging the demand for surveillance storage space.
A number of factors such as developing economies with increasing adoption of video surveillance systems are creating positive impact on the growth of the video surveillance storage market. North America is expected to command the highest global market share at 38.6% by 2020. Middle East and Africa followed by Asia-Pacific are projected to grow at the highest CAGR.
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