Security And Surveillance Storage Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 14.48 Billion |
| Market Size (2029) | USD 22.22 Billion |
| CAGR (2024 - 2029) | 8.94 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Security And Surveillance Storage Market Analysis
The Security And Surveillance Storage Market size is estimated at USD 14.48 billion in 2024, and is expected to reach USD 22.22 billion by 2029, growing at a CAGR of 8.94% during the forecast period (2024-2029).
Security has been a major concern in many industry verticals, such as banking, financial services, and insurance (BFSI), retail, and healthcare. The growing use of security and surveillance systems drives the demand for storage solutions.
- Rising criminal activities around the world have resulted in the increasing installation of surveillance systems across all verticals, creating significant growth opportunities for the security and surveillance storage market. For instance, according to the Council on Criminal Justice, thefts and robberies in major cities across the United States increased by around 20% in the first half of 2022.
- Further, the use of cloud storage, which refers to the method of storing surveillance footage in the cloud, has been growing in popularity in recent years. Unlike traditional CCTV systems, modern surveillance systems that store footage in the cloud provide organizations with a simple and effective way to scale video storage to meet retention requirements. Devoid of the limitations of on-premise recorders like NVRs and DVRs, cloud camera systems are quickly becoming a popular option among fast-growing businesses.
- Moreover, significant support from governments of different countries in smart city initiatives across the world has a positive contribution to market growth. The development of smart cities is expected to fuel the installation of surveillance systems, thereby driving the demand for security and surveillance storage systems.
- Further, the high product and installation costs related to surveillance systems and storage solutions might offer some challenges to the market growth. Also, the rising incidents of cyber-attacks against video surveillance systems hinder market growth.
Security And Surveillance Storage Market Trends
Healthcare Sector to Occupy Considerable Share
- Hospitals feature expensive machines, equipment, restricted drugs, and confidential data. Protecting such assets is important to ensure the continuity of a hospital without disputes. As such, surveillance systems are used to secure healthcare centers from different security threats.
- Also, a study by the Crisis Prevention Institute (CPI) found that the majority of occupational violence (70%) occurs in healthcare settings. The use of surveillance systems allows live security staff to become aware of such incidents as they occur so they can respond accordingly. It also provides evidence to assist law enforcement in investigations and protect hospital management in liability claims.
- To keep the staff, patients, and visitors safe, hospitals can utilize a wide range of security measures, including CCTV cameras, duress alarms for staff members, or electronic access control systems for doorways. For instance, smart CCTV cameras broadcast live video footage 24/7, helping responders track all aspects of a hospital.
- Further, healthcare centers that have implemented CCTV cameras with cloud storage can store the recorded video and data safely on the cloud. Authorized security professionals can access the digital storage remotely anytime on network servers, NVRs, and hard drives.
- Remote monitoring and data storage are among the most crucial aspects of hospital security surveillance. With digital storage, users are easily able to access recorded data to manage emergencies based on factual information.
- According to Identity Theft Resource Center, the number of annual number of data compromises in the United States for healthcare sector has increased from 306 breaches in 2020 to 809 in 2023. The rise in data theft of healthcare organisations is further expected to boost the demand for the studied market.
Asia Pacific to Grow at a Significant Rate
- Currently, India is one of the largest global destinations in the retail space. In recent years, the retail industry in India has been becoming increasingly more dynamic and fast-paced, owing to the entry of many new players. The industry accounts for over 10% of the country's gross domestic product (GDP) and around 8% of the employment (as per the India Brand Equity Foundation (IBEF)).
- For retail stores, loss prevention plays an important role in effectively maintaining profit margins. The presence of surveillance systems like security cameras can act as a deterrent against shoplifting and retail theft, such as under-ringing either by checkout staff or by customers at self-checkout. Thus, the expanding retail sector in the region offers considerable growth opportunities for the market.
- Further, the healthcare market in India was forecasted to reach USD 372 billion by 2022, primarily driven by rising income, better health awareness, lifestyle diseases, and increasing access to insurance, as per IBEF. Moreover, the Indian government planned to introduce a credit incentive program of INR 500 billion (USD 6.8 billion) to boost the country's healthcare infrastructure. Such investments also help to create a positive outlook for the sector, thereby accelerating the demand for surveillance and security systems.
- The use of security cameras is on the rise in China. The country is home to some of the world's most surveilled cities. Also, China's national surveillance programs use varying degrees of data fusion. For instance, the Sharp Eyes program pulls data from a wide variety of sources, including surveillance cameras and vehicle and license plate recognition cameras.
- Moreover, in March 2023, the Ministry of Finance announced that China would increase defense spending in 2023 by 7.2% to CNY 1.56 trillion (USD 230 billion). With surveillance systems playing an important role in the defense strategy of site security officers, such investments also indicate the growth potential for the market.
Security And Surveillance Storage Industry Overview
The competitive landscape in the security and surveillance storage market is characterized by moderate rivalry. This is primarily due to the presence of numerous large vendors who hold significant market share and possess well-established distribution networks. Leading companies within this market actively engage in mergers and acquisitions (M&A) and form strategic partnerships to expand their reach and increase their market presence. Notable vendors in this sector include Honeywell, Cisco, Dell Technologies, and NetApp.
In September 2022, VIVOTEK unveiled its cloud-based video surveillance service, VORTEX, in the United States. As part of this launch, the company offered VORTEX video management software and cloud storage services at no cost with the purchase of any VORTEX cameras between September 1 and December 31, 2022.
In March 2022, Quantum Corporation introduced the Unified Surveillance Platform (USP), a robust, flexible, and secure software platform designed for recording and storing video surveillance data. Additionally, Quantum Corporation launched a new range of Smart Network Video Recording Servers (NVRs).
Security And Surveillance Storage Market Leaders
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Cisco Systems
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Honeywell International
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Dell Technologies
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NetApp
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Rasilient Systems
*Disclaimer: Major Players sorted in no particular order
Security And Surveillance Storage Market News
- May 2023: Tdsi unveiled its latest innovation, Gardisvu, a cutting-edge video management solution. This hybrid-cloud-based CCTV offering has been meticulously designed to seamlessly integrate with and enhance the Gardis ecosystem, a comprehensive suite of integrated access control and security solutions. Gardisvu's hybrid-cloud architecture combines on-premises video storage with cloud-based supervision and monitoring, delivering a powerful solution for enhanced security.
- February 2023: Wasabi Technologies revolutionized the surveillance industry with the introduction of the Wasabi surveillance cloud. This groundbreaking technology empowers organizations to effortlessly transfer their video surveillance data from local storage to the cloud, ensuring an uninterrupted and unlimited capacity for their surveillance needs.
Security And Surveillance Storage Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness- Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Industry Value Chain Analysis
4.4 Impact of Macro Trends on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Necessity for Surveillance across Industry Verticals
5.1.2 Growing Investments by Governments and Stakeholders for Developing Smart Cities
5.2 Market Challenges
5.2.1 High Cost of Storage Solutions
6. MARKET SEGMENTATION
6.1 By Product
6.1.1 NAS
6.1.2 SAN
6.1.3 DAS
6.1.4 Other Products
6.2 By Storage Media
6.2.1 HDD
6.2.2 SSD
6.3 By Deployment
6.3.1 Cloud
6.3.2 On Premise
6.4 By End-User Vertical
6.4.1 Government and Defense
6.4.2 Education
6.4.3 BFSI
6.4.4 Retail
6.4.5 Transportation and Logistics
6.4.6 Utilities
6.4.7 Healthcare
6.4.8 Home Security
6.4.9 Other End-User Verticals
6.5 By Geography
6.5.1 North America
6.5.2 Europe
6.5.3 Asia
6.5.4 Australia and New Zealand
6.5.5 Latin America
6.5.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Cisco Systems
7.1.2 Honeywell International
7.1.3 Dell Technologies
7.1.4 NetApp
7.1.5 Rasilient Systems
7.1.6 Seagate Technology
7.1.7 VIVOTEK
7.1.8 Quantum Corporation
7.1.9 Infortrend Technology
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Security And Surveillance Storage Industry Segmentation
Security and surveillance systems refer to a combination of video, audio, or photographic recording devices installed for the purpose of surveillance to prevent crime in private and public locations. Data storage is a critical component of the surveillance infrastructure. The scope and the market size only cover the video surveillance storage market.
The security and surveillance storage market is segmented by product (NAS, SAN, DAS, and other product types), storage media (HDD and SSD), Deployment (cloud and on-premise), end-user vertical (government and defense, education, BFSI, retail, transportation and logistics, utilities, healthcare, home security, and other end-user verticals) and geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa).
The market sizes and forecasts are provided in terms of value (in USD) for all the above segments.
| By Product | |
| NAS | |
| SAN | |
| DAS | |
| Other Products |
| By Storage Media | |
| HDD | |
| SSD |
| By Deployment | |
| Cloud | |
| On Premise |
| By End-User Vertical | |
| Government and Defense | |
| Education | |
| BFSI | |
| Retail | |
| Transportation and Logistics | |
| Utilities | |
| Healthcare | |
| Home Security | |
| Other End-User Verticals |
| By Geography | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Security And Surveillance Storage Market Research Faqs
How big is the Security And Surveillance Storage Market?
The Security And Surveillance Storage Market size is expected to reach USD 14.48 billion in 2024 and grow at a CAGR of 8.94% to reach USD 22.22 billion by 2029.
What is the current Security And Surveillance Storage Market size?
In 2024, the Security And Surveillance Storage Market size is expected to reach USD 14.48 billion.
Who are the key players in Security And Surveillance Storage Market?
Cisco Systems, Honeywell International, Dell Technologies, NetApp and Rasilient Systems are the major companies operating in the Security And Surveillance Storage Market.
Which is the fastest growing region in Security And Surveillance Storage Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Security And Surveillance Storage Market?
In 2024, the North America accounts for the largest market share in Security And Surveillance Storage Market.
What years does this Security And Surveillance Storage Market cover, and what was the market size in 2023?
In 2023, the Security And Surveillance Storage Market size was estimated at USD 13.19 billion. The report covers the Security And Surveillance Storage Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Security And Surveillance Storage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Security And Surveillance Storage Industry Report
Statistics for the 2024 Security And Surveillance Storage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Security And Surveillance Storage analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
