Security And Surveillance Storage Market Size (2024 - 2029)

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 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.