The video surveillance storage market is predicted to be worth US$ 12,107.6 million in 2023 and rise to US$ 43,846.1 million by 2033. The market is anticipated to increase at a CAGR of 13.7% from 2023 to 2033. Demand was initially expanding at a market CAGR of 11.6% between 2018 and 2022.
Video surveillance is increasingly being done via network and Internet of Things (loT) technologies. Video surveillance is increasingly being done via network and Internet of Things (loT) technologies. In an increasingly connected environment, these technologies are anticipated to expand the potential applications for audio and video analytics, as well as Al.
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With the expanding use of Internet of Things technology, the demand for video surveillance storage solutions is reaching new heights. Video surveillance storage systems are evolving from basic monitoring tools to full, industry-neutral solutions.
During the projected period, it is anticipated that all technology that is integrated with systems at all levels is likely to expand significantly. The information produced by Al Vision Solutions employs Al cameras as vision sensors to offer insightful business data. The adoption of video surveillance storage systems is rising, as it aids businesses in understanding their clients and operations.
Key Takeaways:
- By 2033, the video surveillance storage market in the United Kingdom is likely to expand, with a CAGR of 11.3%.
- In 2022, the United States dominated the video surveillance storage sector, with a share of 18.1%.
- The video surveillance storage market was significantly expanding, with a size of US$ 10,800.7 million in 2022.
- By 2033, the video surveillance storage market in China is likely to expand, with a CAGR of 13.1%.
- In 2022, Germany expanded significantly in the video surveillance storage business, with an expected share of 7.1%.
- The video surveillance storage market is expected to develop at a US$ 17,796.7 million valuation by 2026, with rising cloud solutions.
- By 2033, India is projected to expand significantly in the video surveillance storage market, with a share of 15.3%.
- Japan’s video surveillance storage industry share expanded significantly, with a 6.1% share in 2022.
- In 2022, the network-attached storage held a top spot in the market with a share of 29.2%. It is expected to dominate the market by 2033 in terms of type.
- Based on the storage device, the hard disk drive segment dominated the market with a share of 52.3% in 2022.
Adapting the Changing Competitive Landscape:
Millions of dollars are being spent by businesses all over the world to install video surveillance systems at their offices. To increase their level of overall security, the governments of different regions have also instructed firms across a variety of industries to install surveillance cameras. The video surveillance storage business is expanding due to the escalating security concerns, which provide key players with an opportunity to expand.
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Recent Developments in this market:
- Granulate Cloud Solutions, an AI-powered optimization tool, was purchased by Intel in March 2022. The purchase improved Intel’s ability to compete with Nvidia, which has been purchasing comparable companies to round out the administration of its high-performance computer systems.
- In Oct 2020, Microsoft added a live video analytics platform to its Azure Media Services. With the aid of real-time analytics and this extension, users can create workflows that record and analyze video from the intelligent edge to the intelligent cloud.
- Microsoft purchased the voice recognition business Nuance Communication in March 2022. The goal of this purchase was to enhance clinician productivity and financial success by combining Nuance’s best-in-class conversational AI and ambient intelligence with Microsoft’s safe and reliable industrial cloud capabilities.
Key Segmentation:
By Type:
- Network Attached Storage
- Storage Area Network
- Direct Attached Storage
- Others
By Storage Media:
- Solid State Drives
- Hard Disk Drives
By Application:
- Commercial
- City Surveillance
- Defense/Military
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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