Security And Surveillance Storage - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

The security and surveillance storage market was valued at USD 13.29 billion in the current year. It is expected to register a CAGR of 8.94%, reaching USD 20.38 billion over the forecast period.

Key Highlights

• 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.

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).

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