MarketsandMarkets expects that the global Video Surveillance Storage Market is estimated to be $4.90 billion in 2013 and is expected to grow to $10.41 billion in 2018. This represents an estimated CAGR of 16.3% from 2013 to 2018. In the current scenario, North America is expected to be the biggest market on the basis of spending and adoption for the video surveillance storage solutions and services. MarketsandMarkets further expects that the increasing Video Surveillance Storage Markets in the developing economies will further enhance the growth of the market.
Reducing costs of the hard disk drives, increasing implementation of the surveillance systems and higher return on investments due to scalability and flexibility are playing a major role in shaping the future of Video Surveillance Storage Market. Even though government organizations and enterprises have implemented storage solutions for surveillance data, due to regulations of longer storage of the data, these organizations and enterprises are switching to more scalable storage solutions. Many companies are providing cost effective solutions for surveillance storage which can store data for several years cost effectively and securely.
The major forces driving this market are reducing prices of hard disk drives, growing installations of surveillance systems and higher return on investment due to scalability of these systems. Companies providing video surveillance storage solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating sophisticated storage solutions and services for the government organizations and enterprises.