Cloud-based Storage Solutions Changing the World of Security—FMI predicts the Video Surveillance Storage Industry to have a CAGR of 13.7% by 2033
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. 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.
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.
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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
- 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.
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries