Posted On: 2022-01-12
Northern Region acquired the largest market revenue share in India video surveillance storage market – 6Wresearch
Rising security concerns, the subsequent growing adoption of surveillance solutions across several verticals along with proliferation of technological advancements continues to fuel the demand for video surveillance storage devices in the country. Additionally, surging adoption of IP surveillance systems have resulted in growing demand for higher capacity and advanced video surveillance storage solutions, thus driving the overall growth of the surveillance storage market. However, uncertainties due to COVID-19 along with contraction in the funds allocated for infrastructural projects led to low deployment of surveillance solutions in the country, thus having a negative impact on the revenues of video surveillance storage solution market in 2020. However, the rising need of installing CCTV cameras to better monitor social distancing norms, thermal scanning and facial recognition technology amidst COVID, adoption of cloud-based surveillance solutions along with various infrastructure projects such as development of 100 airports by 2025 under UDAN, ports and metro corridors are expected to boost the demand for video surveillance storage in the country in the forecast period.
According to 6Wresearch, the India Video Surveillance Storage Market is projected to grow at a CAGR of 7.7% during 2021-2027. India video surveillance storage market is in the growth stage of its industry life cycle owing to the growing regulations and requirement by the government and law enforcement agencies to capture raw footages that could be used for future monitoring purposes in case of security breach. On-Premises technology within the storage deployment segment has gained considerable consumer acceptance over the past few years as it could be taken into use without the internet connection as well as they are less vulnerable to the third parties and only authorized persons could get an access to the recordings.
According to Chhavi Malpani, Assistant Manager, 6Wresearch, “Within by deployment, On-premises storage segment held major revenue share in the overall India video surveillance storage market in 2020 owing to the relative price advantage with less up – front cost and its characteristic of maintaining data confidentiality as only authorized persons are permitted to view the footages. However, the cost to store increasing data sets in the traditional on-premises storage hardware would serve as a huge limitation due to which on-cloud surveillance storage solutions would exhibit strong growth in the country in the forecast period.”
According to Ananya Consul, Research Associate, 6Wresearch, “Government and transportation vertical contributed major revenue share in the overall India video surveillance storage market in 2020 owing to surging deployment of video surveillance cameras in Smart Cities, constituent assemblies, police stations and the public transportation domain. Delhi government’s plan to install 1.4 lakh cameras in the phase-2 of their CCTV deployment project and others, the government and transportation vertical would require more surveillance storage solutions and hence would continue to dominate the market in the coming years.”
The key players of the market include- NetApp, Inc., Quantum Corporation, Huawei Technologies Co., Ltd., Dell Technologies Inc., Seagate Technology LLC, Cisco Systems, Inc., Western Digital Corporation, Lenovo Group Limited, Hewlett Packard Enterprise Company, Toshiba India Pvt. Ltd., Hitachi Vantara Corporation, International Business Machines Corporation (IBM).
“India video surveillance storage market (2021-2027)” report provides an in-depth analysis with 25 figures and 15 tables, covered in 100 pages. The report comprehensively covers the market by storage technology, deployment, verticals and regions. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities, high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.