Government and transportation verticals are driving the growth of video surveillance storage market in India, according to 6Wresearch in its recently published report, which projected that the country's Video Surveillance Storage market will grow at a CAGR over 10.5% during 2018-24.
India video surveillance market is exhibiting substantial growth as a result of growing consumer awareness regarding the significance of video surveillance for security and continuous monitoring. In addition, a flourishing video surveillance market coupled with surging adoption of high-resolution cameras are resulting in higher demand for video surveillance storage solutions. Continuous advancement in storage technologies, smart cities development, as well as increasing installation of CCTVs across verticals such as BFSI, Retail, and Hospitality & Healthcare, are further complementing the growth of video surveillance storage market in the country.
According to 6Wresearch, in 2017, Government & Transportation, Commercial offices, and IT/ITes segments altogether contributed nearly 50% revenue share towards the overall video surveillance storage market in India. Moreover, in terms of mode of deployment, on-premise storage bagged maximum revenue share followed by cloud storage. Although, verticals such as government and BFSI restrict adoption of cloud storage for data security concerns, however, customers are switching towards cloud-based technology as it provides improved accessibility and cost-effectiveness; cloud storage is projected to display the highest growth rate during the forecast period.
According to Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, "Over the last few years, with declining prices of cameras and increasing awareness, end- consumers have registered rising demand for high-resolution cameras with 1080p resolution in comparison to traditional based 720p resolution. Surging adoption of high-resolution CCTV is resulting in increasing demand for advanced video surveillance storage solutions."
"Moreover, ultra-high-definition surveillance cameras with 4K resolution are yet to gain wide adoption in India as higher bandwidth and data storage requirements are hindering its market growth. High-Efficiency Video Coding (HEVC), H.265, is the newest video compression technology that enables streaming of high-quality videos in a faster way and also offers storage reduction," Mehrotra said.
According to Suman Gautam, Research Associate, Research and Consulting, 6Wresearch, "Among different video surveillance storage technologies, NAS (Network Attached Storage) technology gained the highest revenue share in 2017 followed by DAS (Direct Attached Storage) and SAN (Storage Attached Network). However, SAN is anticipated to exhibit the highest growth rate during the forecast period, attributed to growing acceptance of SAN across larger applications including city surveillance, transit system management, and monitoring of large institutions/premises."
"Furthermore, the multi-tier storage solution is one of the key trends across video surveillance storage market offering video data retention for a longer time period which is helpful in the post-recording analysis of video feeds," Gautam added.
Some of the major players in India Video Surveillance Storage market include- Dell EMC Corporation, NetApp India Pvt. Ltd, Quantum Corporation, Seagate Technology HDD (India) Pvt. Ltd, Huawei Technologies India Pvt. Ltd, Cisco Systems (India) Pvt. Ltd, and Western Digital.
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Media Courtesy : Cxo Today