Demand for Advanced Data Storage Solutions Will Drive Cloud Data and Analytics Services Revenue in Video Surveillance Market to US$25 Billion in 2030
NEW YORK, Aug. 10, 2023 /PRNewswire/ -- Video surveillance revenue models are evolving as customers search for advanced data storage and video analytics services. According to global intelligence firm ABI Research, customers will increasingly demand scalable data-centric solutions, creating ample opportunity for cloud providers and driving global cloud data and analytics services revenue in the video surveillance market to US$25 billion in 2030.
"The video surveillance market is experiencing a transformation as more cloud video surveillance systems emerge, diversifying a market that capital expenditure costs have historically dominated," says Lizzie Stokes, IoT Networks & Services Analyst at ABI Research. "Enterprise companies, lines of business, and small and medium enterprises (SMEs) are looking to take advantage of surveillance insights and are searching for new storage and analytics service models to ease implementation, drive faster time to market, lower costs, and improve ROI."
High upfront on-premises installation and integration costs traditionally drove video surveillance market service revenue. Professional services revenue dominated the market, facilitated by System Integrators (SIs) who often design and install customers' surveillance systems. However, two prominent market trends have led video surveillance users to divert investments away from new camera deployments to cloud data services.
Stokes explains, "First, as video resolutions have improved, data loads have become heavier and more costly to store. At the same time, regulation is driving more firms to save their video footage. These market dynamics have created a demand for scalable and cost-effective cloud data storage solutions. Second, video surveillance users increasingly view video data as untapped business intelligence. Video surveillance cameras are already tracking employee behavior, observing customer actions, and monitoring goods as they journey through the supply chain and the factory floor. Many video surveillance users—enterprises and SMEs—are searching for streamlined cloud video analytics services to mine raw video data for operational insights."
Video Surveillance-as-a-Service (VSaaS) companies are responding to these market trends, offering cloud data storage, cloud video analytics, and Software-as-a-Service (SaaS) applications that produce vertical-specific insights. New customer demand will eventually diversify the market's revenue structures, with more customers paying for video surveillance services through recurring fees. Traditional video surveillance companies providing on-premises and cloud offerings include Honeywell, Milestone Systems, and Bosch. Newer companies featuring cloud video surveillance services include Verkada, Eagle Eye Networks, and Wasabi Technologies.
"VSaaS vendors are redefining how video surveillance can be offered and deployed," Stokes concludes. "As video analytics applications expand and video data in the market explodes, new video surveillance companies have the opportunity to disrupt the market's traditional revenue structure."
These findings are from ABI Research's IoT and Video Surveillance: Revenue Model Evolution application analysis report. This report is part of the company's IoT Networks and Services research services, which include research, data, and analyst insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific technology.
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