A new report from 6Wresearch estimates that the GCC video surveillance storage market will grow at a CAGR of 6.6% until 2025.
GCC video surveillance storage market witnessed growth during 2017-18 as a result of improved implementation of government norms for mandatory installation of video surveillance systems with regulations that mandates the retention of footage ranging from 90 days to 180 days in countries such as Saudi Arabia and UAE.
Increased consumer awareness regarding security in public places as well as in the residential sector, along with a boom in the construction sector of the region are some of the key factors contributing significantly to the growth of GCC video surveillance storage market.
According to Shefali Goel, assistant manager, research and consulting at 6Wresearch, in the technology segment, SAN (Storage Area Network) acquired the majority of the market revenue pie in the GCC region in 2018 on account of its superiority in terms of security, speed, reliability, scalability, manageability and storage capacity as compared to DAS and NAS.
Moreover, the DAS segment of video surveillance storage market is expected to grow during the forecast period due to its suitability for small and medium enterprises (SMEs) and the number of SMEs is on a rise across the GCC region as a result of the increasing efforts by government to promote the share of SMEs in the country’s GDP.
According to research associate Gurbani Kaur: "On the basis of deployment, on premise deployment of video surveillance storage acquired the major revenue share of the GCC video surveillance storage market in 2018.
“However, the market revenues for the hybrid segment of video surveillance storage is expected to grow at a faster rate than the growth rate of the other two segments, which are, on premise and cloud-based storage, during the forecast period.
“The reason for this growth is shift in consumer preferences towards cloud and hybrid type of storage as these provide easy access of data and faster deployment technology.
“Further, among the verticals, the hospitality & healthcare segment, retail and logistics as well as commercial offices segments are anticipated to witness substantial growth during the forecast period due to increase in number of installation of video surveillance systems in hotels and hospitals, shopping centers, hypermarkets, supermarkets, retail outlets and offices.”