New York, US, April 26, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Video Surveillance Storage Market: By Storage Technology, By Type of Storage, By Deployment By Service and Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2023 to 2030 at a healthy CAGR of approximately 19.54% to attain a valuation of around USD 123.82 billion by the end of 2030.
Market Research Future Insights
Due to the high rate of various technological adoptions, increased confirmation of the BYOD policy (to make business operations much more comfortable and controllable), and the increased need for high-end security due to the rapidly growing amount of data among organizations, the telecom sector is a significant market for managed services.
The telecom business experienced substantial growth during the past several years. Telecommunication firms are always pressed to produce innovative services at reduced rates to keep their clients in the competitive market.
The factors, such as the constant requirement for network optimisations and the significant level of network performance, advancements in technologies, such as SDN, 5G, and NFV, growing smartphone usage and BYOD trends, and the growing number of cyber-attacks, will further encourage the growth of the telecom managed services market during the forecast period.
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Video Surveillance Storage Industry Key Players
- Cisco Systems, Inc.
- Huawei Technologies Co., Ltd.
- International Business Machines Corporation
- Telefonaktiebolaget LM Ericsson
- Verizon Communications Inc.
Video Surveillance Storage Market Report Scope:
| Report Metrics | Details |
| Video Surveillance Storage Market Size by 2030 | USD 123.8286 billion |
| Video Surveillance Storage Market CAGR during 2022-2030 | 19.54% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The developing safety concerns in public and enterprises and the rise of the internet of things are mostly driving the market. |
Because the telecom industry is expanding quickly, MSPs are frequently used by businesses. An MSP helps organizations achieve exceptional business outcomes by delivering a significant degree of service. The companies mostly face several challenges in terms of revenue, business transformation, cost implementation, and heightened competition in the marketplace in the telecom sector, due to which they depend on MNOs and CSPs.
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Moreover, several SD-WAN-managed service providers distinguish themselves with a comprehensive range of security options. For instance, Cato Networks offers a platform that is cloud-native and includes NGFW, Advanced Threat Prevention, CloudSecure Web Gateway, Mobile Access Protection, and Managed Threat Detection and Response service.
To increase their market share, telecom companies are also acquiring managed service providers. For instance, recently this year, Networking systems, services, and software provider Ciena Corporation revealed that it had signed a binding agreement to buy privately held Tibit Communications, Inc. with headquarters in Petaluma, California, as well as privately held Benu Networks, Inc. with offices in Burlington, Massachusetts. With improved subscriber management and next-generation PON technologies, Tibit and Benu primarily concentrate on streamlining broadband access networks.
The market's expansion is anticipated to be constrained during the forecast period by factors like security worries about the confidentiality of data of companies that are outsourcing business and ensuring the clients' clients' optimal business functionality.
Video Surveillance Storage Market Segmentation
Managed services refer to the idea that an organization's internal, daily management functions are managed by a third-party service provider. By concentrating more on key strategies and crucial business activities, reducing risks largely associated with business operations, and improving operational accuracy and effectiveness, telecom-managed services enable enterprises to reduce their costs in business operations.
The market for telecom managed services is divided into three categories: geography, service type (managed data center services, managed security services, managed network services, and managed data and information services), and organization size (large enterprises, small and medium enterprises).
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Covid 19 Impact
However, due to the COVID-19 outbreak, operational services, like telecom managed services and support services, were affected globally. Moreover, due to this pandemic, a broad range of firms has significantly undergone a long-term work-from-home culture. Hence, most organizations are turning to service providers for their ability to minimize various security-related risks with the value-added service they offer, which drives the market exponentially.
Industry Trends
The market is witnessing several acquisitions, mergers, and investments by key players as part of its strategy to improvise business and its presence to reach customers and meet their requirements for various applications. For instance, recently, in the last quarter of this year, Colt Technology Services and IBM's cooperative relationship took a new direction when the two joined up to open a new Industry 4.0 lab in the United Kingdom where businesses can try edge cloud services. Colt will contribute its Colt Edge computing platform and SD-WAN technology, while IBM will donate its Maximo Application Suite and Cloud Satellite hybrid cloud. With three critical edge use cases—visual inspection-based inferencing, supply chain telemetry, threat monitoring, and data protection—the duo initially focuses on the manufacturing industry.
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Regional Analysis
North America held the most significant market share and is anticipated to dominate the telecom-managed services market during the forecast period. The market will experience an abrupt rise in this region. The factors encouraging the growth of the market in North America include quickly evolving technological developments, the presence of the world's largest telecom firms looking to optimize their network investments & intensify customer satisfaction, and rising network cyber-attacks in this region.
Moreover, the rise in misconfigured servers within the region is also one of the significant reasons behind the market expansion. Various firms are experiencing misconfigured servers which lead to the prime cause of personal data being compromised. Hence, they are significantly turning to telecom-managed service providers for their overall ability to reduce security-related risks with their value-added services. Recently this year, Microsoft, a US-based company, confirmed that a misconfiguration of a Microsoft server endpoint exposed specific customer data, including emails and personal information. SOCRadar has identified that sensitive data of around 65,000 entities became public due to this misconfigured server. Hence, the rise in misconfigured servers in the region significantly drives the market's growth.
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