Video Management Software Market is Expected to Grow at a CAGR of 22.7% from 2022 To 2028
As stated in our extensive report; providing insights on Type of Solution, Technology, Service, Deployment, and Vertical; the Global Video Management Software Market accounted for USD 9.8 Billion in 2021.
In video surveillance systems, Video Management Software is used to unify the management of digital audios, videos, digital data, and playback functions. This video management program is intended to store the signals from various camera feeds once they have been processed. In the traffic transportation management industry, video analytics combined with surveillance equipment is expected to aid in the real-time detection of issues on the roadways. The increased penetration of video surveillance, such as facility protection, monitoring applications, and cross-border activities, are the primary drivers for the Video Management Software industry.
The growing need for surveillance solutions across multiple verticals around the world, as well as the widespread adoption of digitalization, has prepared the way for the expansion of IP video management systems. Because of the different distinct and unique features that IP systems give, organizations are increasingly looking for digital solutions in their workplaces. There are a variety of factors that have contributed to this situation, ranging from budgetary to technological concerns, as well as the unique features that IP-based systems have to offer, such as image resolution, scalability, ease of installation, and the ability to adapt to any future upgrades, such as the integration of video analytics. Furthermore, due to hardware support, plug-in and plug-out features, and straightforward cabling provided by device makers, IP-based systems are easier to deploy than analog systems. Additionally, the industry players are working on adopting new technologies and supporting third-party surveillance equipment with the integration of their VMS systems with other video equipment. Axis Communications AB, for example, extended the support of its VMS solution for third-party audio products and network speakers in April 2020. By providing live announcements, the new integration adds to the trustworthiness of its video surveillance solutions, perhaps deterring possible criminals and invaders.
However, the concerns related to the storage of high-resolution videos and recordings and issues related to privacy are expected to limit the market's growth. Moreover, the growing need for high-quality data processing is likely to create opportunities for the growth of the market in near future. Furthermore, the growth of IoT and video analytics is also expected to support the growth of the market in near future.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) and is likely to continue with the same trend during the forecast period. This is attributable to the increase in the utilization of cloud-based VMS in emerging economies such as India and China in the region. Furthermore, the rising use of Video Management Software in smart city projects for intelligent transportation systems, surveillance systems, and traffic monitoring systems, among other things is also expected to fuel the regional growth of the market.
Some of the prominent players operating in the Global Video Management Software Market include AxxonSoft (Germany), Milestone Systems (Denmark), On-Net Surveillance System Inc.(U.S.), Aimetis Corporation(Canada), Exacq Technologies (U.S.), 3VR (U.S.), Verint Systems (U.S.), Genetec (U.S.), Salient Systems (U.S.), March Networks (Canada) and others.
Browse the full Report - Video Management Software Market Size, Share & Trends Analysis Report by Type of Solution (Video intelligence, Case management, Advanced video management, Data integration), by Technology (Analog based video management software, IP based video management software), by Service (Professional services, Managed services), by Deployment (Cloud, On premises), by Vertical (BankingFinancial Servicesand Insurance (BF, Government , Healthcare and life sciences, Manufacturing and automotive), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)