From the period 2022 to 2028, the Global Video Management Software Market is expected to reach USD 33.4 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 22.50%.
A surveillance system would not be complete without Video Management Software (VMS). You can use the VMS software to manage recording settings, view multiple camera images, and set motion and tampering detection warnings. The market acceptance of video surveillance software has grown as a result of security surveillance. It is widely used in banking, finance, and insurance, as well as government, healthcare, life sciences, manufacturing and automotive, retail, transportation and logistics, and media and entertainment. The growing security concerns are driving the growth of the Video Management Software (VMS) Market. The growing concern about residential crime and theft has made it mandatory for private consumers to use VMS solutions to improve the security of their homes and create new market opportunities.
Key Highlights from the Report
- On the basis of Deployment, the market is segmented into Cloud and On-premises. The on-premise segment will continue to grow in the coming years. This is due to end-users growing apprehension about storing data in the cloud. The on-premise architecture enables businesses to conduct video surveillance in a single location. Many devices and software are installed to complete the setup. While the initial installation cost can be quite high, it provides greater data security than cloud services.
- On the basis of Vertical, the market is segmented into Banking, Financial Services, and Insurance (BFSI), Government, Healthcare and life sciences, manufacturing and automotive, Retail, Transportation and logistics, Media and entertainment, Telecom and Information Technology (IT), Education, Real estate, Energy & utility, Tourism and hospitality and Others (residential & commercial, traffic monitoring, and corrections). Because of the growing trend of virtual classrooms and recorded material streaming, the education segment is expected to grow significantly over the forecast period. In the education industry, Video Management Software is used in the Learning Management System (LMS), which is software for documentation, administration, reporting, tracking, and delivery of educational courses or training programs. Additionally, government regulations governing the installation of CCTV cameras in schools and colleges are expected to drive market revenue growth.
- Asia Pacific is the fastest regional segment in terms of growth. During the forecast period, the Asia-Pacific Video Management Software Market is expected to grow at a faster rate in terms of revenue share. In the region, end-use industries and businesses are increasingly turning to cloud-based video management software. A growing emphasis on smart city initiatives and intelligent transportation systems, particularly in China and India, may drive up demand for Video Management Software applications. Transportation, sports stadiums, government, city surveillance, retail, Banking, Financial Services, and Insurance are the most appealing end-uses for the Video Management Software industry (BFSI).
Some of the key players 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.
IP video usage is exploding due to its ease of deployment
Due to the increased proliferation of smart devices, digitalization has grown tremendously in recent years. This factor has had an effect on the growth of IP video and management systems. Growing businesses are focusing on digital solutions because they provide several unique benefits such as higher image resolution, scalability, ease of deployment, and easy adaptation to various technical implications such as video analytics.
Global security concerns are growing
Globally, everyone has been affected by the slowing of economic growth. This has increased the need to increase the number of security violations and their severity. This is the primary factor driving the growth of the Video Management Software Market. Identity theft, organizational credibility, and noncompliance are some of the critical security breaches that require special attention. Cybercriminals who steal information sell it or use it against the organization. This has accelerated the growth of the Video Management Software Market as a whole. Higher quality data processing techniques are welcomed in the market as managing video requires more energy and time. In addition, the expansion of video surveillance has had an impact on the growth of the Video Management Software Market in recent years.
The North American Video Management Software Market accounted for the largest revenue share in 2021 and is expected to continue to account for the largest revenue share throughout the forecast period. This could be attributed to the region's increasing use of high-end IP-based monitoring and surveillance systems, as well as the presence of major industry players. The presence of a strong partner ecosystem comprised of resellers, distributors, consultants, and service companies, as well as increased adoption of emerging technologies such as big data analysis, cloud computing, IoT, AI, and other analytical tools, is one of the major factors driving demand for Video Management Software in North America.