Analysis of Video Management Software Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global video management software market is expected to be valued at US$ 4 Billion in 2022 and reach US$ 30 Billion by 2032 while displaying a CAGR of 22.63% during the forecast period. The growth of the market can be attributed to the penetration of advanced technologies like computer vision and video analytics.
The video management software market is expected to gain significant traction due to increasing smart cities initiatives across the countries and rising investment to deploy analytics integrated video surveillance systems across law enforcement, banking & financial institutions, transportation, and others.
Demand for video management software is expected to rise as of offers reliability, cost-effectiveness, and enhanced accuracy. Also, the growing proliferation of video software to lessen crime rates is anticipated to augment the market size during the forecast period.
Video management software can be easily integrated with various third-party solutions and equipment like fire alarm systems, intrusion detection systems, and video analytics to enhance the capability of the overall surveillance system. Such added features allow the software to offer facility managers various camera views, thus, helping them to effectively deal with emergencies.
Video Management Software Market 2022
US$ 3.9 Billion
Video Management Software Market (2032)
US$ 30 Billion
Video Management Software Market CAGR (2022-2032)
Key Video Management Software Service Providers
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The global video management software market is expected to display a CAGR of 21% during the forecast period of 2015 to 2021. However, the CAGR is projected to be valued at 22.63% during the assessment period of 2022 to 2032.
Expansion of the market can be attributed to the accelerated adoption of video management software, CCTV cameras, and video streaming services. Integration of technologies, like AI and deep learning across surveillance systems, increased the adoption of VMS, which is likely to have played a major role in market growth.
For instance, in May 2021, NxtGen Datacenter & Cloud Technologies Private Limited launched a video analytics-as-a-service model to assist businesses. The solution is an integrated end-to-end solution powered by AI/ML which is available for a single operational fee and comprises advanced infrastructure and software knowledge from a single firm.
Such initiatives are expected to have played a significant role in strengthening the video management software market during the aforementioned time frame.
Retail, healthcare, travel and transportation, and building & construction, and other sectors are generating significant demand for VMS, which is projected to aid the market growth during the forecast period. Further, governments are deploying VMS on a large scale for surveillance and smart city projects, which is predicted to drive the expansion of the industry during 2022-2032.
In 2021, Calif, a global leader in digital identification and security, announced the launch of Velocity Vision, a unified, open-platform video management system (VMS) built to offer a data-enabled security solution delivering intelligence in a single-pane-of-glass view.
Increasing Demand for Real-Time Event Detection to Boost the Market Growth
VMS allows live or recorded video streams to classify, detect, and track behavior patterns with predefined objects, which is anticipated to play a significant role in driving the market during the forecast period.
Real-time video analytics with high-performance capabilities can assist in transforming standard surveillance networks across intelligent detection and alert systems for static objects, vehicles, or people. Real-time detection has helped in lessening crimes, thefts, and other criminal activities while boosting overall social situations and the international trade climate, thus, driving the market growth during the assessment period.
The launch of the new VMS is expected to augment the market size during the forecast period. In March 2021, MOBOTIX launched a new video management system. MOBOTIX AG is strengthening its cooperation with Milestone, a known global provider of video management systems. With surged collaboration, both organizations anticipate enhanced synergy which would be reflected in a new software solution called MOBOTIX HUB.
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Risks of Data Security to Hamper the Global Video Management Software Market
Increasing concerns regarding the privacy and storage of high-resolution videos and recordings are likely to hamper the market growth during the forecast period. Also, increasing cyberattacks and data breaches on video surveillance cameras, IoT devices, and other connected equipment are other factors that can hinder the market growth in the assessment tenure.
However, the integration of AI and deep learning across the video management software is expected to counter the hampering factors and act as a significant opportunity for the video management software market during the forecast period.
Presence of Key Players in the Region to Grow the Video Management Software Market in North America
As per the analysis, North America is anticipated to dominate the global video management software market during the forecast period. Domination of the region can be attributed to the presence of established players in the region. According to Fact.MR, the North American video management software market is expected to register a CAGR of 19% from 2022 to 2032.
Renowned players in the market include Exacq Technologies (U.S.), March Networks (Canada), Identiv, Inc. (U.S.), Genetec Inc. (U.S.), Verint Systems (U.S.), and Salient Systems Corporation (U.S.). Also, rising adoption of modern technologies such as cloud computing, big data analysis, and other analytical tools, is another vital factor developing the market during the forecast period.
For instance :
Increasing Illegal Activities in the Region to Augment the Video Management Software Market
As per the analysis, Europe is anticipated to display decent growth during the forecast period. As of 2021, the region amassed revenue of about US$ 1 Billion. Expansion of the regional market can be accredited to the growing illegal activities. Increasing terrorism, illegal immigration, and growing cases of robbery in the EU countries have encouraged the government authorities to implement strict rules and adopt modern surveillance systems.
For example, the Russian government is using modern technologies including facial recognition systems to regulate crimes. From 2022 to 2032, the market is expected to flourish at an 18.5% CAGR, which is anticipated to benefit the market significantly during the forecast period.
Increasing Adoption of Cloud-Based VMS in Developing Countries to Benefit the Regional Market
As per the analysis, Asia Pacific is anticipated to be the most lucrative market during the forecast period. The rapid development of the regional market can be attributed to the increasing adoption of cloud-based VMS in developing countries like India and China. A CAGR worth 17.8% is expected for the Asia Pacific market.
The initiative taken by the Government of India to develop 100 smart cities with independent as well as centralized command and control centers is anticipated to be one of the strongest factors in expanding the market during the forecast period. Also, China, being the city with the highest number of smart city projects focuses on the development of 100 new smart cities, which will grow the regional market during the assessment period.
Lack of technical competence among end-users to boost the services segment
By component, the services segment is projected to have a higher growth during the forecast period, reflecting a CAGR worth 18%. The VMS industry is divided into two categories based on services: professional services and managed services. Education, training and certification services, consulting services, planning, implementation and management services, and support and maintenance services are all included in the professional services section.
As most of the end users lack the technical competence required to store and handle video data, professional service providers offer solutions to this problem. Managed services are those provided by third-party vendors; they help manage an enterprise’s operating difficulties. The overall services segment has a major influence on the VMS market. It helps in reducing costs, increasing the overall revenue, and improving performance.
Growth is attributed to the increasing proliferation of cloud networks for the storage of surveillance feed.
Cloud deployment allows for offloading some management duties and maintenance costs to the service provider. The cloud deployment model identifies the specific type of cloud environment based on ownership, scale, and access, as well as the cloud’s nature and purpose. Fact.MR forecasts the segment to flourish at a 21% CAGR.
Cloud-based VMS solutions are more in demand due to their scalability, lower CAPEX, and pay-as-you-go model. SMEs are the key adopters of cloud-based VMS solutions, as it is very cost-effective for them. Cloud-based VMS solutions have several benefits, such as no need for on-site servers, rapid deployment of solutions without configuration, and easy access through the Internet. Cloud-based VMS solutions have been majorly adopted by retail, residential, small offices, and logistics customers.
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Blink, Ring Labs, Eagle Eye Networks, Vivint, Cloudstructure, Verkada, Butterfly MX, QLess, and Hikvision are some of the eminent entities in the global video management software market. Startups are likely to make a notable contribution to developing the market.
For instance :
Key players in the global video management software market include VR Security, Inc. (Identiv, Inc.), Aimetis Corporation (Senstar), A&H Software House, Inc. (Luxriot.), Avigilon Corporation (Motorola Solutions Inc.), Axis Communications AB (Canon Inc.), Bosch Security Systems LLC, Axxonsoft, Inc., Cathexis Technologies Pty Ltd., Cisco Systems, Inc., Exacq Technologies, Inc., Hanwha Techwin Co., Ltd., Genetec Inc., Hangzhou Hikvision Digital Technology Co., Ltd. (Hikvision), Honeywell International, Inc., Intelligent Security Systems, Inc. (ISS), iMotion Security, Kedacom, March Networks Corporation, Johnson Controls International Plc, Mindtree Limited, Milestone Systems A/S, Netposa Technologies Ltd., Panasonic Corporation, Pelco, Inc., Salient Systems Corporation, Qognify Ltd., Verint Systems Inc., VIVOTEK Inc., and Zhejiang Dahua Technology Co., Ltd.
Recent Key Developments in the Industry Include :
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The global video management system market is expected to secure a market value worth US$ 3.9 Billion in 2022.
The global video management system market is anticipated to display a CAGR of 22.63% by 2032.
The global video management system market is anticipated to have amassed about US$ 3.88 Billion in 2021.
Europe is anticipated to be a significant growth contributor, expected to register an 18.5% CAGR.
The global video management system market is likely to secure about US$ 30 Billion by 2032.
Qognify Ltd., Verint Systems Inc., VIVOTEK Inc., and Zhejiang Dahua Technology Co., Ltd. are some of the eminent players in the global video management system market.
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