Video Management Software Market worth over $10bn by 2026
Published Date: May 8, 2020 Authors: Preeti Wadhwani, Smriti Loomba
Video Management Software (VMS) Market size is set to surpass USD 10 billion by 2026, according to a new research report by Global Market Insights, Inc.
VMS provides a unified platform to manage video signals received from security surveillance hardware including IP cameras, video recorders, and camcorders. These solutions are specifically designed for processing, storing, and streaming video feeds from multiple connected cameras. This helps enterprises to remain secure, proactive, and competitive in a dynamic market landscape.
Evolving technological advancements in video surveillance are propelling the uptake of VMS solutions
The video management software market is characterized by intelligent and context-aware video surveillance technologies, which have assisted VMS solutions in gaining a significant market traction. Edge computing and fog computing-based video surveillance tools have enabled security agencies to deploy drone-based video cameras, which store videos on the edge and provide a real-time live video feed. Moreover, the surging use of video surveillance for tracing COVID-19 virus spread is expected to fuel the market growth.
Rising concerns to avoid loss of captured video data are expected to drive storage management market growth
The storage management segment accounted for over 15% of the global market share in 2019 due to demand for fail-safe technologies to enable storage of video data safely in case of any failure. Technological advancements with high-speed internet connectivity and cloud data storage are enabling organizations to transfer and store high-resolution video surveillance feed at high speed. Companies operating in the market are offering robust storage management solutions to ensure security and avoid loss of captured video data.
Browse key industry insights spread across 316 pages with 365 market data tables and 39 figures & charts from the report, “Video Management Software (VMS) Market Size By Component (Solution [Advanced Video Management, Data Integration, Mobile Application, Custom Application Management, Case Management, Security Management], Services [Professional Services, Managed Services]), By Deployment Model (On-premise, Cloud), By Technology (IP-based, Analog-based), By Application (BFSI, Government & Defense, Healthcare, IT & Telecom, Education, Media & Entertainment, Retail)” in detail along with the table of contents:
High scalability of cloud platforms is spurring the growth of cloud-based VMS tools
The adoption of cloud-based VMS solutions across various organizations is anticipated to register a growth rate of nearly 25% from 2020 to 2026. Cloud-based VMS offers higher flexibility and scalability compared to on-premise solutions. It allows users to manage multiple sites simultaneously from any location and at any time, positively impacting overall video management software market growth. Video surveillance vendors are collaborating with cloud service providers in the regional market to deploy surveillance-as-a-service across their cloud infrastructure for efficient video management.
Prevalence of legacy video surveillance infrastructure is augmenting the analog segment
The analog segment dominated around 45% market revenue share in 2019 owing to high usage of legacy analog cameras across developing economies. Analog video surveillance systems are simple, but they offer very limited functionality and expandability. Analog-based solutions are easy to run, require no sophisticated hardware, and are platform agnostic. However, the data security concern of the analog system is restricting its market growth; hence, organizations are shifting toward IP-based solutions.
Extensive use of video surveillance for tourist security to augment video management software (VMS) market growth across the tourism & hospitality sector
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The tourism & hospitality sector is slated to grow at a CAGR of over 20% through 2026. The market growth is attributed to enterprises focusing on security of tourist facilities and growing adoption of video surveillance across these spots. For the hospitality & tourism industry, safety of their guests and property is paramount. It is very important to deploy a security surveillance system to ensure safety of guests while maintaining quality service. VMS tools also improve the productivity of tourism and hospitality sectors by management of crowd.
Increasing stress on public safety in Europe is expected to fuel market growth
The Europe video management software (VMS) market size is estimated to attain more than 25% share by 2026. The rising public security concerns due to frequent terrorist attacks in countries including Italy and Spain are enabling government authorities to form stringent public policies and adopt advanced surveillance systems. The Russian government is using advanced technologies including facial recognition systems to control the impact of COVID-19 outbreak.
Focus on inorganic growth strategies by key players to augment market share
The VMS market has witnessed several partnerships and collaborations to strengthen its market presence. For instance, in March 2020, AXIS collaborated with Citilog to develop automatic incident detection technology. The solution alerts traffic operators about crashes and lets them dispatch help quickly.
Similarly, in August 2019, AxxonSoft partnered with QSAN and Seagate to jointly develop a VMS solution with high-end performance. The solution incorporates Self Encrypting Drive (SED) from Seagate and XCubeSAN storage system from QSAN to handle heavy storage loads during high-resolution video capture.
Some of the key video management software market players include 3VR Security, Inc. (Identiv, Inc.), A&H Software House, Inc. (Luxriot), Aimetis Corporation (Senstar), Avigilon Corporation (Motorola Solutions, Inc.), Axis Communications AB, AxxonSoft, Inc., Bosch Security System LLC, Cathexis Technologies Pty Ltd., Cisco Systems, Inc, Exacq Technologies, Inc., Genetec Inc., Hanwha Techwin Co., Ltd., Hangzhou Hikvision Digital Technology Co., Ltd. (Hikvision), Honeywell International Inc., iMotion Security, Intelligent Security Systems Inc (ISS), Johnson Controls International Plc., KEDACOM, March Networks Corporation, Milestone Systems A/S, Mindtree Limited, Netposa Technologies Ltd., Qognify Limited, Panasonic Corporation, Pelco Inc., Salient Systems Corporation, Verint Systems Inc., VIVOTEK Inc., and Zhejiang Dahua Technology Co., Ltd.
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