Escalating Security Concerns to Fuel Growth of Video Management Software Market
Video management software (VMS) enables users to collect, store and access the video stream. It provides the various features and allows a video surveillance system to become smarter. VMS provides real-time security monitoring and playback of video surveillance footage from an on-site, centralised, or mobile location. Higher-end systems can also bring in alarms and sensor data from a wide variety of sources, which can be used to notify security personnel of potential security threats. An effective video management system is, essentially, the efficient combination of video software and server hardware. VMS offers the ability to integrate video, access control, audio, and many other disparate systems into a single point of control, increasing effectiveness and simplifying security management. This will continue to drive the growth of video management software market. To protect crucial infrastructure, video surveillance systems are widely deployed with massive systems for usage in strategic locations, including public transportation, banks, city centres, home security, airports, public roadways, and ATM centres. Since these systems are vulnerable to numerous attacks, it is crucial to recognize and remember the proper security precautions.
With growing adoption of video management software, the popularity of surveillance systems has been growing steadily over the past decade. These systems are used by governmental and private institutions, residential communities, and commercial and public venues to monitor various activities for security and safety reasons. For instance, the market for surveillance technology is projected to reach over 90 billion dollars in value in 2021. The software required to monitor behaviour, and activities and manage information is called surveillance technology. Big data, and video surveillance technologies are also included in this industry. The main driving forces behind the growth of video management software market, and video surveillance system sales in these enterprises are the aggravating security threats. The advantages of computer vision, machine learning, and automation have been taken advantage of by intelligent cameras. IoT makes secure surveillance into intelligent security surveillance systems by connecting network-enabled cameras with other devices and systems.
Case Management Solution to Make it Ideal for Video Management Software
The demand for visual evidence to speed up the criminal investigation process is expected to drive category growth in the video management software market. The need for case management solutions is further supported by the rise in digital surveillance caused by the penetration of surveillance cameras. Case management tools make it easier for public and corporate security teams to collaborate to conclude investigations quickly. The case management solution ensures that information is only shared with authorized departments and provides instant access to evidence with a single click. Organisations can save the expense of duplicating evidence to DVDs and shared drives by managing all cases and data from a single program. The expansion of video management software market can be attributed to increased demand from security departments for issues to be solved by gathering evidence data on a single platform.
Opportunities Abound in North America’s Video Management Software Market
As more businesses and organizations in the region use video surveillance, North America now dominates the global market for video management software. The region's advanced technologies, declining equipment costs, rising trends, the spread of IP-based solutions, and the country's economic situation have contributed to video management software market expansion. Additionally, a rising variety of applications in the business and industrial sectors are opening new market opportunities and fostering industry expansion. The US market dominated the North American video management software market in 2021 and would maintain its dominance through 2028.
The development of cutting-edge video technology is expected to drive more than 20% growth in the Asia Pacific market during the forecast period. For instance, the Chinese government deployed advanced technologies, such as AI-based facial recognition cameras and big data, in February 2020 to follow coronavirus cases. To follow travel history, the authorities gathered information from extensive surveillance systems. Additionally, police employed CCTV cameras and facial recognition technology to identify people wearing masks and those with a minor fever. The government must take essential safety precautions to ensure the safety of its population. This is anticipated to fuel market expansion in the area. The current COVID-19 epidemic in China has increased the demand for VMS solutions in the healthcare sector. Moreover, nations like South Africa are progressively implementing video management software solutions in the defense industry to provide more excellent national and border security. In 2020, they recorded a market share of more than 30%. The main driver behind these moves by the government is a growing threat.
Global Video Management Software Market: Competitive Landscape
Companies in global video management software market are starting new partnerships and alliances while also launching new products. For instance, in September 2021, a leading provider of AI-powered video analytics, Agent Vi, was acquired by Irisity AB (publ). With its headquarters in Israel and offices in the US and Singapore, Agent Video Intelligence (Agent Vi) is a leading provider of AI-powered video analytics solutions. It operates internationally through a network of resellers and alliances and has a top-notch development staff. On the other hand, Axis Communications AB expanded the support of their VMS solution for external audio devices and network speakers in April 2020. By providing live announcements that may discourage possible thieves and invaders, the new integration enhances the dependability of its video surveillance devices.
Some players in global video management software market include Cisco Systems, Inc., Aimetis Corporation, Milestone System A/S, Verint System, Honeywell International, Inc., Bosch Security System, Schneider Electric Industries SAS, O-Net Surveillance Systems Inc., 3VR Inc., and Verint Systems, Inc.
Global Video Management Software Market is Segmented as Below:
By Industry verticals
By Deployment Mode
Key Elements Included In The Study: Global Video Management Software Market
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