Press release
Video Management Software (VMS) Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
Video Management Software (VMS) Market Size, Market
The video management software (VMS) market size is expected to see exponential growth in the next few years. It will grow to $32.81 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to potential growth in the next decade, focus on IP-based solutions, global market expansion strategies, enhanced surveillance capabilities, demand for customized solutions. Major trends in the forecast period include increased adoption of IoT and video analytics, rising security concerns, enhanced surveillance capabilities, demand for customized solutions, innovative product offerings.
Market Overview -
Video management software (VMS) refers to a type of platform that is designed to manage and control the recording, storage, and retrieval of video footage from surveillance cameras. It is commonly used in security and surveillance systems to monitor and manage video feeds from multiple cameras in a centralized manner.
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Rising Crime Rates Fueling Demand For Video Management Software Solutions
The rising crime rates are expected to propel the growth of the video management software market going forward. Crime rates refer to the frequency or incidence of criminal activities within a specific geographic area or population over a certain period. These crimes arise because of socioeconomic factors, demographic changes, social unrest, and political instability. Video management software is used by law enforcement in crime rate prevention to leverage technology to enhance surveillance, investigation, data analysis, pattern recognition, and response capabilities. For instance, in 2022, according to Brighton Analytics Limited, a UK-based data aggregation company, the crime rate in the UK was 75.88 per 1,000 inhabitants in 2022-2023. The aggregate UK crime rate has increased by 8% since 2021. Therefore, rising crime rates are driving the growth of the video management software market.
Competitive Landscape -
Major companies operating in the video management software (VMS) market are Bosch Security Systems Ltd., Hitachi Ltd., Siemens AG, Schneider Electric, Honeywell International Inc., Johnson Controls International Plc, Hangzhou Hikvision Digital Technology Co. Ltd., Hikvision USA, NetApp Inc., Zhejiang Dahua Technology Co. Ltd., Dahua Technology Inc., Ubiquiti Networks, Axis Communications AB, Mindtree Ltd., Verint Systems Inc., eInfochips Inc., Verkada Inc., Vivotek Inc., Eagle Eye Network Inc., Milestone Systems, Hanwha Techwin Co. Ltd., Digifort Global, Avigilon Corporation, KEDACOM Ltd., Genetec Inc
Innovative Advancements In Video Management Software
Major companies operating in the video management software market are developing innovative advancements, such as the new video management software Qognify VMS, to stay competitive and meet the evolving needs of users in the market. This software-based platform manages and controls video surveillance cameras, recording devices, and other components of a video surveillance system. For instance, in April 2022, Qognify Inc., a US-based software company, launched a new video management software called Qognify VMS. It is designed to help organizations manage their video surveillance systems more effectively. It offers a range of features, including intelligent support for investigation processes, advanced analytics, and integration with other security systems. Additionally, it is based on the proven technology of Qognify's successful video management software, Cayuga, which is suitable for various industries, including retail, transportation, and critical infrastructure, to help organizations improve their security and operational efficiency.
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Key Segments -
The video management software (VMS) market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Organization: Small And Medium Sized Enterprises, Large Enterprises
3) By Technology: Analog Based Video Management Software, Internet Protocol Based Video Management Software
4) By Vertical: Banking Financial Services And Insurance (BFSI), Government, Healthcare and Life Sciences, Manufacturing and Automotive, Retail, Transportation And Logistics, Media And Entertainment, Education, Other Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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