Press release
Demand for Video Management Software is Projected to Rise at a CAGR of 20.2% through 2034
The global video management software market is projected to increase from a size of US$ 5.78 billion in 2024 to US$ 36.38 billion by the end of 2034. According to Fact.MR's latest market analysis, the market is calculated to rise at a value CAGR of 20.2% from 2024 to 2034.Video management software solutions are set to gain significant traction due to increasing smart city initiatives across the world and rising investments to deploy analytics-integrated video surveillance systems across law enforcement, banking & financial institutions, and transportation sectors.
Demand for video management software is expected to rise as it offers reliability, cost-effectiveness, and enhanced accuracy. Also, the growing proliferation of video software to lessen crime rates is anticipated to augment the video management software market growth during the forecast period.
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Video management software can be easily integrated with various third-party solutions and equipment, such as 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.
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.
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.
However, 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.
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Key Takeaways from the Market Study:
The global video management system market is anticipated to have amassed about US$ 3.88 Billion in 2021.
Europe to experience noteworthy market expansion, at a CAGR of 18.5% from 2022 to 2032
North America to emerge as the dominant market for video management software, clocking a CAGR worth 19%
Asia Pacific to be an opportunistic market, expected to surge at a 17.8% growth rate
By component, video management software solutions to be most sought after, growing at an 18% CAGR
Cloud-based video management software demand to flourish at a 21% CAGR from 2022 to 2032
Competition Analysis
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. and Cisco Systems, Inc. among others. Recent Key Developments in the Industry Include:
In July 2021, Edge360 announced the launch of its new Video Management Software (VMS), Surveill VMS, which is the first fully containerized VMS running on microservices.
In April 2022, Qognify launched a new video management software called Qognify VMS. The solution offers bi-directional integrations with many other solutions such as access control, intrusion detection, and video analytics.
Key Segments Profiled in the Global Video Management Software Market
By Component :
Video Management Software Solution
Advanced Video Management
Data Integration
Case Management
Mobile Application
Storage Management
Others
Video Management Software Services
Professional Services
Managed Services
By Deployment Model :
On-premises Video Management Software
Cloud Video Management Software
By Technology :
IP-based
Analog-based
By Application :
BFSI
Government & Defense
Healthcare
IT & Telecom
Tourism & Hospitality
Education
Retail
Others
By Region :
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
To Gain In-Depth Insights on Video Management Software Market, Request Methodology at
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Video Management Software market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of 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), & Region (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa).
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