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Video Management Software (VMS) Market Expansion, Future Growth Rate, Industry Insights, Top Trends And Forecast To 2033
Video Management Software (VMS) Market Share
According to The Business Research Company's, The video management software (VMS) market size has grown exponentially in recent years. It will grow from $12.44 billion in 2023 to $15.14 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. The growth in the historic period can be attributed to increasing security concerns, integration with other security systems, government initiatives, scalability and cost-effectiveness, vertical-specific solutions.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Video Management Software (VMS) Market 2024 Key Insights:
• The Video Management Software (VMS) Market is expected to grow to $32.81 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%.
• Rising Crime Rates Fueling Demand For Video Management Software Solutions
• Innovative Advancements In Video Management Software
• North America was the largest region in the video management software (VMS) market in 2023. The regions covered in the video management software (VMS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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