Press release
Video Management Software (VMS) Market Growth Accelerates: Strategic Forecast Predicts $39.81 Billion by 2029
Video Management Software VMS Market
What Will the Video Management Software (VMS) Industry Market Size Be by 2025?
There has been a significant expansion in the video management software (VMS) market in the last few years. The market, which is projected to escalate from $15.14 billion in 2024 to $18.41 billion in 2025, will witness compound annual growth rate (CAGR) of 21.6%. The remarkable growth during the past years can be ascribed to heightened security worries, consolidation with other security systems, government initiatives, and aspects like scalability, cost-effectiveness, and solutions tailored for specific sectors.
What's the Long-Term Growth Forecast for the Video Management Software (VMS) Market Size Through 2029?
In the coming years, the Video Management Software (VMS) market is set to experience significant growth, with predictions estimating a market size of $39.81 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 21.3%. The predicted expansion in the upcoming decade can be linked to an anticipated increase in growth, a focus on IP-based solutions, strategies for global market expansion, improved surveillance features, and a demand for personalized solutions. Key trends during this forecasted period are expected to be the increasing adoption of IoT and video analytics, escalating security concerns, upgraded surveillance abilities, a need for tailor-made solutions, and new, innovative product offerings.
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What Are the Key Growth Drivers Fueling the Video Management Software (VMS) Market Expansion?
The escalation in criminal activities is anticipated to stimulate the expansion of the video management software market. The term crime rates allude to the regularity or occurrences of illegal activities in a designated geographical area or demographic over a defined timeline. These nefarious actions are a byproduct of socioeconomic elements, population shift, social upheaval, and political upheaval. Law enforcement applies video management software as a preventative measure against criminal rates, utilizing technology to amplify surveillance, investigation, data scrutiny, pattern discernment, and reaction competencies. For example, Brighton Analytics Limited, a data aggregation firm based in the UK, found in 2022 that the crime rate in the UK was 75.88 per 1,000 inhabitants in 2022-2023. The overall crime rate in the UK surged by 8% compared to 2021. Consequently, the upsurge in crime rates is catalyzing the growth of the video management software market.
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What Are the Key Trends Driving Video Management Software (VMS) Market Growth?
Key players in the video management software market, such as Qognify Inc., are introducing innovative enhancements, like their new software, Qognify VMS, in order to maintain a competitive edge and cater to the evolving user requirements. This software-focused platform supervises and operates video surveillance cameras, recording devices, and other parts of a video surveillance system. For instance, in April 2022, US-based company Qognify Inc. released a new form of video management software, known as Qognify VMS. The software is aimed at enabling organizations to efficiently oversee their video surveillance systems, offering features like smart support for investigative procedures, advanced analytics, and capabilities to integrate with other security systems. It also leverages the tried and tested technology of Qognify's successful video management software, Cayuga, making it useful for a diverse range of sectors, including retail, transportation, and critical infrastructure, for improved security and operational efficiency.
How Is the Video Management Software (VMS) Market Segmented?
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
Subsegments:
1) By Solutions: On-Premise Solutions, Cloud-Based Solutions, Hybrid Solutions
2) By Services: System Integration, Consulting, Maintenance And Support, Training And Education
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Which Companies Are Leading the Charge in Video Management Software (VMS) Market Innovation?
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
Which Regions Are Leading the Global Video Management Software (VMS) Market in Revenue?
North America was the largest region in the video management software (VMS) market in 2024. 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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