Video Management Software (VMS) Market Size By Component (Solution [Advanced Video Management, Data Integration, Mobile Application, Custom Application Management, Case Management, Security Management], Services [Professional Services, Managed Services]),

Video Management Software (VMS) Market Size By 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The video management software (VMS) market is slated to exhibit massive growth by 2030 owing to growing concerns regarding intrusion and threat detection across both government and private sectors. In addition, increasing demand for high-quality data processing is also likely to propel market growth over the forecast period.

The COVID-19 outbreak saw an upsurge in the need for advanced technologies to track infected people, which created massive growth potential for product uptake during the pandemic. Recently, key participants in the video management software (VMS) market have been focusing on product innovation as well as strategic alliances like partnerships and collaborations to boost their business standing, thereby improving market dynamics.

For instance, in February 2022, Identiv Inc., a provider of physical security and secure identification solutions, signed a partnership agreement with PLM TrustLink, PLM’s cloud-based IoT platform. The partnership between the companies aimed to provide traceability and tracking to customers in the food supply chain.

The video management software (VMS) market has been divided on the basis of deployment model, technology, application, component, and region.

The video management software industry has been split based on component into solution and service. The solution segment has been further categorized into mobile application, data integration, advanced video management, storage management, and case management.

The data integration segment is expected to depict a CAGR of over 23.7% through the review timespan owing to soaring product demand in smart city projects to improve city surveillance systems. Meanwhile, the storage management segment is set to record solid growth at around 22.4% CAGR by 2030 as these solutions provide remote access to security agencies to recorded & live videos.

In terms of application, the video management software (VMS) market has been classified into education, BFSI, tourism & hospitality, government & defense, IT & telecom, healthcare, and retail. The BFSI segment is primed to witness substantial growth at a CAGR of roughly 23.0% over 2022-2030 due to improvements required in the security of different branches of financial institutions and banks.

In 2021, the healthcare segment accounted for a market share of nearly 11.67% and is projected to observe robust expansion through the analysis period. This growth is attributed to prevalent deployment of VMS solutions in hospitals and healthcare institutes to protect expensive and critical healthcare equipment.

Furthermore, on account of increasing adoption of different VMS solutions to protect business facilities across the telecommunication sector, the IT & telecom segment is foreseen to grow at approximately 21.4% CAGR through the study timeline. The education segment is poised to grow at a CAGR of above 25.0% through the analysis timeframe driven by mounting use of video surveillance for enhancing tourist safety.

From the regional point of reference, the Latin America video management software (VMS) market is speculated to grow steadily at a CAGR of more than 18.7% from 2022 to 2030 as a result of exponential penetration of data center facilities that are boosting the demand for VMS solutions to safeguard the facilities. Moreover, the Middle East & Africa video management software (VMS) industry held around 5.80% market share in 2021 supported by the presence of luxury restaurants and international tourist visits in the MEA region.