Global Video Management Software Market 2022-2028 22 Feb Version

Global Video Management Software Market 2022-2028 22 Feb Version

Industry Overview

The global video management software (VMS) market was valued at around $2.2 billion in 2021 and is projected to reach nearly $6.8 billion by 2028. The global VMS market is anticipated to grow at a CAGR of 17.8% during the forecast period (2021-2028). VMS helps users automatically monitor events from any number of surveillance (CCTV) cameras, alarms, or sensors. Demand for security in the end-user industry backed with ease of deployment and increased use of IP video management is contributing to the market growth. Further, continuous improvements in VMS are expected, with cloud-based VMS systems which are likely to play a much bigger part in public surveillance systems in the near future.

The rising deployment and demand for advanced technology systems from government and private organizations amid the COVID-19 pandemic has been observed. For instance, in February 2021, the Government of China used advanced technologies including Artificial Intelligence (AI)-based facial recognition cameras and big data for tracking COVID-19 victims. The COVID-19 impact on the market was steady, as there was the demand for cloud-based VMS for centralization while remote working.

Market Segmental Overview

The global VMS market is analyzed based on solutions, deployment, technology, components, and application.Based on solutions, the market is segmented into data integration, advanced data management, case management, mobile application, storage management, and others. The VMS for advance data management held the highest market share of 30.5% and accounted for $623 million in 2021 which is anticipated to reach around $2.0 billion in 2028. Data management is going to be critical for government bodies and organizations and it is imperative to create the supporting infrastructure. Key factors that are expected to drive the growth of the market include the growing demand for online video management such as collecting collect video, handling the recording, video routing, and adoption of cloud-based services by enterprises. The storage management held a market share of 25.2% and accounted for $516 million in 2021 which is anticipated to reach around $1.5 billion in 2028, growing at a CAGR of 17.0% during the forecast period. The market growth is attributed to the growing demand for cloud storage to perform data integration effectively. Case management held a market share of 7.0% and accounted for $143 million in 2021 which is anticipated to reach $418 million in 2028. The increase in digital surveillance owing to the increasing penetration of surveillance cameras is supporting the demand for the case management solution segment. For instance, in July 2021, the government of Lexipol initiated a camera registry program across the cities catering to monitor and protect the city. However, a camera registry program allows police to leverage these resources without taking on the costs of purchasing and maintaining these devices. The data integration market is growing at the highest CAGR of 19.7% during the forecast period. The growing demand for analytics in different sectors such as retail and BFSI has heightened the data integration application of VMS as it assists data from multiple different sources to extract additional value.

Based on deployment, the market is bifurcated as cloud and on-premises. On-premises held the highest market share of 73.3% accounted for nearly $1.6 billion in 2021 and is estimated to reach around $4.9 billion in 2028. The on-premises VMS is growing at a CAGR of 17.5% attributed to the high rate of cyber frauds across the globe. Recently, in 2021, according to the reports of TransUnion, the rate of digital frauds has been increased by 109% against financial services in the US. Followed by travel industry which has been increased by 25%. By deploying an on-premises model, the user can easily monitor the video through locally installed devices and applications such as streaming, storage devices & applications, and others. Further, the cloud VMS industry held a market share of 26.7% accounted for $579 million in 2021 and is estimated to reach nearly $1.9 billion in 2028. The segment is growing at a CAGR of 18.8% attributed to the rising demand for cloud surveillance due to its advantages such as remote storage & maintenance of video recordings, wireless infrastructure, easy access, immediate communication of frauds, and others.

Global VMS in IP-based held the market share of 64.4% accounted for nearly $1.4 billion in 2021 and is estimated to reach around $4.5 billion in 2028. Further, the segment is estimated to grow at a CAGR of 18.2% attributed to the growing adoption of IP-based surveillance systems coupled with the rising shift from analog to IP across the globe. The shift is supported by the emergence of smart technologies such as united communication and IP networks is a key driver in the formulation of safe and secure cities. IP Surveillance is a digitalized and networked version of CCTV system which is the most flexible and future-proof option for security and surveillance systems. The IP surveillance system is majorly made of two components such as IP-based camera and a video surveillance platform. IP cameras are preferred for large installation sites that already have a high bandwidth network installed. IP-based surveillance systems are highly being used for applications including vehicle-mounted cameras, body-worn video, drone, facial recognition system (FRS), automatic number plate recognition (ANPR), and others.Open platform VMS supports IP cameras with onboard analytics, which offers improved business intelligence for the surveillance system. Various market players are inclined towards launching IP-based VMS catering to software firms. For instance, in July 2021, March Networks launched a new highly scalable Linux version of its VMS that can support up to 3,000 IP cameras on a single server.

Based on the components, the VMS market is divided into solutions and services. Among these, the VMS solution is growing at a CAGR of 18.0% during the forecast period. The VMS in solutions was valued at nearly $2.0 billion in 2021 and is anticipated to reach around $6.5 billion in 2028. The market is driven by the growing new deployment of VMS solutions in the end-user industry. VMS service market is anticipated to grow at a CAGR of 14.5% during the forecast period attributed to increasing demand for and installation of VMS tools and services, which are, in turn, propelling demand for related managed and professional services. The global VMS service market was valued at $126 million in 2021 which is anticipated to reach $324 million in 2028.

Based on application, the market is segmented into BFSI, government and defense, healthcare, retail, transportation, education, real estate, IT, and others.The government and defense sector segment held a market share of 23.9% accounted for $519 million in 2021 and is estimated to reach nearly $1.6 billion in 2028. The government and defense application is growing at a CAGR of 17.6% during the forecast period. With rising public security awareness, increasing government security spending through initiatives such as smart cities, and surging digitization, the government sector has become the major player in the VMS market, globally. Further, the increasing demand for VMS by government agencies to manage administration, provide security, and maintain other functionalities is growing in the government and defense industry. The segmental growth is attributed due to the rise in deployment of proactive VMS solutions catering to prevent the national property, important facilities, and international borders. In addition, the government authorities have the responsibility to protect their citizens and national property. Thus, rising threats to national security are enabling government authorities to deploy advanced video surveillance solutions. Various market players are also developing such VMS solutions catering to support the government, which drives the growth of the market. For instance, in December 2021, Senstar introduced new turnkey hardware and VMS solution named E5000 Physical Security Appliance (PSA). The product solution combines rugged, compact, and purpose-built hardware with the Senstar Symphony Common Operating Platform which utilizes a perimeter intrusion detection system. BFSI held 13.8% accounted for $299 million in 2021 and is anticipated to reach $975 million in 2028. The VMS in the BFSI industry is growing at a CAGR of 18.5% attributed to the rising integration of centralized video surveillance systems across the globe. The VMS in BFSI involves securing multiple locations by monitoring them centrally and establishing a central control.

Among the region, the market is segmented as North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific held the highest market share of 54.3% in 2021. The market in Asia-Pacific was valued at nearly $1.2 billion in 2021 and is anticipated to reach nearly $3.8 billion in 2028. Various projects have been planned by the Asian economies under the umbrella of infrastructure development initiatives across road, railways, airport, and urban development which will further boost the overall demand in the surveillance industry, hence creating a market for VMS. China held the highest market share of 49.0% in Asia-Pacific attributed to its existing advanced infrastructure and the nationwide initiative “Skynet” to boost overall security. India is anticipated to grow at the highest CAGR of 21.7% owing to extensive government and private programs and initiatives for ‘Digital India’. For instance, Axis Communications has deployed safe city solutions in cities such as Bhavnagar, Kolhapur, Aurangabad, and Nanded. It has also been a preferred partner in projects such as DY Patil Stadium in Mumbai, Hyderabad International Airport, City Surveillance Project in Kolkata, Shivajinagar Bus Terminus in Bangalore to name a few.

Research Methodology for Regional Share

Each player has provided their regional share, some of them has provided regional share by business. So, this has given us insight about the revenue in each economy. Following this, we reverified company’s presence and their product portfolio to understand if the player is offering VMS in that economy.

Key Players Overview

Major vendors in the global VMS market include Axis Communication, Bosch Security, NEC Corp., Honeywell, Cisco, IBM, and others. The VMS companies have adopted various types of organic as well as inorganic growth strategies, such as new product launches, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions, to strengthen their offerings in the market. For instance, in July 2021, Edge360 launched a new product Surveill VMS Patent-Pending Technology, the first fully containerized VMS. Surveill VMS containerized software makes systems running containers more lightweight and portable with less overhead and hardware. An additional benefit of a containerized approach is that the VMS can be deployed to multiple different operating systems and hardware configurations.The benefits are minimal hardware, maximized performance, and significantly reduced labor requirements for deployment and maintenance of the system.