ID: MRFR/ICT/2106-CR | August 2020 | Region: Global | 123 pages
Market Research Future (MRFR) expects the Global Video Management Software Market size to reach USD 18,488.54 million, recording a CAGR of 19.48% from 2020–2026 (forecast period). Video management software allows organizations to easily review and evaluate recorded videos using several cameras mounted on the premises. Video management software is a core component of every modern video surveillance system. Organizations seek to safeguard their physical and capital assets by adopting video management software to inspect information in real-time with the aid of CCTV cameras or IP network cameras in order to avoid any breach of security. The key features provided by VSM include real-time video viewing, video recording, and automated alarm notification.
The current outbreak of COVID-19 is expected to impact the market demand for video management software. The rising demand for video surveillance and surveillance of international borders and increasing requirements for facial recognition systems to monitor infected individuals are expected to raise market revenue. Government authorities use the analytical capabilities of VMS solutions to take measures, including social distancing and sanitization, to prevent the spread of COVID-19 disease.
Easy deployment and increased use of IP video
The widespread increase in the need for surveillance solutions across the globe between several verticals and the substantial growth in digitalization paved the way for the growth of IP video management systems. Today, companies are mainly looking for digital solutions in their workplaces because of the different distinctive and special features that IP systems offer. There is a range of factors that lead to the scenario, ranging from budgetary to technical problems, as well as the distinctive features provided by IP-based systems, such as image resolution, scalability, simple installation procedures, and even the ability to adapt to any potential improvements, such as the integration of video analytics. In addition, the implementation of IP-based systems is easier than analog systems due to hardware support, plug-in, and plug-in features, and simple cabling offered by device manufacturers.
Increasing security concerns globally
The rising number of well-publicized infringements suggests that they not only boost the number of security infringements but also increase in severity. Security breaches disclose confidential information that often puts exposed users at risk of identity theft, harms the credibility of companies, and almost always leaves the organization responsible for violations of compliance. According to the Accenture study, security breaches have risen by 11% since 2018 and 67% since 2014. Nevertheless, government, retail, and technology are the three main industries that have shown 95% of breached records since 2016, as these sectors are very common targets due to the high level of personal data reported in their records. The video surveillance sector is no exception. Advances in digital video mean the ability to hack IP cameras and related devices on the network. The significance of security camera data has led to a new wave of cybercriminals trying to steal and sell information. This raises the demand for video management software to provide a safe connection to cameras and alerts to the security system. As a result, the rise in the number of security breaches is anticipated to propel the growth of the global market for video management software during the forecast period.
Global Video Management Software Market has been segmented into Solution, Technology, Deployment, Organization Size, and Vertical.
By solution, the global video management software market has been segmented into Video intelligence/analytics, case management, advanced video management (data integration), custom application management, intelligent streaming, mobile application, navigation management, storage management, and security management.
By technology, the global video management software market has been segmented into Analog-based and IP-based.
By deployment, the global video management software market has been segmented into Cloud-based and On-premise.
By organization size, the global video management software market has been segmented into Small and medium enterprises and large enterprises.
By vertical, the global video management software market has been segmented into BFSI, retail & E-commerce, government, healthcare, IT & telecommunication, manufacturing, public transportation, and others.
North America to lead the global market
North America is leading the global video management software market due to the increased adoption of video surveillance systems by enterprises. In addition, the North American VMS market is powered by a growing number of applications, both commercial and industrial. Other factors driving the regional market include the presence of advanced technologies in the region, dropping camera prices, a gradual change from analog to IP cameras, and increased consumer preference for IP-based systems. However, asymmetric Internet speeds are likely to impede market growth.
Companies working in the industry are focusing on the incorporation of emerging technology and the support of third-party surveillance equipment by combining their VMS solutions with other video equipment.
Some of the prominent players in the global video management software market are AxxonSoft Inc., Verint Systems, Qognify Inc, Avigilon Corporation, Genetec Inc., Salient Systems, 3VR, Cathexis, Robert Bosch, Johnson Controls, Senstar Corporation, Surveon Technology Inc., Cisco Systems, Axis Communications AB, Video Insights Inc., and Milestone Systems Inc.
In April 2020, Axis Communications AB extended its presence in Linköping, Sweden, by developing an R&D office for software development. The software development office in Linköping will be concentrate on cloud solutions and develop comprehensive solutions and systems for managing and analyzing videos.
In March 2020, Avigilon Corporation introduced new facial recognition features to video management software with Avigilon Control Center (ACC) 7.6. This is expected to allow corporate customers to monitor and track their facilities through AI-enabled features and analytics. This is highly defined by rigorous controls to ensure full accessibility of list data.
This research report estimates revenue growth at global, regional, and national levels and offers insight into new updates in each sub-sector from 2020 to 2026. For this report, MRFR divided the global video management software market report by solution, technology, deployment, organization size, vertical, and region.
By Organization Size
Frequently Asked Questions (FAQ) :
The global video management software market will be gaining 17.60 billion by 2024
The global video management software market registered 23.20% CAGR for its growth.
It is the swelling adoption of video management software in small and medium business entities, CCTV cameras, intrusion detection systems, and video analytics applications are the factors promoting the market growth.
Solution, technology, deployment, organization size, vertical are the segments covered in the market study.
North America, Europe, Asia-Pacific, and the rest of the world are the regions mentioned in the study of the market.