The video management software market is expected to reach USD 59.23 billion in 2030
Video Management Software Market Size – USD 9.81 Billion in 2021, Market Growth – at a CAGR of 22.1%, Market Trends – Growing Demand for Video Surveillance
NEW YORK, NY, USA, Feb. 23, 2022 /EINPresswire.com/ — Rising penetration of video surveillance in a wide range of applications and growing security concerns due to growing security threats are driving the revenue growth of the video management software market
The global video management software market size is expected to reach USD 59.23 billion by 2030 and register a CAGR of 22.1% over the forecast period, according to the latest report from Reports and Data. Rising security concerns along with the need for real-time video processing and monitoring are expected to drive the video management software (VMS) market revenue growth. Increased need for intrusion and threat detection in government, military organizations, airports and seaports is driving the market revenue growth due to the enhanced features of IP-based VMS technology such as high camera quality, reduced cost and scalability. Additionally, VMS technologies provide superior business analytics, which enhances the monitoring system.
However, in both underdeveloped and developing countries, lack of skilled technological expertise along with concerns over storage of high resolution videos and recordings would hamper the market revenue growth. Additionally, rising concerns over data privacy and security may hamper the market revenue growth. The lack of a stable IT infrastructure in developing countries, along with the complexity of effectively building, scaling and configuring an IP system, will hamper the market revenue growth.
Companies profiled in the Global Video Management Software Market report include Identiv, Inc., Genetec Inc., Milestone Systems A/S, A&H Software House, Inc., Senstar Corp., AxxonSoft., Bosch Security Systems, LLC ., GeoVision Inc., imotion.ca and Hangzhou Hikvision Digital Technology Co., Ltd.
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• By technology, the IP-based segment is expected to grow at the fastest rate in terms of revenue share during the forecast period. IP cameras are revolutionizing video surveillance by offering a wide range of advantages, including low cost, excellent image resolution and scalability. One of the major drivers for the video management software market revenue growth is the growing use of IP cameras by end-use industries and businesses. Open-platform video management software enables IP cameras with built-in analytics, giving the surveillance system greater business visibility.
• By solution type, data integration segment held the largest revenue share in 2021 and is expected to grow at a faster rate during the forecast period owing to the adoption of various security solutions such as vehicle license plate monitoring and radio frequency identification (RFID) monitoring, where text or barcode reading systems can be integrated with video management software. Additionally, the mobile application segments are expected to register a rapid revenue CAGR during the forecast period due to the widespread use of video analytics in areas such as facial recognition, motion detection and video analytics. retail consumer analysis.
• By service, the managed services segment is expected to grow at the fastest rate over the forecast period, owing to the growing need to improve operational efficiency and reduce capital investment.
• The Asia Pacific video management software market is expected to grow at a faster rate in terms of revenue share during the forecast period. End-use industries and businesses are mostly turning to cloud-based video management software in the region. The growing emphasis on smart city initiatives and intelligent transportation systems, especially in China and India, could contribute to an increase in demand for video management software applications. The industry’s most attractive end-use for video management software tends to be transportation, sports stadiums, government, city surveillance, retail, and banking, financial services, and insurance (BFSI). For example, in February 2020, China deployed modern technologies such as AI-based facial recognition cameras and big data to track COVID-19 cases.
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For the purposes of this report, Reports and Data has segmented the video management software market on the basis of technology, service, end-use, solution type, deployment type, and region:
Technology Outlook (Revenue, USD Million; 2019-2030)
• Analog VMS
• IP-based VMS
Services Outlook (Revenue, USD Million; 2019-2030)
• Professional service
• Managed Service
End-Use Outlook (Revenue, USD Million; 2019-2030)
• IT and Telecom
• Health and life sciences
• Manufacturing and automotive
• Media and entertainment
• Energy and utilities
• Tourism and hospitality
• Transport and logistics
Solution Outlook (Revenue, USD Million; 2019-2030)
• Video intelligence
• Case management
• Advanced video management
• Data integration
• Management of custom applications
• Smart Broadcast
• Storage management
• Security management
• Mobile app
Deployment Type Outlook (Revenue, USD Million; 2019-2030)
• On the site
Regional Outlook (Revenue, USD Million; 2019-2030)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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