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Video Management System Market is Rising Demand for Security Concerns |Global size is Hit to USD 70.33 billion by 2031

The Video Management System (VMS) market is experiencing significant growth due to the ever-increasing demand for enhanced security and surveillance solutions. SNS Insider reports that the market size reached USD 13.02 Billion in 2023 and is expected to reach a staggering USD 70.33 Billion by 2031, reflecting a robust Compound Annual Growth Rate (CAGR) of 23.5% over the forecast period (2024-2031).

Growing Demand for VMS Across Diverse Applications

Video management software offers a wide range of functionalities beyond basic surveillance. In retail environments, VMS utilizes analytic data from cameras to optimize product placement and identify potential shoplifters using facial recognition technology. Concert venues leverage VMS for access control and real-time incident monitoring. Large corporations and educational institutions utilize VMS for various purposes, including corporate training, knowledge management, and event broadcasting. Additionally, video content management (VCM) solutions integrated with VMS offer cost-effective infrastructure for seamless video streaming and buffering reduction.

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Major The Key Players of Video Management System Market

Hanwha Techwin Co, Honeywell International, Bosch, Schneider Electric, Axis Communications, Netapp, Johnson Controls International, Hikvision Digital, Dahua Technology,, Kedacom, Avigilon Corporation, Verint Systems, Mindtree, Axxonsoft, eInfochips, Panasonic i-PRO Sensing Solutions, Panopto, Backstreet Surveillance, Eagle Eye, Arcules, Genetec, Rhombus, Verkada, Qumulex, ButterflyMX, Hakimo, Sighthound, Camcloud, Milestone Systems, and others

Segmentation Analysis

The VMS market is segmented into components (software and services). The services segment is projected to experience the most significant growth during the forecast period. This segment encompasses professional services, such as planning, implementation, and maintenance, as well as managed services for ongoing operational management. The need for these services stems from the lack of in-house expertise within many organizations to handle complex video data storage and analysis. Professional service providers offer solutions to address this gap, while managed services ensure efficient operational management. Overall, the services segment plays a crucial role in optimizing VMS performance and generating cost savings.

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Key Market Segments

By Component

  • Solution
  • Services

By Technology

  • Analog-based VMS
  • IP-based VMS

By Deployment Type

  • On-Premises
  • Cloud

By Organization Size

  • Large enterprises
  • SMEs

By Application

  • Mobile Application
  • Intelligent Streaming
  • Security and Surveillance
  • Storage Management
  • Video Intelligent
  • Data Integration
  • Case Management
  • Advanced Video Management
  • Custom Application Management
  • Navigation Management

By Vertical

  • BFSI
  • Healthcare and Lifesciences
  • Retail
  • IT
  • Manufacturing and Automotive
  • Tourism and Hospitality
  • Government and Public Sector
  • Education
  • Media and Entertainment
  • Transportation and Logistics
  • Others

Impact of Russia-Ukraine War

The ongoing conflict between Russia and Ukraine presents a complex scenario for the VMS market. While security concerns in affected regions might drive an increase in VMS adoption for enhanced monitoring, economic slowdown and market uncertainty could potentially lead to reduced spending on such technologies. Additionally, heightened geopolitical tensions elevate the risk of cyberattacks, potentially turning VMS systems into targets for malicious actors. This underscores the growing need for robust cybersecurity measures within VMS solutions.

Economic Slowdown

A broader economic slowdown could dampen the growth of the VMS market. Reduced business spending and investment could lead to a decline in VMS adoption, particularly in non-critical sectors. However, the long-term outlook for the VMS market remains positive, driven by the underlying trend towards increased security awareness and technological advancements.

Key Regional Developments

North America currently holds a dominant position in the VMS market, accounting for approximately 37% of the global revenue. This dominance is attributed to the presence of major VMS companies and the ongoing adoption of IP-based surveillance systems facilitated by aging infrastructure.

The Asia Pacific region is expected to witness the fastest growth in the VMS market due to significant investments in smart city initiatives and infrastructure development. China, in particular, is fueling regional market growth through extensive deployments of video surveillance networks for public safety purposes. Additionally, urbanization and the rise of new cities, manufacturing hubs, and retail businesses in the region are driving the demand for VMS solutions.

Future Growth

The future of the VMS market is promising, with continuous advancements in video analytics, AI integration, and cloud-based solutions expected to propel market growth. Recent developments such as the acquisition of Qognify, a VMS provider, by Hexagon, a leading provider of security solutions, highlight the ongoing consolidation within the industry and the growing focus on comprehensive security offerings. Additionally, the launch of new-generation VMS platforms, such as SafetyNET 5 by Safety Vision, underscores the industry’s commitment to innovation and enhanced security features.

Video Management System Market
Video Management System Market

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Key Takeaways

  • The VMS market is experiencing significant growth due to the rising demand for enhanced security and surveillance solutions.
  • Integration of video analytics and AI is a key driver for market expansion.
  • The services segment, encompassing professional and managed services, is expected to witness the highest growth during the forecast period.
  • The Russia-Ukraine war and potential economic slowdown present short-term challenges, but the long-term outlook for the VMS market remains positive.
  • North America holds a dominant position, while Asia Pacific is expected to witness the fastest growth due to factors such as smart city initiatives and urbanization.
  • Continuous advancements in technology and strategic acquisitions within the industry are shaping the future of the VMS market.

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