Video Management Software Market Scenario:
he video management software market is experiencing substantial growth due to the increasing need for having real-time information. This would help in sorting out strategies and taking decisive steps accordingly. Video management software is getting implemented mostly in digital CCTV surveillance, voice mail system, variable message sign-in, vessel monitoring systems, computer operating systems and others. The software collects data and stores it for further applications. The software offers services in high-definition clarity, with better quality video, and reduces theft and damage to any application considerably. The VMS Industry is estimated to reach USD 17.60 billion by 2024, registering a 23.20% CAGR during the forecast period 2018–2024. The growing usage of IP (Internet Protocol) video, increasing number of security breaches, and rising adoption of video surveillance solutions across various industry verticals are the primary factors driving the market growth. Further, the increasing adoption of video management software among small and medium business entities for the integration of VMS with CCTV cameras, intrusion detection systems, and video analytics applications also promotes market growth.
Factors such as integration of the service in the banking and finance industry can trigger substantial market response and help in the increasing of the prospects of the video management software market. The service is quite necessary when it comes to provide security and prevent crime. At the same time, detailed coverage can improve workflow and help in the implementation of efficient strategies to curb organization budget accordingly.
However, as a major drawback video management software provides almost no privacy to workers and put them under constant surveillance without their permission. This can pill back the expected video management software market growth during the forecast period.
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The global video management software market comprises a number of important players. Some of the most prominent players identified in the report by MRFR are Geo Vision Inc. (Taiwan), Mindtree Ltd (India), Exacq Technologies (U.S.), 3VR Inc. (U.S.), Video Insights Inc. (U.S.), Genetec Inc. (U.S.), Surveon Technology Inc. (Taiwan), Milestone Systems Inc. (U.S.), Imotion Security Inc. (Canada), Aimetis Corporation (Canada), among others.
April 29th, 2019, PlateSmart Technologies announced the integration of its Automatic License Plate Recognition Software (ALPR) with the IP surveillance solution provider Vivotek. It is mentioned that the software can be integrated seamlessly with any camera or video management system (VMS).
March 13th, 2019, Senstar, a pioneering leader in video management and PIDS, released the latest version of its intelligent VMS system named Symphony 7.2.
The global video management software market is segmented in terms of deployment type, solution, vertical, and service.
- By solution, the market segments into video intelligence, advanced video management, mobile application, storage management, custom application management, data integration, case management, security management, intelligent streaming, navigation management, and others. The security management segment is enjoying considerable benefit from the advantages offered by video management software. The advanced video management segment divides into reliable and scalable video management software, one which can work in sync with advanced surveillance technologies.
- By deployment type, the market divides into on-premise and on-cloud types. The on-cloud segment is gaining massive traction and is anticipated to attain substantial growth over the mentioned forecast period.
- By service, the market comprises manufacturing, retail, IT & telecommunication, banking, healthcare, financial services and insurance (BFSI), and others. Among these segments, the BFSI sector is gaining the most profit from the software integration.
The video management software market is geographically divided into the following regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The North American region stands tall in the video management software market with the highest share percentage. The region is benefitting the most from the market owing to the increasing integration of technology, high investment capability, and infrastructural advantages. The region is also significantly investing in research and development activities, which holds the potential to bear unprecedented results and subsequently push the growth of the regional market.
The European region rides on similar advantages as that of North America and is expected to gain substantial profit over the forecast period. Europe stands second globally in terms of revenue generation in the video management software market.
The Asia Pacific regional market is expected to grow the fastest over the forecast period due to the presence of major developing economies like India and China, who are showcasing ample interest in reaping the profits of such advanced technologies.
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