According to the research report titled ‘Video Management Software (VMS) Market Size By Component, By Deployment Model, By Technology, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report, global video management software market is anticipated to witness significant growth during 2020-2026.
 

Growing popularity of video surveillance systems across the globe is augmenting the expansion of global video management software market.
 

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For the record, a video management software (VMS) is a primary component of an IP camera systems and is used for locating and attaching to the IP cameras which are available on the network. It can give alerts to the security personnel and can collect specific videos from the cameras.
 

Based on component, the data integration solution segment is projected to register a CAGR of 18% over 2020-2026. Increasing number of smart city projects coupled with the growing demand for data integration solutions for efficient city surveillance is fueling the growth of the segment.
 

The report states that the mobile application solution segment is expected to grow with a 20% CAGR over the analysis timeframe. The solutions enable security agencies to remotely access live as well as recorded videos, which in turn is contributing to the expansion of the segment.
 

With regards to product service, the professional services segment is anticipated to exhibit a 25% CAGR, owing to increasing adoption of outsourced enterprise expertise for managing complex VMS solutions.
 

Moving on to the application spectrum of the market, the report claims that the BFSI sector is estimated to grow at a 18% CAGR during 2020-2026, primarily due to rising demand for enhanced security in banks and other financial institutions.
 

On the other hand, the IT & telecom sector is predicted to exhibit a 16% CAGR over the forecast period, due to increasing adoption of VMS solutions by telecom companies in order to safeguard their business facilities.
 

As per the regional analysis of the report, Latin America video management software market is projected to record a robust CAGR of 15% through 2026, owing to rising penetration of data center facilities and surging demand for VMS solutions in the region.
 

Alternatively, Middle East & Africa accounted for around 6% of the market share in 2019 and is expected show similar growth throughout the analysis timeframe. Increasing frequency of international tourist visits along with high concentration of luxury restaurants are driving the growth of the regional market.
 

Key participants of worldwide video management software market are Zhejiang Dahua Technology Co., Ltd, VIVOTEK Inc., Verint Systems Inc., Salient Systems Corporation, Pelco Inc, Panasonic Corporation, Qognify Limited, Netposa Technologies Ltd., Mindtree Limited, Milestone Systems A/S, March Networks Corporation, Kedacom International Pte Ltd, Johnson Controls International Plc, Intelligent Security Systems Inc (ISS), iMotion Security, Honeywell International Inc., Hangzhou Hikvision Digital Technology Co., Ltd, Hanwha Techwin Co., Ltd, Genetec Inc., Exacq Technologies, Inc., Cisco Systems, Inc., Cathexis Technologies Pty Ltd., Bosch Security Systems, Inc., AxxonSoft, Inc., Axis Communications AB, Motorola Solutions Inc., Senstar Corporation, A&H Software house Inc., and 3VR Security, Inc. among others.