August 06, 2020
According to the report titled ‘Video Management Software (VMS) Market Size By Component, Services 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 LLC, global video management software (VMS) market is projected to record substantial gains during 2020-2026.
As per the report findings, increasing installation of video surveillance systems owing to growing concerns regarding security and safety across a broad plethora of industries is the primary growth driver of global video management software (VMS) market.
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For those uninitiated, VMS is a vital part of the IP camera system which is usually responsible for locating as well integrating IP cameras present on the network, thereby establishing a secured connection to the cameras. It also aids in recording a video feed from specified cameras and also offers security alert features to the responsible authorities.
Based on component, global video management software market is bifurcated into solution and service. The solution segment is further split into advanced video management, mobile application, case management, data integration, and storage management. The data integration segment is projected to register 18% CAGR through 2026, driven by the demand for data integration solutions in smart city projects in a bid to enhance city surveillance.
Meanwhile, mobile application segment is projected to register a CAGR of 20% during the forecast years as these solutions offer recorded or live videos to be remotely accessed by security firms.
Service segment is categorized into managed services and professional services, among which, the latter segment captured over 75% market share in 2019 as these services guarantee fast and smooth deployment of new VMS solutions.
On the other hand, managed services segment is expected to expand with a CAGR of 25% owing to surging demand for external expertise by enterprises for handling complex VMS solutions.
Elaborating on the application spectrum, BFSI segment will showcase a CAGR of 18% over the forecast period, fueled by the demand for advancing security of different branches of banks and other financial institutions.
Healthcare segment held 12% market share in 2019, on account of increasing deployment of VMS solutions in hospitals and healthcare organizations.
IT & telecom segment is poised to expand with a y-o-y growth rate of 16% throughout the forecast duration, attributable to adoption of various VMS solutions among telecom operators to protect their business facilities.
Regionally, MEA VMS market garnered 6% share in 2019 due to presence of luxury restaurants and spike in international tourist visits across the region. On the other hand, Latin America VMS market is slated to expand with a CAGR of 15% over 2020-2026 on account of proliferation of data center facilities bolstering the demand for effective security solutions.
Key players in video management software (VMS) market are 3VR Security, Inc. (Identiv, Inc.), Aimetis Corp. (Senstar), A&H Software House, Inc. (Luxriot), Avigilon Corp. (Motorola Solutions Inc.), AxxonSoft, Inc., Axis Communications AB (Canon Inc.), Bosch Security Systems LLC, Cisco Systems, Inc., Cathexis Technologies Pty Ltd., Exacq Technologies, Inc., Hanwha Techwin Co., Ltd., and Genetec Inc. among others.