Rising demand for surveillance and security management is driving market revenue growth
Market Size – USD 8.82 Billion in 2021, Market Growth – at a CAGR of 20.4%, Market Trends — Emergen Research
VANCOUVER, BRITISH COLUMBIA, CANADA, January 17, 2023 /
EINPresswire.com/ -- The global Video Management System (VMS) market size reached USD 8.82 Billion in 2021 and is expected to register a revenue CAGR of 20.4% during the forecast period, according to the latest analysis by Emergen Research. Revenue growth of the video management software market is driven by rising security concerns. Many consumers as well as government organizations are deploying video management systems to improve the security of residency, offices, or other premises. According to the Federal Bureau of Investigation (FBI), 694,050 violent-crime incidents, and 817,020 offenses were reported in the U.S. These instances are generating significant opportunities for deploying high-resolution video management systems in various residential, commercial, and public places. A video management system is a crucial component to configuring warnings for motion and tamper detection, seeing multiple camera images, and adjusting recording settings with VMS software. Introduction of new products using innovative technology is driving demand for video management systems. Several market players are creating Artificial Intelligence (AI) and Machine Learning (ML) algorithms to establish improved automation in video security.
According to the International Telecommunication Union (ITU), approximately 5.3 billion people, or 66% of the world’s population used the Internet in 2022. With increased Internet use, video management system is gaining popularity among several industry verticals such as traffic management and control, building and infrastructure, banking and financial services, government organization, transportation and warehousing, energy and utilities, media and entertainment, and others. However, rising concerns regarding data privacy and security could restrain revenue growth of the market. Video management systems data can be accessed through cloud-based and on premise data servers. System data can be compromised with increasing instances of cyber-attacks such as malware attacks, phishing attacks, Distributed Denial-of-Service (DDoS) attacks, and Structured Query Language (SQL) injection attacks.
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Key Highlights From the Report
The IP-based VMS segment accounted for largest market revenue share in 2021. Many organizations are incorporating VMS for processing affordable video formats and conventional computer hardware. Demand for Internet Protocol (IP) based video management systems is rising as a result of rapid innovation in video processing architecture, such as dynamic range High Efficiency Video Coding (HEVC).
The cloud-based segment accounted for largest revenue share in 2021. Use of cloud-based video management systems by several businesses to provide proactive, tailored experiences encourages suppliers and distributors to enhance license terms and VMS technology. In terms of encoding various video formats and bitrates dependent on codecs, cloud-based deployment models are inexpensive and scalable.
Traffic management and control accounted for largest revenue share in 2021. VMS is widely used in traffic management and control to record traffic patterns, gather data, ensure worker and equipment safety during highway construction projects, or assist in preventing and looking into traffic offenses. The built-in analytics systems or tools for video management are intended to spot traffic snarl-ups and deliver email alerts.
Competitive Landscape:
Honeywell International Inc., Johnson Controls International PLC, Bosch Security Systems Ltd., Hitachi, Ltd, Siemens AG, Senstar Corporation, Hangzhou Hikvision Digital Technology Co., Ltd., Milestone Systems A/S, Genetec Inc., Avigilon Corporation, Eagle Eye Networks, Inc, Dahua Technology USA Inc., Hanwha Techwin Co., Ltd., and StorMagic Inc.
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Emergen Research has segmented the global graphene on the basis of type, product, application, end-use, and region:
Technology Outlook (Revenue, USD Billion; 2019-2030)
IP-based VMS
Analog-based VMS
Others
Deployment Model Outlook (Revenue, USD Billion; 2019-2030)
On-premise
Cloud
Hybrid
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
Large Enterprises
Small and Medium Enterprises
Application Outlook (Revenue, USD Billion; 2019-2030)
Mobile Application
Intelligent Streaming
Security and Surveillance
Storage Management
Navigation Management
Others
Industry Vertical Outlook (Revenue, USD Billion; 2019-2030)
Traffic Management and Control
Building and Infrastructure
Banking and Financial Services
Government Organization
Transportation and Warehousing
Energy and Utilities
Media and Entertainment
Others
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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