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IP-based technology to register a significant share in video management software market landscape with a growth rate of more than 20% CAGR through 2020-2026. The demand for these IP-based CCTV systems and devices is growing throughout the established corporate enterprises owing to the flexibility as well as remote accessibility these devices facilitate.
The rate of adoption of VMS solutions throughout the retail sector is likely to grow substantially through 2020-2026. The organizations functioning in the retail sector are concentrating on expanding their industry growth by constructing large store locations. Additionally, these organizations deploy numerous CCTV cameras for monitoring the premises thoroughly to eliminate the possibilities of product loss or theft. Integration of VMS solutions significantly improves the overall operational efficiency of the surveillance devices, thereby facilitating active monitoring.
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The global video management software market is likely to surpass $10 billion by 2026.
Video management software market is likely to grow rapidly the in the coming years due to increasing adoption of surveillance systems owing to growing security concerns across the globe. Increasing adoption of these systems is subsequently giving rise to the need for effectively managing these systems, creating significant product demand in the process.
The CCTV cameras can store the surveillance data on both cloud storage and device concurrently. Since these devices can also be accessed through the internet, they effectively remove the need for an extra network infrastructure.
The cloud-based deployment segment in video management software market is likely to grow with an impressive CAGR of more than 20% over the forecast timeframe. Prominent corporates are increasingly adopting the cloud-based VMS software solutions which further helps them manage their storage systems and surveillance devices installed across multiple sites.
North America video management software market is likely to exhibit a stable growth rate over the forecast timeframe. The companies that are functioning in the advanced security sector in the region are concentrating on development and enhancement of advanced surveillance devices. Citing an instance, in July 2019, Honeywell International launched new 30 series IP cameras for its enterprise customers.
Enterprises mainly leverage these solutions for connecting the entire surveillance system to internet protocol and facilitate flexible accessibility to the system. This helps the enterprises in effective use of network bandwidth and also reduces the overall administration costs.
The new cameras can be deployed over numerous locations to monitor specific locations. The enterprises are also incorporating VMS solutions with current surveillance systems in order to help them monitor and access the entire operations.
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In terms of component, the solution segment of advanced video management is likely to hold a key video management software market share by 2026. The growth is ascribed to several technological advancements in surveillance devices and systems. Vendors of VMS solutions are increasingly incorporation Artificial Intelligence based technologies and enhanced video analytics capabilities into their video management software products.
Additionally, VMS software also comes with built-in advanced technologies like AI, facial recognition, and video analytics. This further aids in making the complex application processes simple in the surveillance systems.
This integration of AI and computer vision helps in early identification of suspicious events during surveillance. This also helps the enterprises to incorporate the VMS software with the surveillance systems in order to create a strong surveillance infrastructure.
Hikvision Digital Technology Co. Ltd., Johnson Controls Plc., Dahua Technology Co. Ltd., Genetec Inc., and Axis Communications AB among others are some of the key players operating in the video management software market. Prominent players operating in the market are further engaged in bringing forth technological advancements in the field and are focusing on the development of advanced VMS solutions.
The rising demand for advanced security measures for monitoring social gatherings, ensuring facility protection, and cross border protection are likely to further support the video management software market growth for video management software products. The abilities to monitor as well as manage expansive surveillance devices effectively is augmenting the demand for video management software solutions. The software provides a structured access to the diverse array of data that is stored as well as collected through the surveillance devices.
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