Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) expects the global video management software market size to reach USD 18,488.54 million with a CAGR of 19.48% from 2020–2026 (forecast period).
Video management software allows organizations to easily review and analyze recorded videos using several cameras mounted on the premises. Video management software is a core component of any modern video surveillance system. Organizations seek to safeguard their physical and capital assets by adopting video management software to monitor information in real-time with the aid of CCTV cameras or IP network cameras in order to prevent any breach of security. The key functions provided by VSM include real-time video viewing, video recording, and automated alarm notification.
The rising number of well-publicized infringements suggests that not only do the number of security infringements increase, but they also increase in severity. Security breaches reveal confidential information that often puts exposed users at risk for identity theft, harms the credibility of companies, and almost always leaves the organization responsible for violations of compliance. According to the Accenture report, security breaches have risen by 11% since 2018 and 67% since 2014. However, government, retail, and technology are the three main industries that have shown 95% of breached records since 2016, as these sectors are very common targets due to the high level of personal data reported in their records. The video surveillance sector is no exception. Advances in digital video mean the ability to hack IP cameras and related devices on the network. The value of security camera data has led to a new wave of cybercriminals trying to steal and sell information. This raises the demand for video management software to provide a safe connection to cameras and alerts to the security system. As a result, the rise in the number of security breaches is anticipated to propel the growth of the global market for video management software during the forecast period.
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COVID-19 Impact on the Global Video Management Software Market
The current outbreak of COVID-19 is expected to have an impact on the video management software (VMS) market demand. The rising demand for video monitoring and surveillance of international borders and increasing requirements for facial recognition systems to monitor infected individuals are expected to raise market revenue. Government authorities use the analytical capabilities of VMS solutions to take precautions, like social distancing and sanitization, to prevent the spread of COVID-19 disease.
Market Segmentation
The global VMS industry has been segmented into solution, technology, deployment, organization size, and vertical.
By solution, the global video management software market has been segmented into Video intelligence/analytics, case management, advanced video management (data integration), custom application management, intelligent streaming, mobile application, navigation management, storage management, and security management.
By technology, the global video management software market has been segmented into Analog-based and IP-based.
By deployment, the global video management software market has been segmented into Cloud-based and On-premise.
By organization size, the global video management software market has been segmented into Small and medium enterprises and large enterprises.
By vertical, the global video management software market has been segmented into BFSI, retail & E-commerce, government, healthcare, IT & telecommunication, manufacturing, public transportation, and others.
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Regional Analysis
By region, the global video management software market has been segmented into North America, Europe, Asia Pacific, and Rest-of-the-World.
North America to dominate the global market
North America is dominating the global video management software market due to the wide adoption of video surveillance systems by enterprises. In addition, the North American VMS market is powered by a growing number of applications, both commercial and industrial. Other factors pushing the regional market include the presence of advanced technologies in the region, dropping camera costs, a gradual change from analog to IP cameras, and increased consumer preference for IP-based systems. However, asymmetric Internet speeds are likely to impede the market growth.
Competitive Landscape
Companies working in the industry are focusing on the incorporation of new technologies and the support of third-party surveillance equipment by combining their VMS solutions with other video equipment.
Notable Players in The Global Video Management Software Market Are:
- AxxonSoft Inc.
- Verint Systems
- Qognify Inc
- Avigilon Corporation
- Genetec Inc.
- Salient Systems
- 3VR
- Cathexis
- Robert Bosch
- Johnson Controls
- Senstar Corporation
- Surveon Technology Inc.
- Cisco Systems
- Axis Communications AB
- Video Insights Inc.
- Milestone Systems Inc.
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Industry News
In April 2020, Axis Communications AB extended its presence in Linköping, Sweden, by building an R&D office for software development. The software development office in Linköping will concentrate on cloud solutions and develop comprehensive solutions and systems for managing and analyzing videos.
In March 2020, Avigilon Corporation introduced new facial recognition features to video management software with Avigilon Control Center (ACC) 7.6. This is expected to allow corporate customers to monitor and track their facilities through AI-enabled features and analytics. This is highly characterized by rigorous controls to ensure full accessibility of list data.
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