by The global video management system market size reached USD 17.12 billion by 2024 and is predicted to rake around USD 108.77 billion by 2034 with a CAGR of 20.31% from 2024 and 2034.
Key Takeaways
- North America dominated the video management system market with the largest market share of 35% in 2023.
- Asia Pacific is expected to grow at a notable CAGR of 24.32% during the forecast period.
- By component, the solution segment accounted for the largest market share of 69% in 2023.
- By component, the services segment is projected to grow at a double digit CAGR over the forecast period.
- By technology, the IP-based segment contributed the biggest market share of 70% in 2023.
- By technology, the analog-based segment will witness considerable growth over the forecast period.
- By mode of deployment, the on-premises segment captured the highest market share of 59% in 2023.
- By mode of deployment, the cloud segment is expected to grow at a notable rate in the market during the studied years.
- By end-user industry, the retail segment held the largest share of the market in 2023.
- By end-user industry, the transportation & logistics segment is expected to grow significantly in the market during the forecast period.
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Market Overview
The Video Management System (VMS) market has experienced significant growth due to the increasing demand for enhanced security solutions across various sectors, including commercial, residential, industrial, and governmental. video management system refers to software that assists in managing, storing, and analyzing video footage collected from surveillance systems. It integrates with various security devices and systems, such as IP cameras and access control, allowing users to monitor, review, and manage video feeds in real time. With the rise in smart city projects and advancements in technologies like artificial intelligence (AI) and machine learning, video management system has become a crucial component in modern security infrastructure, offering features like advanced analytics, remote access, and automated alerts.
Growth Factors
Several factors are contributing to the robust growth of the video management system market. Primarily, the increasing incidents of security breaches and criminal activities have compelled businesses and governments to invest in sophisticated surveillance solutions. Additionally, the surge in the adoption of Internet of Things (IoT) devices in various sectors has led to a proliferation of IP-based surveillance systems, driving the demand for VMS. The growth in urbanization and smart city initiatives also boosts the adoption of video management system, as cities increasingly deploy integrated security solutions for efficient monitoring and management of urban spaces.
Market Scope
| Report Coverage | Details |
| Market Size by 2034 | USD 108.77 Billion |
| Market Size in 2024 | USD 17.12 Billion |
| Market Growth Rate from 2024 to 2034 | CAGR of 20.31% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Component, Technology, Mode Of Deployment, End-User Industry, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Market Dynamics
Drivers
The growing emphasis on public safety and the need to monitor crowded areas are major drivers for the video management system market. Furthermore, the adoption of cloud-based video management systems is accelerating, as they provide scalability, flexibility, and cost-effectiveness compared to traditional on-premise solutions. The increasing capabilities of AI and machine learning within video management system platforms, enabling features like facial recognition, license plate recognition, and predictive analytics, further enhance their appeal to various industries. The ease of integrating video management system with other security devices also enhances its functionality, making it a preferred choice for comprehensive security management.
Opportunities
The video management system market presents significant opportunities in various sectors. The ongoing digital transformation and adoption of IoT open up new possibilities for video management system providers, especially in sectors such as retail, transportation, and healthcare. With the rise in mobile access and remote monitoring, there is a growing demand for mobile-compatible VMS applications. Additionally, the use of AI-driven analytics within VMS offers substantial opportunities to provide more insightful, proactive security measures. Emerging economies, where infrastructure development is surging, represent promising markets for video management system expansion.
Challenges
Despite its promising outlook, the video management system market faces some challenges. Data privacy and cybersecurity concerns are significant, as video management system involves extensive data collection and storage, which could be vulnerable to breaches and unauthorized access. Furthermore, the high cost of initial setup and maintenance can be a barrier for small and medium-sized enterprises. There is also the challenge of interoperability, as integrating various brands and types of hardware with video management system platforms can be complex. Additionally, navigating the regulatory landscape, especially regarding data protection laws, poses a challenge for video management system providers.
Region Insights
North America currently leads the video management system market, driven by the high adoption rate of advanced security solutions and the presence of major video management system providers in the region. Europe is also a significant market, with strong demand for video management system across sectors like transportation and banking, fueled by stringent regulatory requirements for public safety. The Asia-Pacific region is expected to witness the highest growth rate, attributed to rapid urbanization, government initiatives to enhance public safety, and increasing investments in smart city projects. In Latin America and the Middle East & Africa, the market is growing steadily, with opportunities arising from expanding infrastructure and increased security awareness.
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Video Management System Market Companies
- Bosch
- Hanwha Techwin
- Honeywell
- Schneider Electric
- Avigilon Corporation
- Backstreet Surveillance
- Axis Communications
- Johnson Controls
- Hikvision Digital
- Axis Communications AB
- Johnson Controls
- Dahua Technology USA Inc
- Verint Systems Inc.
- Mindtree Ltd.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Schneider Electric
- NetApp
- KEDACOM
Recent Developments
- In April 2022, Qognify announced the launch of its new video management software, Qognify VMS. Qognify VMS is designed to meet the specific physical security needs of organizations around the globe. It is based on the proven technology of Qognify’s successful video management software, Cayuga, which is used by many customers in thousands of security projects worldwide.
- In October 2023, the Karnataka Forest Department, along with the Wildlife Trust of India, launched the Hostile Activity Watch Kernel (HAWK) system, a specialized software platform to monitor all aspects of forest and wildlife crime. The system would help the department manage and monitor data regarding forest and wildlife crime across Karnataka in real-time.
- In June 2023, Cameroon launched video surveillance with live facial recognition in the largest city. An Annex facility of the National Command and Control Centre for Video Surveillance has gone operational in Douala in a move that seeks to counter the spiraling wave of urban insecurity in Cameroon’s largest city, in part through live facial recognition.
Segments Covered in the Report
By Component
- Solution
- Services
By Technology
- Analog-Based
- IP-Based
By Mode of Deployment
- On-Premise
- Cloud
By End-user Industry
- Retail
- Airports
- Education
- Banking
- Healthcare
- Transportation & Logistics
- Others
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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