Video Management System Global Market Report 2024

The video management system market size has grown exponentially in recent years. It will grow from $10.68 billion in 2023 to $12.96 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth observed in the historical period stemmed from several key drivers. There was an increased emphasis on surveillance and security needs across various sectors, driving the adoption of advanced security technologies and solutions. In retail and business intelligence, the utilization of surveillance systems provided valuable insights for optimizing operations and understanding consumer behavior. Government and public safety initiatives led to investments in surveillance for law enforcement and public security purposes. Additionally, surveillance technology played a crucial role in transportation and critical infrastructure, ensuring safety and efficient operations. In corporate and industrial applications, surveillance systems were employed for monitoring and securing assets, facilities, and processes, enhancing overall security measures.

The video management system market size is expected to see exponential growth in the next few years. It will grow to $28.09 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. Anticipated growth in the forecast period is expected to be driven by several key factors. The implementation of smart cities initiatives will fuel market expansion, integrating surveillance systems within broader urban development projects. Scalability and modular system architecture will allow for flexible and adaptable solutions that can meet evolving needs and scale with technological advancements. Additionally, privacy compliance concerns will shape the adoption of surveillance technologies, leading to the development of solutions that prioritize data security and privacy protection.

The video management system market is expanding due to increased security surveillance efforts. Surveillance involves monitoring and managing behavior and activities for information gathering and influence. For instance, according to an article published in August 2022 by EarthWeb, a US-based provider of internet-based online services, the United States has 15.28 cameras per 100 people and China has 14.36 cameras installed per hundred. Therefore, an increase in security surveillance is driving the growth of the video management system market.

The upward trajectory of remote work is foreseen to drive the video management system market. Remote work, enabled by digital tools, has seen significant growth, with projections estimating 32.6 million Americans working remotely by 2025. Currently, 66% of the U.S. workforce operates remotely part-time, with 40% reporting increased productivity during the pandemic. Consequently, the rising trend of remote work fuels the growth of the video management system market.

In the video management system market, technological advancements spearhead companies' strategies to retain market prominence. Qognify's April 2022 launch of Qognify VMS, a cloud-based video management software that offers scalable storage, minimizing hardware space, and ensuring the resilience of cloud technology, addressing specific security needs for organizations.

Within the video management system domain, prominent firms prioritize groundbreaking advancements such as the Video API Platform. This service empowers developers to seamlessly integrate video functionalities such as streaming and encoding via application programming interfaces (APIs). Eagle Eye Networks' September 2023 release of V3 for its Video API Platform introduces an array of developer-friendly features, including extensive camera support, cloud-based application development, AI integrations, and robust security measures. By simplifying intricate integrations, supporting diverse IP camera models, and enabling AI-driven analyses, the platform meets the escalating demand for sophisticated cloud-based video management solutions.

In March 2022, Motorola Solutions, a US-based telecommunications equipment and software systems provider, acquired Ava Security Limited, a UK-based software company specializing in intelligent video solutions. This strategic move broadens Motorola's portfolio of video-centric solutions, positioning the company to meet evolving customer security needs by enhancing safety measures and operational efficiency.

Major companies operating in the video management system market report are Robert Bosch GmbH, Schneider Electric SE, Honeywell International Inc., Johnson Controls International PLC, VST Inc., Hangzhou Hikvision Digital Technology Co. Ltd., NetApp Inc., Dahua Technology USA Inc., Milestone Systems Pvt. Ltd., Zhejiang Dahua Technology Co. Ltd., Axis Communications AB, Avigilon Corporation, Verint Systems Inc., IDIS Holdings Co. Ltd., Uniview Technologies Co. Ltd., IBEX Global Solutions PLC, Genetec Inc., Aimetis Corporation, SeeTec AG, Eagle Eye Networks Inc., March Networks Corporation, BCDVideo International Company, Vigil Surveillance Ltd., Mobotix AG, Digital Watchdog Inc., Openeye Scientific Software Inc., Axxonsoft India Private Limited, Proximex Corp., Exacq Technologies Inc., Concord Security And Allied Services Private Limited, Hanwha Techwin Co. Ltd., Zenitel UK Ltd.

Asia-Pacific was the largest region in the video management system market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the video management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the video management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components within a video management system encompass solutions and services. As a solution, the video management system caters to surveillance requirements and serves as a repository for surveillance footage. It involves technologies such as analogue-based VMS and IP-based VMS. Organizations of varying sizes, including large enterprises and SMEs, utilize these systems. Deployment options for video management systems span on-premises setups and cloud-based infrastructures. The system offers diverse applications, including mobile application integration, intelligent streaming, security and surveillance functionalities, storage management, data integration, case management, navigation management, and other related features.

The video management system market research report is one of a series of new reports that provides video management system market statistics, including video management system industry global market size, regional shares, competitors with a video management system market share, detailed video management system market segments, market trends and opportunities, and any further data you may need to thrive in the video management system industry. This video management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The video management system market includes revenues earned by entities by providing services such as video intelligence, case management, professional service and managed service. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.