Global Executive Search specialists within Physical and Cyber Security Sectors.According to a new report from Marketsandmarkets, the global video management system market is expected to grow from USD 10.9 billion in 2022 to USD 31.0 billion by 2027, at a CAGR of 23.1% during the forecast period.
Best growth in intelligent streaming
With advancements in technologies and cloud computing, the video monitoring system has become more important aspect of the VMS system. End users are looking for more flexible and intelligent video solutions which help them use video data for more advanced analysis effectively. The intelligent streaming solutions, based on the combination of the streaming video and VMS platform, offer an integration scheme for capturing video data, such as video content, video retrieval, and video playback. Marketsandmarkets describe intelligent streaming as the process of detecting video network conditions and automatically adjusting the properties of a video to improve the quality of the VMS system. In video streaming, end users do not have to download the video; instead, they can view it online on the web browser or mobile app. Several companies are offering various features in the intelligent streaming solutions, such as, video recording, web board, layout screen, video wall, auto discovery, failover and redundancy, multi-streaming, live and recorded video viewing, real-time viewing, and fast access to live and recorded videos. Advanced features include zoom functionality in a live and recorded video, an object navigator, and a graphical timeline.
Retail segment is expected to buoyant growth
In the retail industry video surveillance system is proving to be very useful. The retail vertical mission is to increase client retention by providing high-quality services. The retail vertical includes shopping malls, small retail stores, and shopping complexes that operate in high-traffic areas. Customers are always present in shopping centres, and video surveillance is a critical component in the retail industry, where the risk of theft and scams is extremely high. Employee and customer theft, missing goods, and shoplifting are the most common types of scams. The video surveillance software not only provides a secure environment for customers and employees but also assists stakeholders in integrating their POS and ATM systems with the VMS platform to achieve higher levels of quality in the business process. To manage stores that are geographically distributed, retail stakeholders can now adopt cloud-based VMS solutions.
North American vendors dominate
North America tops the world in terms of the presence of security vendors and the occurrence of security breaches. Therefore, the global video management software market is dominated by North America, which is considered the most advanced region with regard to technological adoption and infrastructure. The growing concerns about the protection of critical infrastructure and national borders have increased government intervention in recent years. Specific budget allocations, such as the budget for The Department of Homeland Security, and mandated security policies are expected to make North America the most lucrative market for vendors from various verticals. The North American market covers the analysis of the US and Canada. The protection of critical infrastructure is the most serious economic and national security challenge for the governments of both countries. Many governments and law enforcement agencies in the US and Canada are taking initiatives for strengthening their security infrastructure. The US and the Canadian governments are continuously working with law enforcement agencies to prevent violent extremism and counter terrorism-related incidents in their respective countries.
Key VMS vendors
Key and innovative vendors in the video management system market and mentioned by the analysts, are, Bosch, Hanwha Techwin, Honeywell, Schneider, Axis Communications, Johnson Conrols, Hikvision, Netapp, Dahua, Kedacom, Verint, Mindtree, Axxonsoft, Avigilon, Panasonic I-Pro Sensing Solutions, Panopto, Eagle Eye, Rhombus, Sighthound, Camcloud, Pelco, Genetec, Verkada, Milestone Systems, Identiy, March Networks, Indigovision, Qognify, Senstar, Exacq, and American Dynamics, amongst others.