Video Management System Market Size to Reach USD 47.24 Billion in 2030 | Emergen Research

VANCOUVER, BC, Feb. 1, 2023 /PRNewswire/ -- The video management system market size reached USD 8.82 Billion in 2021 and is expected to register a CAGR of 20.4% during the forecast period, according to latest analysis by Emergen Research. Video management systems is experiencing significant market revenue growth owing to increasing adoption of video surveillance in various industries, such as retail, transportation, and government. Video management systems are deployed in areas of traffic management and surveillance for enhancing transportation and passenger safety.

According to the World Bank, approximately 1.3 million people die each year as a result of road traffic crashes. Video management systems are utilized to process and organize multiple streams of live video footage from CCTV cameras and traffic cameras on roads. These systems are designed to quickly identify any incidents and continuously gather real-time traffic data to improve traffic flow and enhance highway safety.

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Additionally, advancements in technology, such as integration of artificial intelligence and machine learning, are accelerating demand for video management systems. Video management system market is highly competitive with many players offering different solutions, from traditional on-premises to cloud-based video management systems, and open platform systems. Furthermore, growing demand for remote monitoring and cloud-based solutions, as well as regulatory compliance requirements, are significantly contributing to market revenue growth.

Drivers:

Advancements in modern technology, such as incorporation of machine learning (ML) and artificial intelligence (AI) in monitoring, surveillance, and detection are driving the growth of the market. These technologies can be used to improve the monitoring, surveillance, and detection capabilities of the system. ML algorithms are increasingly using to analyze video footage in real-time, detecting and recognizing objects, people, and vehicles, and generate alerts for any suspicious activity. AI algorithms are also used to perform advanced analytics on video footage, such as identifying patterns, predicting potential incidents, and generating automated reports. Additionally, AI and ML can be used to improve the accuracy and efficiency of video surveillance, such as reducing the number of false alarms and enabling real-time monitoring of multiple cameras at once. Incorporation of these technologies also accurately enables the tracking and identification of individuals, and automatic number plate recognition (ANPR) in video surveillance systems. Moreover, rising interest of governments in investing in cloud-based video surveillance in various regions is expected to drive revenue growth for the market in the forecast period. For instance, a leading player in the video management system market, Eagle Eye Networks, offers cloud-based video surveillance technology that is eligible for a 20% tax deduction under the new technology investment support of the Australian Taxation Office. These factors are driving growth of the market.

Restraints:

High cost of deployment and maintenance of video management systems is restraining growth of the market. Significant operational costs and maintenance costs are required to maintain hardware, software, and infrastructure, and the cost of maintaining and updating the system can be an additional operational cost. Data privacy and security concerns are also restraint of video surveillance systems. According to The Federal Bureau of Investigation (FBI), around 847,376 cyber-attack cases were reported with a loss of USD 18.7 billion in 2021. They generate and store large amounts of sensitive data, which must be protected from unauthorized access and breaches. Increase in the number of cyber-attacks such as malware attacks, phishing attacks, denial-of-service attacks (DDoS), and SQL injection attacks, system data might be compromised. These factors are restraining the growth of the market.

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Growth Projections:

The video management system market is expected to register a CAGR of 20.4% over the forecast period and revenue is projected to increase from USD 8.82 Billion in 2021 to USD 47.24 Billion in 2030. Rising deployment of video management systems for surveillance in various industries, such as retail, transportation, and government is driving market revenue growth.

Current Trends and Innovations:

Cloud-based solutions are being adopted significantly among consumers. Cloud-based solutions are more flexible, scalable, and cost-effective than traditional on-premises systems. These technologies can improve monitoring, surveillance, and detection capabilities of system, such as reducing the number of false alarms and enabling real-time monitoring of multiple cameras at once. Moreover, integration of biometric and facial recognition technology in video management systems is becoming more popular. This technology can be used to track and identify individuals and for access control purposes.

Strategic Initiatives:

Major companies included in the market report are Honeywell International Inc., Johnson Controls International PLC, Bosch Security Systems Ltd., Hitachi, Ltd, Siemens AG, Senstar Corporation, Hangzhou Hikvision Digital Technology Co., Ltd., Milestone Systems A/S, Genetec Inc., Avigilon Corporation, Eagle Eye Networks, Inc, Dahua Technology USA Inc., Hanwha Techwin Co., Ltd., StorMagic Inc and among others.

• In February 2021, Honeywell International Inc. launched Maxpro cloud solutions portfolio. MAXPRO Cloud is a cloud-based security solution that is designed for small-to-medium-sized businesses with multiple locations. It provides efficient and effective security while also reducing IT costs and future-proofing investments. The solution combines access control and video surveillance into a user-friendly platform and is commonly used to secure retail locations, franchises, commercial and residential properties, schools, and churches.

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Scope of Research

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Emergen Research has segmented video management system market on the basis of technology, deployment model, organization size, industry vertical, and region.

• Technology Outlook (Revenue, USD Billion; 2019-2030)
• IP based VMS
• Analog-based VMS
• Others
• Deployment Model Outlook (Revenue, USD Billion; 2019-2030)
• On-premise
• Cloud
• Hybrid
• Organization Size Outlook (Revenue, USD Billion; 2019-2030)
• Large Enterprises
• Small and medium enterprises
• Application Outlook (Revenue, USD Billion; 2019-2030)
• Mobile Application
• Intelligent Streaming
• Security and Surveillance
• Storage Management
• Navigation Management
• Others
• Industry Vertical Outlook (Revenue, USD Billion; 2019-2030)
• Traffic Management and Control
• Building and Infrastructure
• Banking and Financial Services
• Government Organization
• Transportation and Warehousing
• Energy and Utilities
• Media and Entertainment
• Others
• Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
     a.  U.S.
     b.  Canada   
     c.  Mexico
• Europe
     a.  Germany   
     b.  France
     c.  U.K.
     d.  Italy
     e.  Spain
     f.  Benelux
     g.  Rest of Europe
• Asia Pacific
     a.  China
     b.  India
     c.  Japan
     d.  South Korea
     e.  Rest of APAC
• Latin America
     a.  Brazil
     b.  Rest of LATAM
• Middle East & Africa
     a.  Saudi Arabia
     b.  UAE
     c.  South Africa 
     d.  Turkey
     e.  Rest of MEA

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