[SDM Magazine – 10/20/20] A study by Global Market Insights shows the video management software (VMS) industry is set to surpass $10 billion by 2026.
The study also showed that the video management software market exceeded $3 billion in 2019 and is poised to grow at a CAGR of more than 18 percent between 2020 and 2026. The market growth is attributed to increasing demand for intrusion and threat detection across government organizations, military, corporate buildings, airports and seaports.
Video-based surveillance protects critical infrastructure through AI-based surveillance automation with real-time detection, tracking and classification. The growing threat of residential crimes and thefts has driven private consumers toward the adoption of VMS solutions to enhance the safety of their homes.
The current COVID-19 outbreak is expected to impact the video management software market demand. The surging demand for video monitoring and surveillance of international borders along with growing requirements for facial recognition systems to track infected persons are expected to boost the market revenue. Government authorities are using analytical capabilities of VMS solutions to take precautions including social distancing and sanitization to avoid the spread of COVID-19 disease.
In the U.S. video management software market, the case management solution segment is anticipated to grow at a rate of 17 percent.
Case management solutions simplify collaboration between public and corporate security departments to close investigations faster. The case management solution allows immediate access to evidence at a single click and guarantees that information is only shared with authorized departments. The management of all cases and files from a single application enables organizations to reduce the cost of copying evidence to DVDs and shared drives. The market growth can be credited to growing demand from security departments for solving cases by collecting evidence information over a single platform.
The highlights of the study show many trends:
- Demand to speed up the investigation process is supporting case management segment growth in the U.S. market
- On-premise deployment model held the highest market revenue share in the UK in 2019
- IP-based VMS solutions are gaining popularity across different sectors in Brazil
- Government and defense sectors in South Africa are deploying VMS solutions to ensure effective national security
- Asia Pacific video management software market will grow rapidly till 2026