Video management software market is set to flourish with increasing application in security and surveillance services
A video management software (VMS) or video management server is a system that collects videos from cameras and other electronic sources, stores and records the video to the storage device, and offers an interface to stream live videos and pre-recorded videos. The increasing density of surveillance cameras in numerous end-user verticals has increased the demand for video management software. Increasing risks related to property, identity, and resource theft are burgeoning the demand for monitoring and surveillance systems which, in turn, are increasing opportunities for video management software vendors. The global video management software was valued at $4.12 billion in 2018. Foreseeing the escalating security concerns and increased infiltration of the video surveillance system, the demand in the Video Management Software Market is projected to grow at a CAGR of 21% during the forecast period of 2019 to 2025. Rising requirements for real-time video feed and high-quality video processing are boosting the market growth. The report covers Video Management Software Market size by type and applications, Video Management Software Market share by top 5 companies and also the market share by start-ups during the forecast period.
North America leading the regional marketplace
North America was observed to be the most profitable region in 2018, and accounted for 38.54% of the total video management software market share. The enormous presence of enterprises, and other commercial setups are resulting in the massive share held by North America in the market. The presence of multiple key players in the market allows customers a wide pool of services to choose from, which means the software developed by these companies are consumer centric and upgrades in line with customer’s demand is imperative for companies to survive in the video management software market. Moreover, the dense concentration of innovative security initiatives and surveillance systems are responsible for the high demand in the market. According to the U.S.-based Project On Government Oversight (POGO), there are almost 30 million security cameras installed in the country. Among the states, Chicago has the maximum number of security cameras amounting to to around 30,000 cameras.Heavy funding into security services in the region is driving the video surveillance market in the region. The U.S. government invests large amounts into surveillance, monitoring, and security services which are recognized as the main reason for the massive double-digit market share held by the region. According to the American Civil Liberties Union, the Federal Bureau of Investigation (FBI) is capable of requesting a match or identifying a match against over 640 million photos. Also, the FBI ran over 152,000 searches from October 2017 to April 2019 using its law enforcement database. The increasing surveillance activities to improve security and safety are projected to inject massive revenues into the North American video management market. However, the APAC region is also growing at a significant pace. The presence of some of the fastest growing economies in the world such as India, China, and Japan are increasing opportunities for the video management software market players. China leads in the facial recognition camera infrastructure, and the Chinese government is capable of locating a facial dragnet in only 7 minutes, from within a city of 4.3 million people. With such advanced camera technologies, there exists a dire need for concurrent video management software which will contribute to the market growth.
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Key Application: Cloud-based Video Management Software
Cloud-based software infrastructure is the most lucrative application segment for video management software. Cloud computing is the need of the hour, with every business nowadays being based on the cloud. Cloud enables companies to scale their business according to requirement. All the data stored on the cloud is stored at a physical server located somewhere on the planet. This data is accessed through login credentials provided by the service provider over the Internet. Data stored in the media format on the cloud is vulnerable to cyber-attacks because it can be unethically accessed by hackers, which might raise questions regarding the privacy of people’s data. Security breach at any level of cloud computing can lead to a significant loss to the company as well as to the service provider. The major characteristics encouraging growth of the video management software market are the increased cloud-oriented video recordings that optimizes the ability to store, replay, and playback recordings offline while accessing them from anywhere, scalable infrastructure, built-in system management, and reduced upfront costs. Owing to the above-stated factors, the cloud-based application in the video management software market is projected to grow at a CAGR of 24% during the forecast period.
Integrated IoT and facial recognition enabled video management software
The emerging IoT technology is projected to expand its verticalin the video monitoring software technology as well. Practices to place IoT cameras across various areas such as at offices, streets, parks and other public places is projected to significantly increase opportunities for vendors in the global video management software market. Facial recognition is a procedure that uses bio-metrics for identification and authentication of individuals by comparing their facial features with an image previously stored in the database. Facial recognition is gaining traction owing to its applications in the government, electronics, and defense and military verticals. A humungous amount of video is generated on a daily basis via CCTV cameras, which is further parsed through advanced video management software that recognizes the input of facial traits with an existing database to identify suspicious individuals and activities. Generally, this specific software is used by security services, police departments, and military and defense industries. Similar software is used by the traffic department to identify license plate numbers through IoT cameras. A well-established central database of the existing vehicles in a city could aid the traffic department to track the movement of a specific vehicle. Further, this technology will improvise upon the existing operating strategies in the traffic department, which will support the video management software growth.
Importance of surveillance at power plants
Power plant operations include hazardous activities that can increase the risk of loss of lives and properties. For meeting with the security requirements in order to ensure the safe operation of power plants and for efficient handling of plant lifetime extension (PLEX) related issues, the application of video management software is imperative. Currently, nuclear power is responsible for sourcing a substantial 11% of the global electricity supply, whereas 12 countries are already using nuclear power for 30% of their supply as per the International Atomic Energy Agency (IAEA). IAEA further noted that there are 449 operational nuclear power reactors globally, with 56 others under construction in 15 countries.Burgeoningdevelopments in the nuclear energy sector has opened up an array of opportunities for video monitoring software to be employed in power plants, as pressure monitoring, leakage detection, and fire detection are deemed to be of utmost importance in such hazardous environments.IAEA has listed environmental consequences which are vital for a safer environment in power plants. To ensure the safety of the power plant, the agency provides essential provisions related to the importance of surveillance and monitoring through video streaming via cameras. Such initiatives by IAEA are projected to be one of the major drivers in the video monitoring software market.
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Video Management Software Market Competitive Landscape
A majority of the key players are investing huge capital to boost RandD activities into the video management software systems. Some of the major companies operating in the global video management software market are On-Net Surveillance Systems, Inc, Axxonsoft, Aimetis Corporation, Milestone Systems A/S , Exacq Technologies, 3VR, Inc, Verint Systems Inc, Genetec, Inc. , Salient Systems, and March Networks.
A. North America Mobile Surveillance Market
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