Video Management Software (VMS) Global Market Report 2024

The video management software (VMS) market size has grown exponentially in recent years. It will grow from $12.44 billion in 2023 to $15.14 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. The expansion observed in the historical period can be attributed to factors such as increasing security concerns, the integration of video management software with other security systems, government initiatives, the scalability and cost-effectiveness of VMS solutions, and the adoption of vertical-specific solutions.

The video management software (VMS) market size is expected to see exponential growth in the next few years. It will grow to $32.81 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The anticipated growth in the forecast period can be attributed to the potential for expansion in the next decade, a focus on IP-based solutions, global market expansion strategies, enhanced surveillance capabilities, and the increasing demand for customized solutions. Key trends expected in the forecast period include the increased adoption of IoT and video analytics, a rise in security concerns, the continuous enhancement of surveillance capabilities, a growing demand for customized solutions, and the introduction of innovative product offerings.

The anticipated increase in crime rates is set to drive the growth of the video management software market in the future. Crime rates, reflecting the frequency or occurrence of criminal activities within a specific geographic area or population over a defined period, are influenced by various factors such as socioeconomic conditions, demographic shifts, social unrest, and political instability. To address rising crime rates, law enforcement agencies utilize video management software as a technological tool to enhance surveillance, investigation, data analysis, pattern recognition, and response capabilities. For example, data from Brighton Analytics Limited in 2022 revealed that the crime rate in the UK stood at 75.88 per 1,000 inhabitants for the 2022-2023 period, showing an 8% increase since 2021. Consequently, the escalating crime rates are a key driver for the growth of the video management software market.

Leading companies in the video management software market are actively engaged in developing innovative solutions, such as the recently introduced Qognify VMS, to stay competitive and address the evolving needs of users. This software-based platform is designed to manage and control various components of a video surveillance system, including surveillance cameras and recording devices. In April 2022, Qognify Inc., a US-based software company, launched Qognify VMS, offering features such as intelligent support for investigation processes, advanced analytics, and integration with other security systems. Leveraging the proven technology of Qognify's successful video management software, Cayuga, the new platform caters to diverse industries, including retail, transportation, and critical infrastructure, to enhance security and operational efficiency.

In December 2022, Hexagon AB, a Sweden-based industrial technology company, successfully acquired Qognify Inc. for an undisclosed amount. This strategic acquisition is intended to strengthen Hexagon AB's position in physical security and incident management, broaden its market presence, and provide more comprehensive solutions to its customer base. Qognify Inc. is a US-based software company specializing in video management software (VMS) services.

Major companies operating in the video management software (vms) market are Bosch Security Systems Ltd., Hitachi Ltd., Siemens AG, Schneider Electric, Honeywell International Inc., Johnson Controls International Plc, Hangzhou Hikvision Digital Technology Co. Ltd., Hikvision USA, NetApp Inc, Zhejiang Dahua Technology Co. Ltd., Dahua Technology Inc., Ubiquiti Networks, Axis Communications AB, Mindtree Ltd., Verint Systems Inc., eInfochips Inc, Verkada Inc, Vivotek Inc, Eagle Eye Network Inc., Milestone Systems, Hanwha Techwin Co. Ltd., Digifort Global, Avigilon Corporation, KEDACOM Ltd, Genetec Inc.

North America was the largest region in the video management software (VMS) market in 2023. The regions covered in the video management software (vms) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the video management software (vms) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Video management software (VMS) is a platform designed for the management and control of the recording, storage, and retrieval of video footage from surveillance cameras. Widely employed in security and surveillance systems, VMS facilitates the centralized monitoring and management of video feeds from multiple cameras.

The primary components of VMS include video management software itself, various solutions, and associated services. Solutions encompass comprehensive and tailored systems designed to address specific needs or challenges. VMS is utilized across diverse organizations, including small and medium-sized enterprises as well as large enterprises. It incorporates different technologies such as analog-based video management software and internet protocol-based video management software. End-user verticals that benefit from VMS include banking, financial services, and insurance (BFSI), government, healthcare and life sciences, manufacturing and automotive, retail, transportation and logistics, media and entertainment, education, and others.

The video management software (VMS) market research report is one of a series of new reports that provides video management software (VMS) market statistics, including video management software (VMS) industry global market size, regional shares, competitors with a video management software (VMS) market share, detailed video management software (VMS) market segments, market trends and opportunities, and any further data you may need to thrive in the video management software (VMS) industry. This video management software (VMS) 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 software (VMS) market consists of revenues earned by entities through services such as camera management, live monitoring, recording and storage, remote access, and user management. The market value includes the value of related goods sold by the service provider or included within the service offering. The video management software market also includes sales of recording engines, playback engines, live monitoring tools, user management, scalability components, and analytics engines. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


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