The global video management software market size is expected to grow by USD 10.52 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Video Management Software Market 2020-2024 (Graphic: Business Wire)
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The increasing demand for intelligent transport systems is expected to be one of the key factors for the video management software market growth. Intelligent transport systems (ITS) such as container management systems, variable message signs, and traffic signal control systems are integrated with video surveillance cameras. These systems not only help in managing traffic-related issues but also provide real-time information from the video feeds of the installed cameras. These video surveillance cameras are integrated with video management software (VMS).
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As per Technavio, the emergence of smart cities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Video Management Software Market: Emergence of Smart Cities
The emergence of smart cities is one of the key trends that will drive the growth of the video management software market. Smart cities are equipped with smart grid technologies, mobile application landscape, and video surveillance, and software that help in improving traffic management. These devices perform various operations such as traffic management and monitoring, logistics management, property monitoring, and smart metering. This results in an increased need for video surveillance camera systems that are integrated with VMS to address the rising number of security concerns across the commercial and residential sectors.
“Factors such as the rising government spending on security, and the increasing need for security across the globe will have a significant impact on the growth of the video management software market value during the forecast period,” says a senior analyst at Technavio.
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Video Management Software Market: Segmentation Analysis
This market research report segments the video management software market by end-user (public, commercial, and residential) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the video management software market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the high penetration of surveillance systems, mainly because of the presence of well-developed communication infrastructure in countries such as Japan and South Korea.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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