Video Management Software (VMS) Market Segmentation By Type (IP-based VMS and Analog-based VMS), By Application (Manufacturing and automotive, Transportation and logistics, Government, Healthcare and life sciences, Education and Others), By Deployment Type (Cloud Based, On-Site and Application Based) - Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 825 | Published Date: Feb 13, 2023
Our in-depth analysis segmented the global video management software (VMS) market in the following segments:
Global video management software (VMS) market is further classified on the basis of region as follows:
The global video management software (VMS) market is anticipated to expand at a CAGR around 23.0% during 2018-2027. It is projected to reach around USD 16.0 billion market size by 2027. The increasing security concern coupled with increasing demand for the video processing is anticipated to drive the market growth of the video management software (VMS) market. The global video management software (VMS) market can be segmented on the basis of type, application, deployment and region. On the basis of type, it is segmented into IP-based VMS and analog-based VMS. IP-based VMS technology is anticipated to lead the type segment throughout the forecast period. This is attributed to the various enhanced qualities of the IP-based VMS technology such as high camera resolution, low cost and scalability. Additionally, the IP cameras along with the VMS technology offer better business intelligence which enhances the surveillance system. On the basis of application, it is sub-segmented into manufacturing and automotive, transportation and logistics, government, healthcare and life sciences, education and others. The government is anticipated to be the largest sub-segment for the application segment. The increasing use of the VMS technology in order to enhance the safety and security of the country is anticipated to be the primary reason for the government sub-segment to lead the application segment. On the basis of deployment type, it is sub-segmented into cloud based, on-site and application based. On site premises is anticipated to lead the deployment segment. The low cost of the ownership coupled with less annual subscription fees is anticipated to be the primary reason for the on-site premises to contribute the largest market share for the deployment segment during the forecast period.
By region, global video management software (VMS) market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to hold the largest market share for the global video management software (VMS) market. The presence of highly developed security system coupled with increasing adoption of the video surveillance system is anticipated to be the major factor for the region to lead the global video management software (VMS) market. Additionally, the development in the software technology in order to provide the user friendly interface is anticipated to boost market growth in the region. Asia-Pacific is anticipated to be the fastest developing region for the global video management software (VMS) market. The increasing expenditure by the government coupled with developing industrial and commercial sector in the region is anticipated to boost the growth of global video management software (VMS) market in the Asia Pacific region.CLICK TO DOWNLOAD SAMPLE REPORT
The rising security concern coupled with increasing demand for the high quality video processing is anticipated to be the primary growth driver for the global video management software (VMS) market during the forecast period. The increasing use of the video management software in the electronic equipment such as mobile, tablets and smart devices is anticipated to be a fuel the market growth during the forecast period. Additionally, the increasing awareness of the IoT applications and development in the video analytics is predicted to upsurge the demand of the video management software (VMS) globally. Moreover, the development in the electronic industry and also expansion of the IT sector across the globe is anticipated to support the market growth of the video management software.
However, increasing cybercrime and high initial cost associated with video management software is anticipated to be the major factors for hindering the market growth of the global video management software (VMS) market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
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