Global VMS will rocket to $US50 billion at a growth rate of more than 20 per cent.
VMS will rocket to $50 billion – Video management system market size reached USD 8.82 Billion in 2021 and is expected to reach a CAGR of 20.4 per cent on the way to $47.24 Billion in 2030, according to analysis by Emergen Research.
Emergen said video management systems are experiencing significant market revenue growth owing to increasing adoption of video surveillance in various industries, such as retail, transportation, and government. Video management systems are deployed in areas of traffic management and surveillance for enhancing transportation and passenger safety.
Additionally, advancements in technology, such as integration of artificial intelligence and machine learning, are accelerating demand for video management systems. Video management system market is highly competitive with many players offering different solutions, from traditional on-premises to cloud-based video management systems, and open platform systems. Furthermore, growing demand for remote monitoring and cloud-based solutions, as well as regulatory compliance requirements, are significantly contributing to market revenue growth.
VMS drivers include advancements in modern technology, such as incorporation of machine learning (ML) and artificial intelligence (AI) in monitoring, surveillance, and detection are driving the growth of the market. These technologies can be used to improve the monitoring, surveillance, and detection capabilities of the system. ML algorithms are increasingly using to analyze video footage in real-time, detecting and recognizing objects, people, and vehicles, and generate alerts for any suspicious activity.
AI algorithms are also used to perform advanced analytics on video footage, such as identifying patterns, predicting potential incidents, and generating automated reports. Additionally, AI and ML can be used to improve the accuracy and efficiency of video surveillance, such as reducing the number of false alarms and enabling real-time monitoring of multiple cameras at once.
Global VMS will rocket to $US50 billion
Incorporation of these technologies also accurately enables the tracking and identification of individuals, and automatic number plate recognition (ANPR) in video surveillance systems. Moreover, rising interest of governments in investing in cloud-based video surveillance in various regions is expected to drive revenue growth for the market in the forecast period.
Restraints include high cost of deployment and maintenance of video management systems is restraining growth of the market. Significant operational costs and maintenance costs are required to maintain hardware, software, and infrastructure, and the cost of maintaining and updating the system can be an additional operational cost.
Data privacy and security concerns are also restraining growth of video surveillance systems. According to the Federal Bureau of Investigation, around 847,376 cyber-attack cases were reported with a loss of USD 18.7 billion in 2021. They generate and store large amounts of sensitive data, which must be protected from unauthorized access and breaches. Increase in the number of cyber-attacks such as malware attacks, phishing attacks, denial-of-service attacks (DDoS), and SQL injection attacks, system data might be compromised.
According to Emergen, major companies included in the market report are Honeywell, Johnson Controls, Bosch Security Systems, Hitachi, Siemens AG, Senstar Corporation, Hangzhou Hikvision, Milestone Systems, Genetec, Avigilon, Eagle Eye Networks, Dahua Technology, Hanwha Techwin, StorMagic and others.
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“Global VMS will rocket to $50 Billion at a growth rate of more than 20 per cent.”