The latest study on the Video Management System Market industry includes a detailed analysis of the future trends and demands for the forecast period, 2020 – 2032 The study is inclusive of a profound analysis of this business sphere focuses on the overall remuneration of the market over the projected period. The study also includes significant information pertinent to the Video Management System Market industry, particularly the current COVID-19 scenario. Exhaustive coverage of the COVID-19 impact on the Video Management System Market industry is a major attraction of the report.
The global Video Management System (VMS) market size reached USD 8.82 Billion in 2021 and is expected to register a revenue CAGR of 20.4% during the forecast period, according to the latest analysis by Emergen Research. Revenue growth of the video management software market is driven by rising security concerns. Many consumers as well as government organizations are deploying video management systems to improve the security of residency, offices, or other premises. According to the Federal Bureau of Investigation (FBI), 694,050 violent-crime incidents, and 817,020 offenses were reported in the U.S. These instances are generating significant opportunities for deploying high-resolution video management systems in various residential, commercial, and public places. A video management system is a crucial component to configuring warnings for motion and tamper detection, seeing multiple camera images, and adjusting recording settings with VMS software. Introduction of new products using innovative technology is driving demand for video management systems.
Several market players are creating Artificial Intelligence (AI) and Machine Learning (ML) algorithms to establish improved automation in video security. These factors are significantly driving Business-to-Business (B2B) and Business-to-Consumer (B2C) users in cost reduction and time, which in turn is contributing to revenue growth of the market. Moreover, increasing Internet connectivity is further driving revenue growth of the market. According to the International Telecommunication Union (ITU), approximately 5.3 billion people, or 66% of the world’s population used the Internet in 2022. With increased Internet use, video management system is gaining popularity among several industry verticals such as traffic management and control, building and infrastructure, banking and financial services, government organization, transportation and warehousing, energy and utilities, media and entertainment, and others.
ajor Leading Players Honeywell International Inc., Johnson Controls International PLC, Bosch Security Systems Ltd., Hitachi, Ltd, Siemens AG, Senstar Corporation, Hangzhou Hikvision Digital Technology Co., Ltd., Milestone Systems A/S, Genetec Inc., Avigilon Corporation, Eagle Eye Networks, Inc, Dahua Technology USA Inc., Hanwha Techwin Co., Ltd., and StorMagic Inc.
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Some Key Highlights From the Report
- The sentimental analysis segment is expected to register significantly rapid revenue CAGR during the forecast period. Virtual assistants can analyze clients spoken or written comments using sentiment analysis, another sort of AI application connected to Natural Language Understanding (NLU), to determine what they’re trying to achieve. Then it can suggest a few options to the agent rather than the consumer so that she can choose the best one using her human abilities (such as the capacity to detect and react to customers emotions). Reduced contact time and a personalized, satisfying customer experience are the end results.
- The quality management segment accounted for second-largest revenue share in 2021. With the help of AI, managers can track 100% of interactions across all digital channels using analytics, prescriptive analytics, and sentiment analysis, giving them insights into their call center and client happiness. Managers or the relevant agent can step in immediately if a poor customer experience is identified during client calls. Then, key information can be used to decide on the best course of action or to retrain. Assure high client satisfaction, outstanding call center performance, and superior customer service across all channels.
- The market in North America accounted for largest revenue share in 2021. This is attributed to increasing adoption of AI by call centers and rising demand for self-service and customer assistance.
Global Video Management System Market Segmentation by Type:
Emergen Research has segmented the global video management system market on the basis of technology, deployment model, organization size, application, industry vertical, and region:
· Technology Outlook (Revenue, USD Billion; 2019-2030)
- IP-based VMS
- Analog-based VMS
· Deployment Model Outlook (Revenue, USD Billion; 2019-2030)
· Organization Size Outlook (Revenue, USD Billion; 2019-2030)
- Large Enterprises
- Small and Medium Enterprises
· Application Outlook (Revenue, USD Billion; 2019-2030)
- Mobile Application
- Intelligent Streaming
- Security and Surveillance
- Storage Management
- Navigation Management
· Industry Vertical Outlook (Revenue, USD Billion; 2019-2030)
- Traffic Management and Control
- Building and Infrastructure
- Banking and Financial Services
- Government Organization
- Transportation and Warehousing
- Energy and Utilities
- Media and Entertainment
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The global Video Management System Market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Video Management System Market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
Elucidating the competitive landscape of the Global Video Management System Market :
The global Video Management System Market report offers viable insights into the competitive spectrum of the Video Management System Market business sphere.
The report systematically profiles the company information of each market player.
It identifies the estimated industry share, production facilities, development prospects, and geographies served by each market player.
The study showcases the extensive product portfolios of the prominent market contenders.
It offers critical data & information about the product application scope and the end-user landscape.
The study provides salient information about the pricing models of the products offered by these companies. Moreover, it determines the gross profits and losses experienced by them throughout their market tenures.
The Global Video Management System Market is formulated through extensive primary and secondary research, which is further validated and verified by industry experts and professionals. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. Moreover, the report also offers a feasibility study and investment return analysis to assist the readers in making strategic investment plans.
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