With respect to application, the video management software (VMS) market is bifurcated into tourism and hospitality, government & defense, retail, BFSI, IT & telecom, education, and healthcare. The BFSI sector will witness a CAGR of 18% over 2020-2026 due to the need to improve the security of different branches of financial institutions and banks. The healthcare sector recorded a market share of around 12% in 2019 as hospitals and healthcare institutes are deploying VMS solutions to protect expensive and critical healthcare equipment.
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Video management software (VMS) market is anticipated to witness tremendous growth in the coming years due to the increasing popularity of video surveillance systems. The video management software is a key part of the IP camera system. It is generally responsible for both locating as well as attaching to the IP cameras that are present on the network, thereby providing a safe connection to the cameras, and also recording the specified video from the cameras. The software is also capable of giving security alerts to the security personnel.
The IT & telecom sector is likely to observe a CAGR of over 16% over the forecast time period as Telco's are deploying different VMS solutions to protect their business facilities. The tourism and hospitality segment will witness a CAGR of 21% through the analysis period due to increasing use of video surveillance for increasing the safety of tourist.
The Latin America Video Management Software (VMS) Market will register a CAGR of nearly 15% over 2020-2026 as the extensive penetration of data center facilities are driving the demand for VMS solutions for facility protection. The MEA VMS market held a market share of around 6% in 2019 attributed to presence of luxury restaurants and international tourist visits.
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The service product segment is divided into managed services and professional services. The managed services segment will observe a CAGR of nearly 25% through the projected timeframe owing to the high adoption of external expertise by enterprises to manage complex VMS solutions. The professional services held a market share of over 75% in 2019 as these services ensure smooth and fast deployment of new solutions.
Based on component, the video management software (VMS) market is divided into solution and service. The solution segment is further divided into mobile application, advanced video management, case management, storage management, and data integration. The data integration segment is likely to witness a CAGR of over 18% through the forecast timeframe since smart city projects require data integration solutions to improve the city surveillance. The mobile application segment will observe a CAGR of over 20% over 2020-2026 as these solutions gives security agencies with remote access to recorded & live videos.
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