Europe Video Management Software Market size crossed USD 700 million in 2019 and is anticipated to exhibit a CAGR of 19 % between 2020 and 2026.
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The market growth is attributed to the extensive tourism sector and rising security concerns. The countries including Germany and France have witnessed several mass robbing and shooting incidents. For instance, in February 2020, a mass shooting incident happened at West German city of Hanau, killing nine people. These events raised security concerns for Berlin Film Festival. In addition, government authorities across the region are adopting advanced video surveillance systems to improve safety framework for population.
Europe Video Management Software (VMS) Market, By Component
The VMS service segment will witness 20% CAGR through 2026. The companies operating in region are largely adopting managed services to focus on core competencies and business objectives. Moreover, the increasing complexities in security and surveillance systems is driving enterprises to leverage external expertise to ensure effective deployment and management of VMS solutions.
Europe Market, By Deployment Model
The cloud deployment segment will hold over 40% Europe video management software market share I 2019, attributed to extensive digitization and advancements in wireless network infrastructure across the region. The advanced capabilities to manage both IP-based and analog video signals simultaneously followed by scalability and flexibility is enabling the demand from enterprises. The cloud-based deployment enables enterprises to connect surveillance devices with cloud-based VMS.
Europe Market, By Technology
The IP technology segment will grow significantly from 2020 to 2026. The extensive penetration of IP-based surveillance cameras is fueling the demand for IP-based VMS solutions. IP-based VMS provides benefits such as enhanced image quality, remote & mobile monitoring, flexible & scalable systems. IP-based VMS is easy to expand, adds new functionalities, such as audio monitoring, and integrates with other systems in case of any such requirements. The growing demand for enhancing the capabilities of IP surveillance solutions will support the market growth.
Europe Market, By Application
The Europe video management software market in tourism and hospitality segment will observe around 20% growth rate during the forecast timeline. The installation of security camera systems in places frequently visited by tourists can enhance the security infrastructure by enabling real-time surveillance. For instance, according to the report from World Tourism Organization, Europe reported 713 million international tourist visits in 2018, more by 6% in 2017. Due to growing incidents of crime and terrorism, the demand for advanced VMS solutions is expected to grow significantly.
Europe Market, By Country
The demand for VMS solutions & services in Italy will gain remarkable momentum during the estimation period. The extensive presence of architectural monuments and tourists places has driven government to ensure advanced surveillance infrastructure. In addition, the companies are developing integrated solutions for enterprises.
Competitive Industry Landscape
Prominent participants operating across the Europe video management software market include 3VR Security, Inc. (Identiv, Inc.), A&H Software House, Inc. (Luxriot.), Aimetis Corporation (Senstar), Avigilon Corporation (Motorola Solutions Inc.), Axis Communications AB (Canon Inc.), AxxonSoft, Inc., Bosch Security Systems LLC, Cathexis Technologies Pty Ltd., Cisco Systems, Inc., Exacq Technologies, Inc., Genetec Inc., Hanwha Techwin Co., Ltd., Hangzhou Hikvision Digital Technology Co., Ltd. (Hikvision), Honeywell International Inc., Intelligent Security Systems, Inc. (ISS), Johnson Controls International Plc., KEDACOM, March Networks Corporation, Milestone Systems A/S, Mindtree Limited, Netposa Technologies Ltd., Qognify Ltd. (On Net Surveillance Systems), Panasonic Corporation, Pelco, Inc., Salient Systems Corporation, and Verint Systems Inc.