Asia Pacific Video Management Software Market size surpassed USD 1 billion in 2019 and is estimated to expand at over 20% CAGR from 2020 to 2026. Growing demand to manage security surveillance applications for smart traffic management, digital forensics, and parking management will boost the market demand.
Moreover, the market growth is attributed to increasing demand for improving security surveillance systems across the region. Due to increasing concerns about the attack on the public transportation system, government authorities are taking significant security measures. The authorities are deploying surveillance systems in densely populated and major public places. For instance, in March 2019, the East Japan Railway Corporation deployed advanced surveillance systems at stations. The system identifies threats from video surveillance systems and notifies police authorities in cases of emergency.
Asia Pacific Market, By Component
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Advanced video management segment held a market share of over 30% in 2019 due to the growing demand for video analytics solutions across different industry verticals. The integration of advanced technologies, such as AI and machine learning, is also supporting the demand for advanced video management solutions. Traditional surveillance systems have inadequacies such as high labor cost, variations in long-distance capturing, and complexities in multi-screen monitoring. Currently, intelligent video streaming is replacing the traditional surveillance system to improve the accuracy of video monitoring.
Asia Pacific Market, By Deployment Model
The cloud deployment model is expected to witness around 20% growth rate during the forecast period owing to the cost-effectiveness of cloud-based VMS solutions. Cloud-based VMS solutions have a much easier and simplified on-demand deployment. The required hardware and software in the cloud deployment model are off-site, ‘in the cloud’, which allows only an on-site bridge appliance to connect the cameras and other recording devices to the cloud-based VMS. All the software updates are completed automatically at the cloud level and pushed to the onsite bridge.
Asia Pacific Market, By Technology
The IP-based VMS solution is predicted to dominate 70% market share by 2026, impelled by the growing popularity of IP cameras. The IP network is a basic infrastructure for all businesses and organizations today. IP video surveillance enables organizations to monitor their physical assets from anywhere on the IP network through a computer at a remote site. 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.
Asia Pacific Market, By Application
The retail sector in the market is set to observe highest CAGR through 2026, led by increasing demand to understand consumer buying behavior. The additional sophisticated intelligence and exceptional integration capabilities of advanced VMS solutions are helping retailers to maximize return on surveillance investment by monitoring employee functions and consumer behavior. The ability to scale capacity and performance allows the support of multiple servers, sites, and cameras across multiple sites, making VMS an ideal solution for small boutique stores or supermarkets with multiple branches monitored from one central location.
Asia Pacific Market, By Country
The video management software market in China is poised to generate substantial revenue of more than USD 1.5 billion by 2026. The extensive deployment & development of advanced surveillance cameras in the country is expected to drive the demand for video management software. Government authorities are focusing on developing advanced surveillance cameras to be deployed in densely populated areas to assure public safety. For instance, in October 2019, Scientists from the Fudan University and Changchun Institute of Optics jointly developed 570-megapixel surveillance cameras. The camera features real-time tracking and facial recognition technology that will help in the identification of an individual within a crowd.
Competitive Industry Landscape
Some of the leading companies operating in the market include Axis Communications AB, Cisco Systems, Inc., Hanwha Techwin Co., Ltd., Honeywell International, Inc., Johnson Controls International Plc., KEDACOM, Mindtree Limited, Netposa Technologies Ltd., Panasonic Corporation, VIVOTEK Inc., and Zhejiang Dahua Technology Co., Ltd.
Industry players are focusing on strategic partnerships to deliver advanced VMS solutions. For instance, in January 2020, Hanwha Techwin Co., Ltd., a South Korea-based VMS solution provider, partnered with Paxton to integrate its Wisenet WAVE VMS with Paxton’s access control system, Net2. This partnership helped the company to reach more customers across the world.