Video Management Software Market to Grow by USD 14.01 billion (2024-2028) as AI Drives Transformation and Global Security Demand Increases

The global video management software market is poised for significant growth in the coming years, driven by the increasing demand for advanced security measures and the transformative impact of artificial intelligence (AI). According to a recent report by Technavio, the market size is estimated to grow by USD 14.01 billion from 2024-2028, at a compound annual growth rate (CAGR) of almost 24.89%.

The report highlights the growing need for video management software in various industries, including retail, transportation, and hospitality, as well as in government and law enforcement agencies. The increasing use of IP cameras and the growing demand for real-time video analytics are also contributing to the market’s growth.

One of the key drivers of the video management software market is the increasing need for security and surveillance. With the rise of terrorism and other security threats, there is a growing requirement for advanced security measures that can provide real-time monitoring and analysis of video footage. Video management software is able to provide this capability, making it an essential tool for organizations looking to enhance their security protocols.

Another significant factor driving the growth of the video management software market is the increasing use of AI and machine learning (ML) technologies. AI-powered video management software can analyze video footage in real-time, providing advanced features such as object detection, facial recognition, and anomaly detection. These capabilities are enabling organizations to improve their security measures and respond more effectively to potential threats.

The report also highlights the growing trend towards cloud-based video management software. Cloud-based solutions offer several advantages, including reduced costs, increased scalability, and easier deployment. They also provide greater flexibility and accessibility, allowing users to view and manage video footage from anywhere at any time.

In terms of market share, the report indicates that the global video management software market is highly fragmented, with numerous small and large vendors operating in the market. Some of the key players include Milestone Systems, Genetec, and Avigilon. These vendors are focusing on product innovation and strategic partnerships to increase their market share and stay ahead of the competition.

In conclusion, the video management software market is set to experience significant growth in the coming years, driven by the increasing demand for security and surveillance, the transformative impact of AI, and the growing trend towards cloud-based solutions. As the market continues to evolve, we can expect to see increased innovation and competition among vendors, as well as greater adoption of video management software across various industries.