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Top three trends influencing the North America video management software market outlook

Author : Ronak Bora | Published Date : 2021-01-06 

Since the outbreak of the coronavirus, the scenario across every industrial domain has transformed considerably. The North America video management software market is not an exception and has been one of the fortunate spaces with latent opportunities. Open platform VMS have empowered hospitals by enabling fast and secure integration of new capabilities and services ranging from thermal monitoring of patients to audio alert during COVID emergencies, while retail stores have also been making the most of the benefits offered by VMS solutions. The North America video management software (VMS) market was estimated at $800 million during 2019.

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The following top three trends have been driving the growth of the North America video management software market:

Demand for on-premise VMS to spiral upward owing to more convenient monitoring

The on-premise video management software solution segment claimed a vast chunk of the North America video management software market in 2019, accounting for about 55% share in the total market revenue. When VMS is deployed in a particular setting, enterprises can easily conduct monitoring activities through video surveillance. The utilization of on-premise VMS involves several video devices and applications such as streaming, recording, storage devices, and management servers. These applications and devices are deployed on a local scale over on-site. With these numerous benefits, the segment is projected to surge at a 10% CAGR over the forecast period.

Retail to grow at a remarkable 20% CAGR due to extensive CCTV network

The retail application vertical is expected to be a key contributor in the North America video management software market, triggered by the deployment of VMS solutions by several prime retail enterprises including Walmart, Amazon, and The Kroger Co. Through a strong CCTV network, these enterprises have not only been able to prevent theft, malpractices, and loss but also ensure the safety of staff. During the lockdown, there has certainly been an uptick in particular types of crimes including theft. Counting of number of people for maintaining social distancing, queue management, monitoring one-way routes, and access control are some advantages offered by CCTVs across multiple locations.

IP-based camera segment to soar as hospitals and enterprises exhibit more demand

The IP-based camera segment is set for magnificent growth, supporting the expansion of the North America video management software market revenue. In the face of challenges during the COVID pandemic, hospitals have been grappling with issues ranging from provision of patient care to protection of crucial supplies from theft. IP technology boosts the functionality and overall performance of video surveillance, thereby leading to more hospitals adopting these systems. The real-time data offered by IP video can strengthen the safety of patients as well as the work environment for healthcare personnel.

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Moreover, IP video solutions enable hospital staff to efficiently and safely monitor contagious patients via the use of high definition, infrared, and thermal cameras that deploy multiple superior quality lenses. Healthcare professionals have also been using medical-grade sensors for gathering data and offering high quality telemedicine to patients remotely. Several enterprises have also been deploying IP video solutions since they are cost-effective, easy to install and maintain.

Progressing at a rapid pace at a CAGR of 16% between 2020 and 2026, the North America video management software market is projected to surpass $2 billion by 2026. Although the virus created hurdles for the VMS market initially, immense opportunities lie ahead since leading providers in the North America video management software market have been refining their products and strategies in ways that will aid scaling in the future, simultaneously helping them bond strongly with their clients.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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