Asia Pacific Video Management System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Asia Pacific Video Management System Market Analysis

The Asia Pacific Video Management System Market size is estimated at USD 6.61 billion in 2024, and is expected to reach USD 18.79 billion by 2029, growing at a CAGR of 23.21% during the forecast period (2024-2029).

• Ensuring the protection of crucial video data is imperative for every organization. Therefore, a reliable video management system is necessary to efficiently manage large volumes of video data, safeguard it from unauthorized access, and effectively handle unexpected situations.
• By utilizing advanced AI technology, video surveillance software is able to combat cybersecurity risks effectively through various security protocols. This ensures that organizations' sensitive information remains secure while upholding data privacy and integrity, ultimately improving workplace productivity.
• The number of terrorist activity and rising crime rates have increased in the region in the past few years. This heightens concerns about the safety of people, assets, and processes, resulting in severe damage to infrastructure and the loss of multiple lives.
• Governments make significant investments across the region to enhance the region's security, further supporting market growth. In March 2024, the Indian Railways planned to implement a video surveillance system through an Integrated Command and Control Center (ICCC) that connects over 100,000 cameras nationwide.
• This project involves the integration of various types of cameras, video management software, video analytics software, facial recognition software, panic buttons, and other subsystems. The main goal of this initiative is to improve passenger safety, with a particular focus on women and children, at more than 1700 Railway stations spread across all 16 zones of Indian Railways.
• AI-powered surveillance methods are becoming increasingly popular in the area, as numerous governments in the Asia-Pacific region are acquiring innovative analytical tools, facial recognition cameras, and advanced monitoring features. Incorporating AI into video surveillance can offer substantial advantages in identifying abnormal occurrences and issuing notifications.
• India is transitioning from analog to IP cameras for video surveillance solutions for high-definition digital images and advancements in video analytics. As IP cameras transmit genuinely digital signals, they offer greater video detail, making them more suitable. As the number of surveillance cameras in the country increases, the need for a video management system rises.
• The high initial investment is a significant hindrance to market growth. Several SMEs and businesses find it challenging to bear the initial cost of investment in IT infrastructure and often deploy low-cost and cheap physical security solutions, such as low detection ranges and camera resolutions, compromising security protection against thefts and criminal activities.
• The video management system market in Asia-Pacific is fragmented, with many players occupying a small market share. Vendors in the market are focusing on new product development, strategic partnership, acquisition, and expansion to meet the growing demand from the customers, further supporting the market’s growth.
• In March 2024, Verkada unveiled its new ASEAN headquarters in Singapore, which signifies a significant achievement in the company's expansive international growth plan. This new office, Verkada's fourth in the Asia-Pacific region, is expected to significantly strengthen the company's capacity to cater to its expanding customer base.
• Similarly, in April 2023, Infinova collaborated with Indian airports to enhance security protocols and counter terrorist activities at more than 60 airports throughout India, establishing itself as the top choice for surveillance system OEM in airport management.
• Market growth has been impacted by macroeconomic factors like government regulations concerning the import and export of electronics and disruptions in global supply chain operations.

Asia Pacific Video Management System Market Trends

Cloud-based Video Management System is Expected to Grow at a Significant Rate

Asia Pacific Video Management System Industry Segmentation

A video management system (VMS) combines hardware and software to help users automatically monitor events from any number of surveillance cameras, alarms, or sensors. The video management system provides an at-a-glance view, alerting security to potential risks, threats, occurrences, or scheduled tasks. Video management systems are typically used by governments, businesses, and other organizations to require large-scale surveillance and security monitoring.

The Asia-Pacific video management system market is segmented by component (system and services), technology (analog-based and IP-based), mode of deployment (on-premise and cloud), end-user industry (banking and financial services, education, retail, transportation, logistics, healthcare, and airports), and country (China, Japan, India, South Korea, and Rest of Asia-Pacific). The market sizes and forecasts are provided in terms of value in USD for all the above segments.