for cloud-based applications is expected to foresee a faster growth due to the increasing use of cloud-based solutions.
The VMS market is increasingly witnessing trends such as deep learning for video analytics, built-in intelligence, and improvement in image quality. Privacy concerns regarding the adoption of video surveillance systems are anticipated to hinder growth to some extent. Additionally, requirements for large data storage systems and high cost for installations are anticipated to hamper VMS market growth. The organizations are focusing on establishing product life cycle and risk assessment programs to counter cyber security threats.
VMS solutions can be used in large organizations and SMEs. Various sectors using VMS solutions include healthcare, telecom & IT, retail, transportation, BFSI, government & public sector, military & defense, manufacturing, media & hospitality, and others. The government & public sector is anticipated to continue to lead the VMS market over the forecast timeline, owing to the wide adoption of video surveillance systems. The systems play an important role in risk management as it is the responsibility of the government for handling the security, management, and other functions in the development of cities such as ports, border securities, official buildings, and institutions. North America VMS market is expected to witness a steady growth over the forecast timeline, owing to growing video surveillance systems presence and growing adoption of high-end security networks. The consumers in the region are increasingly focusing on software platforms, which provide a user-friendly interface and powerful functions such as thumbnail search & calendar search, which are helping users find important videos faster and filter queries.
Asia Pacific VMS market is projected to become the fastest-growing market. The growth is attributed to developing commercial and domestic infrastructure and increasing government expenditure in the security sector. Increasing penetration of video surveillance in public places, such as retail stores and shopping malls, resulting from high infrastructure growth is anticipated to propel VMS market growth in this region. Growing focus on intelligent transportation systems and smart city projects, especially in emerging economies, such as India and China, is anticipated to splurge the demand.
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