According to a recently released report from IMS Research, part of IHS Inc., the world market for video management software is expected to see tremendous growth over the next five years, increasing from over $650 million in 2012 to more than $1.6 billion in 2017.
Jon Cropley, principal analyst at IHS and author of the 2013 edition of the "World Market for CCTV and Video Surveillance" report, said that Asia is forecasted to be the fastest growing market for VMS solutions, driven largely by demand from China.
Among the top five global VMS vendors in 2012 included Genetec and Milestone Systems, both of whom shared the top spot, followed by OnSSI, Verint, and Hikvision.
"This is the first time that two companies have shared the leading position in the global VMS market," Cropley said in a statement issued by Milestone.
According to a statement from Genetec, the Canada-based VMS provider maintained its leadership position in the Americas and saw double-digit growth in the Latin America and Asia-Pacific regions.
"Genetec’s video management revenues have grown at a double digit rate in recent years. It is estimated to have had the highest revenues for VMS software in the Americas in 2012 and equal highest revenues in the world," Cropley was quoted as saying in the Genetec release.
Pierre Racz, president and CEO of Genetec, credited the company’s success to continued innovation in technology.
"We believe that the key to success is to invent new technologies that will help our customers today and tomorrow," said Racz. "By investing over 20 percent of our revenue in R&D, we foster a strong culture of innovation. From pioneering IP video, to developing the industry's first unified security platform that combines video, access control, and license plate recognition, to bringing physical security to the cloud, we are consistently delivering groundbreaking solutions to our industry."
Conversely, Milestone was ranked the top VMS vendor in the Europe, Middle East, and Africa (EMEA) region by IHS.
"Competition is healthy, spurring continued commitments to improvements that benefit the customers and the providers themselves. Look at what this means for the industry: The top players have all grown their revenue which shows that user demand for IP solutions is very strong," Lars Thinggaard, president and CEO of Milestone Systems, said in a statement. "Leadership is about being a consistently strong organization that continues to deliver top products and support relationships - how a company carries out its business is very important for long-term success. Milestone is a company built on the core concept of openness, to encourage more contributions and more choices."
Milestone, which is in its 15th year of business, has seen "solid growth" in many regions across the world and continues to evolve in the international market. There have been more than 100,000 installations of the company’s XProtect software platform to date and the company also boasts a network of 7,000 channel partners and 750 solution partners.
"Milestone's vision is to drive the convergence of video surveillance and IP-based business systems. To achieve this, our open platform embraces the expertise of our many partners and empowers more innovation," Thinggaard added. "This adds value for the entire industry and customers alike. That is the leadership we aim to demonstrate."