Milestone Systems has been tapped by research and analyst organisation IHS Markit as the top VMS vendor globally.

It marks the 10th year in a row that Milestone has received the recognition from IHS Markit, which bases its findings on company revenue.

In 2017, Milestone Systems had a global VMS market share of 10.2%, an increase from 9.1% in 2016. According to IHS Markit, as well as maintaining its global position, Milestone Systems also remains number one in Asia-Pacific (APAC), with a market share of 12.4%, compared to 11.7% the year before. IHS Markit senior principal analyst for video surveillance Jon Cropley says, “The world market for VMS is estimated to have grown by 8% in 2017.

“Supply to this market is gradually becoming more concentrated. The top largest vendors are estimated to have accounted for 48% of global revenues in 2015. In comparison, this figure was 57% in 2017.” Milestone Systems has had VMS revenue growth of 21% over 2016, which the company says is almost triple the growth of the general market.

Milestone president and CEO Lars Thinggaard attributes the better-than-average growth figures to its open source business model.

“Our open platform community and partnership business model is no doubt the reason for the positive development, and we are proud to be a trusted and reliable partner in the community,” Thinggaard says.

“We will keep investing in our partner community with a focus on new technologies within cameras, access control and video analytics. We believe in a future where video will play an even more significant role to understand the data sources from the increasing numbers of devices that connect people and assets.” In terms of the company's APAC growth, Milestone country manager for the south pacific Jordan Cullis commented, “There is enormous potential in Asia-Pacific, which is demonstrated by the strong 14.6% growth we saw in the region last year.

“We have some amazing, influential customers in APAC and are completing some very large deals, which is really consolidating our position as the number one VMS provider in the region. Milestone Systems is seizing the potential and APAC is fast becoming a significant contributor to big and prestigious projects.

Milestone also recorded the top position in Europe, the Middle East and Africa (EMEA), with an increase in market share to 17.1% from 14.8% in 2016.