WHAT'S NEXT FOR CHINESE SECURITY?
With the five - year plan underway, Chinese security vendors have adjusted their business strategies to maximize business opportunities. However, where is the whole industry headed? The five-year plan offers many constructive policies, such as expanding marketing development and applications.
For the past 10 years, the security industry has migrated from general applications to highly specific solutions tailored to different verticals. Enhancing domestic security standards will improve the industry as a whole, as well as make China competitive internationally.
Another part of the plan addresses improving corporate management for orderly market development. The rapid boom in the security industry has resulted in some malicious business practices. Corrupt bidding, cutthroat competition and lack of objective consulting will hurt industry development. Regulating the market with firm management will stimulate healthy market growth.
CUSTOMIZED APPLICATIONS
It is common for security suppliers to face vigorous competition for public projects. Government applications will still be the major driver for security. Therefore, security providers with expertise on large projects will have an edge in winning bids. Software providers who have actual integration experience and can customize solutions to specific verticals will meet customer needs and be greatly in demand.
Security giants from around the world have flocked to China for its limitless opportunities. Many domestic IT vendors have entered physical security, which will raise the bar for security but also increase competition. Savvy security companies will have to handle tremendous pressure from the competition, while leveraging their unique strengths to make the most of every opportunity.