Growth is expected in the near future as economic improvement in the country sets the stage for increased government and private spending on video surveillance, according to a report recently released by 6Wresearch.
The South Africa video surveillance market totaled US$72.3 million in 2015, and growth is expected to continue over the next few years, according to a report recently released by 6Wresearch.
According to the market research firm, South Africa is the leading video surveillance systems market in the African region. Compared to other African countries, South Africa’s market is quiet mature, it said.
However, the market registered sluggish demand for video surveillance systems between 2013 and 2015 due to the overall economic slowdown and depreciation of country’s currency, 6Wresearch said.
Yet the market is expected to bounce back, thanks to the country’s economic improvement over the next couple of years, it said. This will set the stage for increased government spending on public safety and security as well as more investments primarily in retail and commercial verticals, the firm said, adding infrastructural development in the country would further fuel the market for video surveillance systems over the next six years.
“Over the next six years, South Africa is anticipated to remain dominant country in the African region, where major market demand is exhibited from government and transportation and commercial verticals,” said Prijo Samuel, Senior Research Analyst for Research and Consulting at 6Wresearch.
Those remarks were echoed by Shefali Goel, Research Analyst for Research and Consulting at 6Wresearch. “Amongst all verticals, government and transportation contributes a major share in the market revenues,” he said. “However, commercial office and healthcare and hospitality verticals are also expected to witness key growth through the forecast period.”
He added: “Gauteng province has accounted for the largest revenue share in South Africa’s video surveillance market due to infrastructure development activities in commercial and retail verticals. Moreover, Mpumalanga province is forecast to grow with relatively higher CAGR from 2016 to 2022.”
According to Samuel, IP video surveillance has captured a major share of the market pie. “Deployment for IP surveillance systems for city surveillance and traffic management have led for the growth of the market,” he said. “Further, need for remote accessibility, demand for video analytics and increasing IT infrastructure have spurred the installation of IP video surveillance systems in the country.”
The report cites Avigilon, Axis Communication, Bosch Security, Hikvision, and Pelco as some of the key players in South Africa’s video surveillance market