Our study shows an increase of 3.8% in Malaysia's security and communications market size, from US$99.8 million (RM 313 million) in 2011 to $103.7 million in 2012. This positive momentum is expected to continue, with a predicted 4 to 5% growth year-on-year by 2014. One of the biggest contributors to this market growth
Our study shows an increase of 3.8% in Malaysia's security and communications market size, from US$99.8 million (RM 313 million) in 2011 to $103.7 million in 2012. This positive momentum is expected to continue, with a predicted 4 to 5% growth year-on-year by 2014. One of the biggest contributors to this market growth is the support from the Malaysian government through its 2013 budget announcement. Funds, tax incentives and more government projects toward the improvement of urban and rural transportation and facilities, housing development projects and national security have opened up the need for more security and communication solutions.
An example of the government's project for 2013 would be the addition of 496 surveillance cameras in local authorities across Peninsular Malaysia, Sabah and Sarawak to curb and deter street crimes in urban areas. Tax incentives were also introduced for the nationwide installation of surveillance systems, and we welcome the boost to our industry.
The conclusion of Malaysia's 13th General Election in May 2013 provided stability and renewed confidence to foreign investors, especially in township development projects, such as Iskandar Malaysia, Sabah Development Corridor (SDC), East Coast Economic Regional (ECER) and Sarawak Corridor of Renewable Energy (SCORE). These developments continue to gain momentum, attracting substantial investments in manufacturing and infrastructure that require the implementation of robust security solutions to safeguard these facilities. In total, 428 manufacturing projects with an investment value of roughly $9 billion were approved between January and July 2013.