As a special administrative region (SAR) of China, Hong Kong is, and has been for a long time, a financial center for the world. With such an important role, the security industry’s presence in the SAR is quite mature, as securing financial institutes is an obvious must. However, regardless of market maturity, growth i
As a special administrative region (SAR) of China, Hong Kong is, and has been for a long time, a financial center for the world. With such an important role, the security industry's presence in the SAR is quite mature, as securing financial institutes is an obvious must. However, regardless of market maturity, growth is still happening.
According to Eddy Chau, GM for Mainland China and Hong Kong at Tyco Integrated Security Solutions, “As a major global city in Asia, the drivers of growth would be by the public sector in terms of transportation such as airports, rail/subways, and government infrastructure projects.” Chau pointed out that investment on the express railway, new railway developments, the Kai Tak development, new boarder, etc., by the government will help spur security growth, as new developments will “require massive quantity of security solutions in the next five years.”
Growth in other sectors is also contributing to overall security market growth in H.K. as well. “The growth of the financial sector also fostered growth in data security and the need for protection of data centers, etc.,” added Chau. Additionally, a rise in tourism from China has supported growth in retail shopping malls, which has spurred the need for security in the retail sector. “Security solutions for retailers are now expanding from just anti-theft security purposes to people counting and inventory counting for management and marketing purposes,” he said.
Furthermore, upgrading to HD video from analog is in demand. “IP CCTV upgrade is the most common enhancement in H.K., as users are looking for HD standard as the entry point rather than the traditional analog solution,” pointed out Chau. He also named integration of monitoring, information, and physical security as another key trend.