The video surveillance market is set to grow at a CAGR of 12.4 percent during 2016-2022, according to a report by 6Wresearch. The report stated that Vietnam can now be considered as one of the major revenue-generating countries in the region, boosted by increased demand generated by growth in several important verti
The video surveillance market is set to grow at a CAGR of 12.4 percent during 2016-2022, according to a report by 6Wresearch.
The report stated that Vietnam can now be considered as one of the major revenue-generating countries in the region, boosted by increased demand generated by growth in several important verticals in the country. The construction market, growing government spending, infrastructural development and increasing FDI in retail and industrial sectors were all cited as factors supporting future market growth.
“Amongst all verticals, government and transportation contributes a major share in the market revenues. However, commercial offices and healthcare and hospitality verticals are also expected to exhibit key growth over the next six years owing to growing infrastructural developments and hotels in the country,” remarked Shefali Goel, Research Analyst, Research and Consulting at 6Wresearch.
Along with growing awareness of the importance for security in the country, recent economic developments will also play an important hand in pushing the market forward. In accordance with the ASEAN Trade in Goods Agreement (ATIGA), Vietnam has agreed to lower tariff rates to zero on 90 percent of goods. Hence, laying the foundation for increased demand amidst declining prices, as well as increasing IT infrastructure and spending.
According to Prijo Samuel, Senior Research Analyst, Research and Consulting at 6Wresearch, “Although, analog video surveillance systems held highest number of installations in the country, however IP video surveillance segment has captured major share of the market revenue pie. Low pricing advantage over IP video surveillance systems is one of the key factors for the overall growth of analog video surveillance systems demand in the country. Also, growing acceptance for Analog HD cameras amongst end users would further lead to deployment of high end analog cameras.”
Goel further noted in the report that video analytics software is expected to experience a surge in demand due to increased penetration of IP systems in both the government and transportation verticals.
Companies that the research firm considered as major players in the Vietnam video surveillance market include Avigilon, Axis Communications, Bosch Security Systems, Hikvision Digital Technology, Hanwha Techwin (Samsung), Panasonic, Sony, and Pelco by Schneider.