After South Africa, Nigeria is the second-largest market of video surveillance systems in the Sub-Saharan region. The country has exhibited potential growth during 2010-12 owing to government projects pertaining to the installation of various electronic security systems in Lagos and Abuja. During this period, the government of Nigeria deployed nearly 2,000 video surveillance cameras for monitoring major areas in Lagos and Abuja.
According to 6Wresearch, Nigeria video surveillance market is forecast to grow at a CAGR of 5.3% from 2016 to 2022. Rising terrorism coupled with increasing crime rate is driving the demand for video surveillance systems in the country. Apart from government vertical, industrial & manufacturing vertical is projected to capture key revenue share by 2022. Within industrial & manufacturing vertical, oil & gas held the highest demand for video surveillance systems. Attributed to rising theft in oil & gas vertical, demand for high-end video surveillance systems grew at a relatively higher growth rate. Nigeria is estimated to record daily theft of nearly 100 thousand to 350 thousand barrels per day.
According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch, "Although, analog video surveillance systems accounted for the largest share in Nigeria's video surveillance market, however growing demand for IP video surveillance systems is likely over the next six years".
"In addition, IP video surveillance systems demand is projected from industrial & manufacturing and transportation verticals through the forecast period," Rajat further added.
According to Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Nigeria's video surveillance market declined in 2015 on the back of slumping global oil prices and weak economic conditions. Further, several projects were on hold due to elections in the country, which affected the growth of the market. However, market conditions are expected to improve from 2016 onwards".
"Apart from retail, commercial offices are also witnessing healthy demand for video surveillance systems; higher demand for IP video surveillance systems is likely to come from commercial offices vertical owing to declining prices and increasing penetration of players in the country," Samuel concluded.
"Nigeria Video Surveillance Market (2016-2022)" provides in-depth analysis with 70 figures and 28 tables covered in more than 125 pages. The report estimates and forecasts overall Nigeria video surveillance market by revenue, by types & components of video surveillance systems and verticals such as banking & financial, government & transportation, commercial offices, retail & logistics, industrial & manufacturing, residential, hospitality & healthcare and educational institutions.
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