According to 6wresearch, the Turkish video surveillance market revenues are projected to grow at a CAGR of 3.3% during 2019-25. The Turkish video surveillance market has registered a decline in demand during the last three years on the back of a halt in construction and infrastructure development projects coupled with depreciating currency resulting in a surge in prices of imported goods. However, growing threat from terrorism, rising security concerns primarily theft, and domestic crimes are some of the key drivers that have propelled the growth of the video surveillance system market in Turkey over the past seven years.
6wresearch analysts suggest that growth would be aided during the forecast period due to increasing government initiatives towards city surveillance and smart city projects, which would result in a surge in deployment of high-resolution IP cameras across the country. Further, growing consumer awareness towards video surveillance for security and monitoring coupled with declining installation costs could also result in higher demand for video surveillance systems in Turkey's residential sector and small retail stores.
According to Ravi Bhandari, Research Manager, Research and Consulting, 6wresearch, "Within components, the surveillance camera segment accounted for the majority of the market revenue share. Wherein, amongst the analog and IP camera sub-segment, demand for IP cameras is increasing owing to various technological advancements such as digital PTZ, embedded video analytics capabilities, and cloud solutions."
"Additionally, other segments include recorder, encoder, and video management software. The market for video management software is expected to spur during the forecast period owing to high installation projects for city surveillance applications." Ravi concluded.
According to Shefali Goel, Assistant Manager, Research and Consulting, 6wresearch, "Growing acceptance and a surge in FDI in the construction sector has resulted in an increase in demand for video surveillance solutions. Moreover, in 2018, the government and transportation, commercial offices, and retail segments all together registered the maximum share of the revenue pie in the overall video surveillance market in Turkey."
"Amongst all the regions, the Marmara region witnessed the highest number of installations of video surveillance cameras on account of the volume of city surveillance projects. Istanbul is the key city which has registered maximum installation of surveillance cameras in the Marmara region due to a surge in tourism in the region leading to high safety issues," Shefali concluded.
Some of the key players cited as being involved in the video surveillance market in Turkey include- Axis Communications, Bosch Security, CP Plus FZE, Dahua Technology, Hanwha Techwin, Hikvision, LG Innotek, Panasonic, and Pelco by Schneider Electric.
The Turkey Video Surveillance Market Report covers the period from 2019 - 2025 and aims to provide an in-depth analysis, including estimates and forecasts of the overall video surveillance market by revenues, components, verticals, and regions.
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Media Courtesy : Security World Market