Vietnam is emerging as one of the key revenue contributing countries in the South-East Asia video surveillance market. Surging the construction market, growing government spending, infrastructural development, and increasing FDI in retail and industrial sectors have spurred the demand for electronic security systems including video surveillance systems in Vietnam.
According to 6Wresearch, Vietnam Video Surveillance Market is expected to grow at a CAGR of 12.4% during 2016-22. Growing security concerns coupled with declining import taxes are driving the demand for video surveillance systems. With the decline of import taxes, a price reduction of various video surveillance system components has been witnessed in the country. Vietnam Ministry of Finance has reduced tariff rates to zero on 90% of the goods under the ASEAN Trade in Goods Agreement (ATIGA). Vietnam is likely to register growth in demand for IP video surveillance systems during 2016-22 owing to growing awareness, declining prices, increasing IT infrastructure, and spending.
According to Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Although, analog video surveillance systems held the 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 the deployment of high-end analog cameras."
"Government & transportation and banking & financial verticals to register the highest deployment for IP video surveillance systems in the forecast period," Samuel further added.
According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, "Amongst all verticals, government & transportation contributes a major share in the market revenues. However, commercial offices and healthcare & hospitality verticals are also expected to exhibit key growth over the next six years owing to growing infrastructural developments and hotels in the country."
"Video analytics software market is surging on the back of rising penetration of IP video surveillance systems especially in government & transportation vertical. The southern region has accounted for the largest revenue share in Vietnam video surveillance market attributed to key construction projects in commercial and retail verticals." Shefali concluded.
The major companies in Vietnam video surveillance market include- Avigilon Corporation, Axis Communications, Bosch Security Systems, Hikvision, Hanwha Techwin (Samsung), Panasonic, Sony, and Pelco by Schneider.
"Vietnam Video Surveillance Market (2016-2022)" provides in-depth analysis with 80 figures and 22 tables covered in more than 130 pages. The report estimates and forecasts overall Vietnam video surveillance market by revenue, by types, by region and by verticals such as banking & financial, government & transportation, retail & logistics, commercial offices, industrial & manufacturing, residential, hospitality & healthcare, and educational institutions. The report also gives insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers, and restraints.
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Media Courtesy : Open PR