Growing threat from terrorism, rising security concerns primarily theft, and domestic crimes are some of the key factors that propelled the growth of video surveillance system market in the Turkey over the past seven years. However, Turkey video surveillance market has registered a decline in demand during the last three years on the back of halt in construction and infrastructure development projects coupled with depreciating currency resulting in surge in prices of imported goods.
According to 6Wresearch, Turkey Video Surveillance Market Revenues are projected to grow at a CAGR of 3.3% during 2019-25. Growth would be aided during the forecast period due to increasing government initiatives towards city surveillance; smart city projects would result in a surge in deployment of high-resolution IP cameras across the country. Further, growing consumer awareness towards video surveillance for security & monitoring coupled with declining installation cost would 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, surveillance camera segment accounted for the majority of the market revenue share. Wherein, amongst Analog and IP camera sub-segment, demand for IP cameras are 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 in city surveillance projects," Ravi Concluded.
According to Shefali Goel, Assistant Manager, Research and Consulting, 6Wresearch, "Growing acceptance and surge in FDI in the construction sector has resulted in an increase in demand for video surveillance solutions. Moreover, in 2018, Government & Transportation, Commercial offices and Retail segments altogether registered the maximum share of 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 camera on account of city surveillance projects. Istanbul is the key city which has registered maximum installation of surveillance cameras in the Marmara region due to surge in tourism in the region leading to high safety issues," Shefali concluded.
Some of the key players in Video Surveillance market include- Axis Communications, Bosch Security and Safety System Middle East, CP Plus FZE, Zhejiang Dahua Technology Co. Ltd, Hanwha Techwin Europe, Hangzhou Hikvision Digital Technology Co., Ltd., LG Innotek, Panasonic Electronic Sales Inc., and Pelco by Schneider Electric.
"Turkey Video Surveillance Market (2019-2025)" provides an in-depth analysis with 44 figures and 14 tables covered in more than 120 pages. The report estimates and forecast the overall Video Surveillance market by revenues, components, verticals and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.