Posted On: 2020-06-23
Government and transportation sector acquired maximum revenue share in the overall Vietnam video surveillance market in 2019 - 6Wresearch
Vietnam video surveillance market is anticipated to grow at a significant rate in the forecast period. Expanding infrastructural projects, upcoming hotel and shopping mall projects, rising awareness among consumers coupled with the increasing inflow of FDI in the construction sector are the key factors that are expected to accelerate the video surveillance market in Vietnam in the coming years. Furthermore, the Vietnamese government in a joint venture with a Japanese finance firm has also invested $4.2 billion in a smart city project in Hanoi’s outlying district of Dong Anh. This project is also anticipated to augment the growth of video surveillance solutions in the country in the years to come.
According to 6Wresearch, Vietnam video surveillance market revenue size is projected to grow at a CAGR of 8.6% during 2020–2026. Rapid industrialization, urbanization, changing lifestyle and growing commercial market has spurred the need for installation of advanced security systems in several domains in the country. Moreover, the government of Vietnam has announced an investment plan of US$300 billion by 2030 to improve the public infrastructure of the country and to focus on implementing safe city initiatives to boost the safety and security of its citizens. This would also have a positive influence on the market of video surveillance in the country. However, the video surveillance system market in Vietnam is expected to decline during 2020 due to lockdown imposed by the government to control the coronavirus spread, hampering the manufacturing and sales of video surveillance products during the first half of 2020.
According to Akshay Thakur, Senior Research Analyst, Research and Consulting, 6Wresearch, “By camera type, IP camera accounted for a major share in terms of revenue during 2019 in the Vietnam video surveillance market owing to increasing demand for high quality secured surveillance cameras with digital zooming capability. Along with their falling prices, the growing adoption of IP based cameras is being supported by the strengthening IT infrastructure in the country. The Vietnam video surveillance market is also witnessing an evolution of technology with AI, IoT, and facial recognition getting integrated with surveillance products which would bode well for the demand for IP camera in the years to come.”
According to Eshita Goel, Research Associate, Research and Consulting, 6Wresearch, “By application, the government and transportation sector acquired maximum revenue share in the video surveillance market of Vietnam in 2019 owing to government initiatives to strengthen the segment’s security infrastructure. Additionally, the rising security concerns among people along with the growing number of residential sector developments in the country would also lead to major growth in the residential vertical of video surveillance in the years to come.”
Some of the major companies in the Vietnam video surveillance market include Hangzhou Hikvision Digital Technology, Honeywell International, Panasonic, and Axis Communications.
“Vietnam video surveillance market (2020-2026)" report provides an in-depth analysis with 38 figures and 10 tables covered in more than 90 pages. The report estimates and forecasts the overall Vietnam video surveillance market by component types, by applications, and by 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 devise and align their market strategies according to the current and future market dynamics.