Asia-Pacific to drive growth in global CCTV market

The global CCTV market is forecast to grow at a CAGR of more than 27 percent during 2009-12, driven by rapid growth in Asia-Pacific region, says Delhi-based RNCOS.

The market research firm’s new report, “Global CCTV Market Analysis (2008-2012),” anticipates that the global CCTV market will worth more than $13 billion in 2012, with a CAGR of more than 27 percent during 2008-12. The worldwide usage of CCTV surveillance equipments is particularly fueling growth in this market. RNCOS’s research has found that the current market is dominated by regions such as Americas and Europe, but the major growth will be seen in the Asia-Pacific region in the coming years.

A variety of security system products such as biometrics, RFID, and smart cards are available in the Asian market at present. The adoption of video surveillance (or CCTV) in the region is still very low, representing strong potential for video surveillance equipments both in terms of manufacturing and consumption.

The Asia-Pacific market for video surveillance equipments is forecast to rise at a CAGR of above 12 percent in 2009-12. This growth will be buoyed by the countries such as India and China owing to the rapid infrastructure development and increasing demand for public surveillance systems. Besides, the regional governments in both the countries are taking security more seriously, recognizing the potential damage from terrorist attacks to businesses, tourism and foreign investment.

The research has identified four key areas where security systems application is inevitable — residential security, public place security, workplace security, and security of supply chains. The future of CCTV market in the Asia-Pacific region is thus bright due to the robust growth in the emerging economies such as China, India, Taiwan, and Vietnam.