Despite the recent economic slowdown, the CCTV market is expected to grow by over 10 percent worldwide in 2009, according to a new report released Monday by UK-based IMS Research.
"It is imperative to realize that the global financial crisis is affecting particular market verticals and geographic regions in different ways." IMS Research Analyst Alastair Hayfield said in a prepared statement. "The aim of IMS Researchâ€™s latest video surveillance report is to outline exactly how and where the economy is impacting the video surveillance market and which regions and products can expect to see continued growth."
The report says that while certain vertical markets, such as retail and banking have been hard hit by the crisis, other industries like government and transportation will help pick up the slack in the CCTV spending.
Though the established surveillance markets of Western Europe, the United States and Japan have seen a slowdown in spending on CCTV technology, they are still projected to grow by a little over 4 percent in 2009. Emerging surveillance markets such as those in Eastern Europe, Russia, the Middle East, and Latin America are expected to grow at a rate of over 20 percent in the next year, the report says.