The Chinese surveillance market is poised for big growth following a lackluster 2009, according to a new report out this week by UK-based IMS Research.
The report, “The China market for CCTV and Surveillance Equipment – 2010 edition,” predicts that the market will grow at a compound annual growth rate of 20.2 percent over the next several years, making it worth an estimated $3.5 billion in 2014.
Among the major factors cited for driving the anticipated growth include government investments in infrastructure and public security projects.
"Network video surveillance products are growing more quickly than analogue video surveillance products, but confronting more barriers to adoption in China than in overseas markets," said IMS Market Analyst Bo Zhang in a prepared statement. "One of the major reasons is that there is not an official ‘test and approval’ scheme for network video surveillance systems. This makes decision makers cautious when choosing this type of security system for important applications. That said, there is a clear demand for network video surveillance equipment in China and adoption of it as a solution will increase."
For more information, visit www.imsresearch.com.