According to a recently released report from IMS Research, Vietnam is the fastest growing market for surveillance equipment in South East Asia and is forecast to grow at a compound annual growth rate (CAGR) of 22.3 percent between 2010 and 2015.
Despite being the fastest growing market, however, Vietnam accounted for less than 10 percent of market share in the region in 2010, which is also comprised of other emerging markets such as Singapore and Indonesia.
Among the factors driving this uptick in surveillance equipment adoption in Vietnam is the country’s increased spending on infrastructure projects and a reduction in its import tax, which has made it more appealing to European and American manufacturers.
"The highest priorities for Vietnam are transportation, energy, irrigation and urban development projects. For example, about 600 kilometers of roadway construction is planned by 2015; the existing railway will be upgraded; and several international airports and electrical plants will be developed," said report author and IMS Research Analyst Cheryl Li. "All these projects create huge demand for security products and systems."
For more information about the report, visit www.imsresearch.com.