IHS Markit Report Predicts Global Growth in Video Surveillance Equipment to Reach $18B in 2018
Research Uncovers that China Accounts for 44 Percent of Global Surveillance Revenue; Hikvision’s 2018 Q1 Results Reflect Robust Growth in Surveillance Market
A new report from global research firm IHS Markit predicts continued strong growth in the video surveillance equipment market, estimating revenues to reach $18.5 billion globally, according to an article in SecurityInfoWatch.com.
China is a major source of surveillance industry revenue and growth. From the SecurityInfoWatch.com article: “…the Chinese professional surveillance market, which accounted for 44 percent of all global revenue, grew by nearly 15 percent last year, while the market excluding the country grew by just 5.5 percent.”
Hikvision, headquartered in the Chinese city of Hangzhou, reported robust growth earlier this year with operating income of $1.5 billion (RMB ¥9.4 billion) for the first quarter of 2018, representing 32.95 percent growth compared to the first quarter of 2017.
“Global demand for security cameras grew rapidly in 2017, but average prices continued to fall. Nevertheless, revenue grew in most countries. Two of the fastest-growing country markets were Brazil and India. A major factor behind the growth in both countries was increased spending by private retail and commercial organizations on HD CCTV systems used to prevent crime,” said Jon Cropley, senior principal analyst for video surveillance at IHS Markit, in the article.
To read more about the IHS Markit report on SecurityInfoWatch.com, click here.