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The South African IP video surveillance and VSaaS market is expected to reach $ 51.8 million by 2020, registering a CAGR of 16.1 percent during 2014 – 2020, says a new report by Allied Market Research.
The video surveillance equipment market in South Africa is largest among all other countries in Africa. The report entitled “South Africa IP Video Surveillance and VSaaS Market” revealed that the revenue from the sales of hardware accounted for nearly 60 percent, whereas cloud services, software, and other services segment accounted for around 40 percent of the revenue in 2013.
Photo by: Keepscases, license 3.0 unreported
Cloud-based solutions are expected to harness enormous growth opportunities in the future as it reduces the total cost of ownership for the users.
In the present scenario, to recover the initial investment made in the R&D the cloud service providers are charging high prices from the customers. However, it is expected that that these prices will reduce in the long run and cloud-based surveillance would witness considerable growth during the forecast period.
Manufacturing and corporate sector is expected to grow at the fastest CAGR during the forecast period. Residential and healthcare sector are the other relevant areas which will witness a huge demand for IP surveillance during the same period.
A slow transition to IP
Since 2012 revenue from the sales of IP surveillance hardware has exceeded analogue devices. However due to considerable price difference between the analogue and IP cameras, manufacturers of IP solutions are finding it difficult to convince the installers to switch to IP surveillance. As analogue surveillance systems are low cost and easy to install, small security professionals continue to prefer these systems and high number of such cameras are being installed in the country every year.
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South African IP Surveillance and VSaaS Market to Touch $51.8 Mn, by 2020VSaaS market is expected to reach $ 51.8 million by 2020, registering a CAGR of 16.1 percent during 2014 - 2020, says a new report by Allied Market Research.
Ankush Kumar
IFSEC Insider | Security and Fire News and Resources
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