from DION HENRICK in Cape Town
Western Cape Bureau
CAPE TOWN, (CAJ News) – SOUTH Africa’s video surveillance market is projected for a boom amid growing urbanisation and security needs.
The Video Surveillance as a Service (VSaaS) sector is also set for growth, according to a study by Allied Market Research.
The research firm values the video surveillance market in the country at US$51,8 million, as of 2020.
Going forward, cloud-based solutions are expected to witness tremendous growth opportunities in the future as they reduce the total cost of ownership for customers.
The manufacturing and corporate sector is expected to grow at the fastest annual growth.
The residential and healthcare sectors are other key application areas that are expected to evolve as huge markets for internet protocol (IP) surveillance.
The video surveillance equipment market in South Africa is ranked the largest among all other countries in Africa.
Allied Market Research forecast that with the growing technological advancements in the country, IP surveillance was gaining a foothold, however, analog systems would maintain their presence through the forecast period due to their cost-effectiveness and huge install base in various sectors.
“As the surveillance industry is in the developing stage in the country, the IP surveillance market will witness incremental growth in South Africa, during the forecast period,” it stated.
With the rising number of new installations and updating the existing analog systems, hardware sales are expected to witness a boost.
The software segment would also grow but due to its lower revenue ratio in a surveillance system, according to the research firm, its market size would remain comparatively low.
Allied Market Research projects the rising number of new IP surveillance system installations in South Africa would continue to drive the sales of associated software.
– CAJ News