CAPE TOWN, South Africa, June 21 /PRNewswire/ -- Security has become an essential aspect of any building architecture. Rising incidences of workplace violence, armed robberies and corporate espionage have resulted in companies installing new security systems and upgrading their legacy systems with advanced closed-circuit television (CCTV) systems.
New analysis from Frost & Sullivan (http://www.autoid.frost.com), The South African Markets for CCTV, finds that the market earned revenues of $537.7 million in 2008 and estimates this to reach $869.3 million by 2015. The market is expected to grow at a compound annual growth rate (CAGR) of 7.1 per cent from 2008 to 2015. The products covered in this study include cameras, remote surveillance systems, multiplexers, lenses, video recorders, quads, telemetry and video monitors.
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"Insurance companies are becoming reluctant to insure unsecured properties," notes Frost & Sullivan Research Analyst Kudzanayi Bangure. "This includes providing general crime prevention advice and system specifications for submission to insurance companies to obtain approval prior to installation."
Armed robberies, automated teller machine (ATM) bombings and other related crimes have impelled customers to increase their security levels and invest more in security systems such as CCTV.
Technological innovation has also brought more efficient and effective systems with a longer lifespan. Although this is an advantage in the short term, it has an indirect disadvantage in the long term as it erodes sales.
"In such a highly price-sensitive market, suppliers will find it difficult to increase their price to compensate for the decrease in demand," explains Bangure. "Suppliers should focus on ongoing innovation so that newer and superior CCTV models are available in the market and attract consumers to upgrade to the latest CCTV models."
Technological innovation is mostly linked with better functions and operational improvements. Improved technologies result in the availability of advanced features, thereby making the products more appealing to the end users.
"End users are becoming increasingly aware of the various benefits and medium to long-term cost efficiencies associated with the use of novel CCTV technologies," concludes Bangure. "This has prompted a shift from guard services to CCTV security systems that are considered to be more efficient and reliable."
The South African Markets for CCTV is part of the Automatic Identification & Security Growth Partnership Services programme, which also includes research in the following markets: The South African HVAC Market, The South African Fire Detection and Suppression Systems Market, The South African Lighting Equipment Market, and South African Security Systems and Services Market: A Voice of Customer Analysis. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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The South African Markets for CCTV
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SOURCE Frost & Sullivan