Spurred by mounting security concerns, the Asia Pacific camera market has witnessed tremendous growth in recent years. While current market revenues are still dominated by analog cameras, this segment is fast approaching a saturation phase. Hence, IP cameras are likely to be the major growth driver in the long run, especially as they offer several advantages such as enhanced built-in features and the ability to transfer images over long distances.
New analysis from Frost & Sullivan (autoID.frost.com), Asia Pacific Cameras Market (excluding Japan), is expected to grow at a compound annual growth rate (CAGR) of 17.9 percent from 2006 to 2013.
"Recent terror attacks have increased security awareness among government and organizations across the world, prompting increasing spending on surveillance," notes Frost & Sullivan Research Analyst Wong Weng Yew. "Building and transportation hubs have become prime terror targets and video surveillance has become a popular security tool, particularly with the advanced digital technology, that is, IP surveillance."
Furthermore, IP cameras are expected to see a considerable price decline during the forecast period. This will make IP surveillance all the more attractive and affordable, even for large projects. With the improved quality and technology of IP cameras, companies and organizations from various verticals are expected to adopt more IP surveillance. For instance, by using proprietary codec designs and advanced digital video compression to eliminate video transmission latency, the adoption rate of IP cameras in gaming industry are expected to increase.
However, the high price of IP cameras and poor understanding of their benefits are restraining the technology's growth. The market penetration of analog cameras is strong in Asia Pacific and end users hesitate to switch from analog cameras to IP cameras because of the huge investments involved.
"Traditional closed circuit television (CCTV) players are reluctant to shift from analog cameras to IP cameras due to insufficient knowledge about IP surveillance," explains Yew. "Unfortunately, these players still account for a majority of the cameras market."
In order to overcome these challenges, IP cameras manufacturer need to better educate prospective end users about the benefits of using IP cameras. Besides, they need to improve the image quality of cameras and reduce the cost of production so that users do not hesitate to shift from analog cameras to IP cameras.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the Asia Pacific Cameras Market (excluding Japan) , then send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, fax number, and email address. Upon receipt of the above information, an overview will be sent to you by email.
Asia Pacific Cameras Market (excluding Japan) ispart of the Automatic Identification & Security Growth Partnership Service program, which also includes research in the following markets: Auto ID and Security. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
About Frost & Sullivan
Frost & Sullivan, the Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth-focused culture that generates, evaluates, and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.