The Oceania market for CCTV and video surveillance equipment, which is estimated to have been worth $190m in 2014, is forecast to grow at a CAGR of 5.5 per cent until 2019, writes Sandeep Nayak, analyst for the US-based market research company IHS Inc.
IHS forecasts that the market will experience a continued shift towards network video surveillance solutions. The Australian market is expected to account for most revenues across the forecast period, with an increasing number of government funded public surveillance projects. Other findings include:
The market in Oceania is not price sensitive and more emphasis has been provided on the specification of video surveillance equipment.
Video management software solutions and cloud-based storage solutions are being incorporated into the enterprise surveillance solutions to provide better and easier management of the surveillance cameras and other peripherals.
The Oceania market is a strong adopter of analytics. Particularly in the retail market as business intelligence applications are enabling end-users to monitor customer behaviour.
Tourism has been experiencing a boost across Oceania region. With increasing number of tourists visiting the country, there is a need for advanced surveillance solutions to be incorporated into the region which is leading to the growth of the market.
