Photo for illustration (Source: hdvietnam.com)
A report by Grand View Research Inc, an India- and US-based market research and consulting company, said the size of the global security market is expected to reach USD167.12 billion by 2025.
It is expected to grow at a compounded annual rate of 10.3 percent during that period.
Experts believed that in Vietnam too there will be double digit growth for the next few years as the need for security continues to grow across sectors.
According to some providers of security technology, there is great demand for CCTV cameras and other security equipment from businesses.
Ly Thai Thien, a provider of security technology in Ho Chi Minh city, said businesses would increasingly need security and surveillance technology and equipment to help monitor their production and optimise operations.
“At the moment there are not a lot of smart factories in Vietnam but many manufacturers are expressing serious intentions to set them up,” Nguyen Thanh Long, CEO of Houselink JSC, said.
At SMABuilding exhibition held concurrently with the International Fire Safety and Rescue and Security Technology and Equipment Exhibition in HCM city last month, Bui Thi Huong Lan, the CEO’s assistant at TechPro, said: “According to reports we have read, the smart building market in Vietnam is expected to grow by 20-30 percent until 2030.
“Our main objective at the fair is to promote our new biometric security solutions. We are really satisfied with the results. In just one day we received more than 100 potential clients at our booth that are relevant to the smart building and home markets, including contractors.”
According to experts, in the smart building sector, demand for connected IoT products can be broken down into four main categories: smart homes, smart apartment buildings, smart commercial buildings, and smart factories.
Currently foreign brands dominate the security products market, they said.
Tran Thanh Sang, director of Toan Tin Co., Ltd, which specialises in supplying surveillance cameras for businesses, said security equipment products his company installs at projects are mostly imported (mainly from Japan, the Republic of Korea and China) at the request of the investors or general contractors.
The imported devices are made by good brands and have good quality and technology, nice models and competitive prices compared to the few brands that are produced in the domestic market, he said.
He also said there is fierce competition in the market.
To survive, his company has to actively connect with contractors of large property projects, office buildings and factories that have demand for security equipment, he said.
Experts said security and surveillance are a huge necessity in developing countries such as Vietnam, and so the market is expected to grow rapidly in the time to come./.