In good news for integrators, market research firm Freedonia Group estimates that video surveillance equipment sales will increase 5.6 percent annually to $4.9 billion in 2021.
Security cameras account for more than half of video surveillance system sales, said Security Sales & Integration (SSI) in its recent coverage of the Freedonia Group report “Video Surveillance Equipment Market in the US.” Hikvision expects to leverage its existing success with continued growth in security camera sales in both the USA and Canada markets.
In 2016, dome cameras accounted for more than 42 percent of video surveillance sales. Technological improvements in durability and resolution plus increased use of dome cameras indoors have powered growth. There is increased demand for end-to-end solutions and more complex integrations, according to the study.
Hikvision’s rapid sales growth has been also been fueled by technology innovations. The company invests up to 7-8 percent of overall revenue into R&D.
“Our growth is a direct result of our leading R&D technology innovation capability, growth in overseas markets including North America, and our continuous efforts to optimize operating quality and efficiency in Hikvision surveillance products,” said Jeffrey He, president of Hikvision USA Inc., and Hikvision Canada Inc.