Northbrook, IL 60062 -- (SBWire) -- 07/24/2023 --According to a research report "South Korea Video Surveillance Market by Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog, Hybrid), Vertical and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2027", published by MarketsandMarkets, South Korea Video Surveillance Industry to Grow at a CAGR 7.6% from 2022 to 2027
Advanced surveillance technologies for smart city projects to provide market opportunities
South Korea is experiencing a rise in security concerns, which has led to an increase in demand for video surveillance systems. The global video surveillance market is expanding rapidly, with the market for IP security solutions growing in the country, offering opportunities for video surveillance companies, as well as software and services providers. The use of wireless surveillance cameras integrated with artificial intelligence is becoming common for video monitoring and crime detection solutions.
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The Electronics and Telecommunications Research Institute (ETRI), based in South Korea, is currently developing a real-time CCTV system that automatically analyzes the probability of a crime to prevent future incidents, indicating a positive outlook for the video surveillance industry. This presents a significant market size and share for video surveillance companies to deploy their systems, including intelligent solutions, across the country. The Ministry of Public Administration and Security of Korea's announcement of plans to build integrated CCTV monitoring centers across the country has already led to the installation of many additional surveillance cameras in several major cities, with additional plans for CCTV cameras to be installed in subway trains by 2022. This is expected to provide ample opportunities for video surveillance providers in the global video surveillance market.
The increasing demand for video surveillance cameras in South Korea, driven by heightened security concerns, is contributing to the growth of the global video surveillance market. The market for IP security solutions in South Korea is expanding rapidly, providing opportunities for video surveillance system manufacturers, software providers, and services players to increase their market share. According to statistics, the Asia-Pacific region is expected to have the highest growth rate for the video surveillance industry in the coming years. Wireless surveillance technology is becoming increasingly popular in South Korea, with surveillance cameras integrated with AI being used for video monitoring and crime detection solutions. This trend is expected to continue as the Electronics and Telecommunications Research Institute (ETRI) based in South Korea, is developing a real-time CCTV system that can automatically analyze the probability of a crime to prevent future incidents. As a result, this is expected to provide numerous opportunities to install and deploy video surveillance systems, including intelligent systems, across the country.
In addition, South Korea is deploying surveillance cameras in sectors such as healthcare to improve accountability in the healthcare sector. For instance, In 2022, South Korea announced that it is deploying surveillance cameras to restore public trust in hospitals after a scandal involving "ghost surgeries," in which doctors allowed unsupervised assistants to operate on patients. The country is increasing the number of cameras in operating rooms and other critical areas to monitor staff behavior and improve transparency. These factors are expected to have positive impact on the video surveillance market.
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South Korea Video Surveillance Industry to Grow at a CAGR 7.6% from 2022 to 2027