6Wresearch has recently published a new report titled: Japan Video Surveillance Market (2017-2023). The report provides an in-depth analysis, with 82 figures and 20 tables covered in more than 115 pages, giving an estimate and forecast for Japan’s video surveillance market by surveillance types, verticals and regions. The report also gives insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
Video surveillance market growth
In the Asia-Pacific video surveillance market, China, Japan, India and South Korea are the key revenue-generating countries. Video surveillance market growth in this region is buoyed by several factors, such as growing crime rate, data thefts supported by increasing remote monitoring, growth in public infrastructure and IT spending, government initiatives and increasing security spending.
The rise in global terrorism has further escalated the installation of video surveillance systems in several APAC countries. As one of the largest markets for video surveillance systems, Japan is also registering potential growth owing to the shift in demand from analogue to IP video surveillance systems.
Rise in global terrorism
According to 6Wresearch, Japan’s video surveillance market is projected at a CAGR of 8% from 2017 to 2023. Apart from growth in demand for IP video surveillance systems, Japan is observing an increasing record of video surveillance system installation, which is attributed to concerns regarding a rise in global terrorism. Japan has stepped up its security across airports, metros, maritime, public infrastructure, and across all borders, including both land and sea.
"An estimated $4 billion service budget for transport, security and other miscellanea is expected to be spent in the coming years"
According to Rajat Kharbanda, Senior Consultant, Research and Consulting at 6Wresearch, the Japanese market recorded potential growth in demand for dome IP cameras, primarily across various verticals, followed by bullet IP cameras for public infrastructure and transportation verticals.
“Moreover, retail and hospitality verticals are also contributing significantly towards the growth of Japan’s video surveillance market, owing to a rise in crime related to data and property thefts. Transition towards IP surveillance technology is also spurring the demand for video surveillance systems, principally in hotels and several convenience stores and shopping malls and outlets”, Rajat has pointed out.
Increased safety and security spending
According to Prijo Samuel, Assistant Research Manager, Research and Consulting at 6Wresearch, increased government spending on safety and security, coupled with the upcoming Tokyo Summer Olympics and Paralympics games in 2020, would accelerate the market of security systems in several verticals.
“According to the International Olympic Committee (IOC), an estimated $17 billion budget has been proposed for the upcoming events. Also, an estimated $4 billion service budget for transport, security and other miscellanea is expected to be spent in the coming years. These expenditures would fuel the installations of video surveillance systems over the forecasted period,” Prijo further added.
Media Source: Source Security