The global security equipment and services industry has been growing at double-digit rates over the years and is estimated to top over USD170 billion by 2017, according to MIC (Market Intelligence and Consulting Institute), a Taipei-based IT research institute. Shipment value of the Chinese security industry is forecast to grow at 18.9% in 2016. Video surveillance is serving as a major pillar with a market share of over 30% and has been growing at a whopping 20% over the years.
Chinese Security Shipment Value and Growth, 2012-2018
Source: Dunzhi Consulting, compiled by MIC, July 2016
Meanwhile, China's adoption of home security systems is relatively low and, as the market is still at the nascent stage of development, the market share was 4% in 2014, equivalent to USD17 billion. MIC also found that the global home security market is shifting from traditional security to interactive security services with remote monitoring and controlling capabilities, including China.
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Market Intelligence & Consulting Institute (MIC), based in Taipei, Taiwan, was founded in 1987. MIC is Taiwan's premier IT industry research and consulting firm providing intelligence, in-depth analysis, and strategic consulting services on global IT product and technology trends, focusing on markets and industries in Asia-Pacific. MIC is part of the Institute for Information Industry. http://mic.iii.org.tw/english