HCM City (VNS/VNA) - The development of residential urban areas, malls,industrial smart factories, hotels, and banks has increased the demand forsecurity equipment and technology, according to experts.

A reportby Grand View Research Inc, an India- and US-based market research andconsulting company, said the size of the global security market is expected toreach 167.12 billion USD by 2025.

It isexpected to grow at a compounded annual rate of 10.3 percent during thatperiod.

Expertsbelieved that in Vietnam too there will be double digit growth for the next fewyears as the need for security continues to grow across sectors.

Accordingto some providers of security technology, there is great demand for CCTVcameras and other security equipment from businesses.

Ly ThaiThien, a provider of security technology in Ho Chi Minh City, said businesseswould increasingly need security and surveillance technology and equipment tohelp monitor their production and optimise operations.

“At themoment there are not a lot of smart factories in Vietnam but many manufacturersare expressing serious intentions to set them up,” Nguyen Thanh Long, CEO ofHouselink JSC, said.

AtSMABuilding exhibition held concurrently with the International Fire Safety andRescue and Security Technology and Equipment Exhibition in HCM City last month,Bui Thi Huong Lan, the CEO’s assistant at TechPro, said: “According to reportswe have read, the smart building market in Vietnam is expected to grow by 20-30percent until 2030.

“Our mainobjective at the fair is to promote our new biometric security solutions. Weare really satisfied with the results. In just one day we received more than100 potential clients at our booth that are relevant to the smart building andhome markets, including contractors.”

Accordingto experts, in the smart building sector, demand for connected IoT products canbe broken down into four main categories: smart homes, smart apartmentbuildings, smart commercial buildings, and smart factories.

Currentlyforeign brands dominate the security products market, they said.

TranThanh Sang, director of Toan Tin Co Ltd, which specialises in supplyingsurveillance cameras for businesses, said security equipment products hiscompany installs at projects are mostly imported (mainly from Japan, the Republicof Korea and China) at the request of the investors or general contractors.

Theimported devices are made by good brands and have good quality and technology,nice models and competitive prices compared to the few brands that are producedin the domestic market, he said.

He alsosaid there is fierce competition in the market.

Tosurvive, his company has to actively connect with contractors of large propertyprojects, office buildings and factories that have demand for securityequipment, he said.

Expertssaid security and surveillance are a huge necessity in developing countriessuch as Vietnam, and so the market is expected to grow rapidly in the time tocome.-VNS/VNA