There is upbeat sentiment over the market outlook with global players’ active market participation, large companies’ entry into the market and emergence of consumer market. Manufacturers, on the other hand, feel that the market isn’t opening yet. However, they, too, agree that the IP camera market is growing at a faster speed than ever before and the sheer size of the market is really growing.
Recently, the number of global security players and large South Korean companies entering the IP camera market in South Korea has rapidly increased. Large local companies such as Dongbu CNI, LG N-SYS, Kolon BENIT and Hyosung Information Systems have launched their business for IP cameras and Chinese companies such as Hikvision and Dahua have already been serving the South Korean market. These all may signal that South Korea is transitioning from analogue to IP surveillance and that the growth prospect for the country’s IP camera market is attractive.
As of now, most South Korean IP camera companies do not perceive the competition from abroad as well as inside as a threat. However, they are concerned about the possibility of a market becoming overwhelmed by a price war where companies try to distinguish their products or services from competing products in the basis of low price. If this happens, the entry of Chinese companies in the market should be something to worry about.
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