The market for video surveillance equipment in Eastern Europe and Russia will increase during the rest of 2010, and continue to grow into 2011, until business at least reaches “pre-economic crisis levels” for those products, says a report by IMS Research, a firm that studies global electronic markets, including video surveillance.
Despite 2009 being a tough year for video surveillance equipment suppliers in Russia, the IMS report—The East Europe and Russia Market for CCV and Video Surveillance Equipment—predicts a 20 percent revenue growth for the CCTV and video surveillance equipment market there during 2010 and 2011. The report lists the recovery of the economy post-recession; government spending increases; and substantial infrastructure projects planned within Russia all contributing to the growth of the market.
William Rhodes, the research analyst who wrote the report, says the Russian Railways Company’s pledge of $100 million for video surveillance cameras across its network; the 2012 Asia-Pacific Economic Cooperation summit; and the 2014 Winter Olympics in Sochi and Krasnodar Kria, Russia will all drive the Russia video surveillance equipment market. “Many new video surveillance equipment installations are also likely in the coming months and years with increases in government spending due to rising gas and oil prices,” he said.
For video surveillance equipment vendors looking to succeed in Russia, Rhodes suggests that local Russians be engaged to help the vendors overcome cultural and language barriers. “Being able to offer local technical support is a critical success factor in this market. As in the case with most markets, but particularly important in Russia; partnerships with consultants and systems integrators are also critical to success in Russia. They can aid with the complex legal system and help specify vendors’ equipment on project tenders,” he said.
Global Video Surveillance Market Forecast to Grow at 14.33%
Increasing demand for high-quality images cited as a reason for the growth