Over 62,000 Cameras Installed in Bangkok in 2022
According to the latest findings from 6wresearch, the government in Thailand is planning to install more video surveillance cameras to reduce the crime rate in Thailand. More than 62,000 security cameras were installed in Bangkok alone in 2022 to strengthen the security in the city. Based on these findings and other aspects of their research, analysts at 6wresearch are predicting that Thai video surveillance market revenues are projected to grow at a strong CAGR of 12.7 percent during the period 2023-2029.
As one might expect, in 2020 the Thai video surveillance market witnessed a decline, owing to various restrictions imposed by government causing a halt in the construction sector as the pandemic negatively impacted the construction market due to factors such as delay in projects, labour shortage, supply chain delay and increased material costs. Around 290 Large scale government projects were vastly affected with the total value of 6.6 billion US dollars.
2023 Growth 5 Percent
However, the market has returned to its growth trajectory in 2022 & 2023 as after the contraction it grew at 4 percent in 2022 and is expected to grow at 5 percent in 2023, owing to robust demand from home improvement and renovation in the residential sector and new hotel room openings along with huge urbanisation in form of smart cities across the country.
Focus on Smart Cities
And now, the research shows that the Thai government has come up with a concept of smart cities. In the year 2022 they had 15 smart cities all over the country, with an agenda to have one of their Thai smart cities in the list of the world top 10 smart cities by 2037. Two of the key aspects of these new smart cities are Smart Environment and Smart Governance, in order to increase security and safety for its citizens and foreigners visiting the country.
Transition towards IP surveillance technology is also spurring the demand for video surveillance systems principally in hotels and several convenience stores, shopping malls and outlets. Also, rising tourism industry propelling growth in hospitality and commercial sector in Thailand will increase the requirement for video surveillance market in Thailand especially in major urban cities such as Bangkok, Pattaya, Phuket and others.
