IMS Forecasts Bounce Back for Balkan Video Surveillance Equipment Market
A new report from IMS Research, "The East Europe and Russia Market for CCTV and Video Surveillance Equipment, " forecasts strong growth for video surveillance equipment in the Balkan region. This is due to increasing foreign investment and countries with low video surveillance penetration at present, such as Serbia and Bosnia and Herzegovina, beginning to increase the level of spending on physical security.
The growth observed in the region’s economic development is mirrored in the CCTV and video surveillance equipment market. The Balkan region is one of the largest markets for video surveillance equipment in East Europe, and IMS Research forecasts that the Balkans will remain one of the largest markets in the coming five years, growing at an increasing double digit rate every year.
Romania is the largest market for video surveillance equipment in the Balkan States, accounting for just under 50 percent of equipment sales in 2009. As its economy recovers, IMS Research forecasts the video surveillance equipment market in Romania will grow at a similar rate to the Balkans as a whole. The Romanian market for video surveillance equipment should; however, grow faster than the Czech Republic from 2011 onward.
William Rhodes, market analyst and author of the report, commented, “The Slovenian market, despite having only a population of two million inhabitants, has a surprisingly large number of video surveillance project tenders out to bid. A large proportion of these tenders are for network video surveillance equipment. Slovenia amongst other nations within the Balkans will drive market growth over the next five years.”
Rhodes concluded, “With a large new retail park planned in Bucharest in 2010, and many Western Brands such as Carrefour, Tesco, Wal-Mart and Ikea looking to expand their existing retail establishments; retail in the Balkans will be one vertical that drives growth of the video surveillance equipment market in the coming years.”