Hikvision Digital Technology, already the world’s largest supplier of video surveillance products, has solidified its status at the top of the industry according to research conducted by IHS.
Though only established in 2001, Hikvision, which is headquartered in Hangzhou, China, now accounts for 16.3% of the global surveillance equipment market. It has grown its market share by revenue by 50% year-on-year, doubling its overall share in the past two years.
The company now leads every CCTV/surveillance equipment category – including the global network security camera market, overtaking previous leader Axis Communications with a rise from 13% to 18.9%. Hikvision is also ranked number two in the CCTV and video surveillance equipment category for the EMEA market, claiming a 9.2% share, and has begun to make a significant impact on overseas markets.
It only takes a quick look at the data provided courtesy of HIS to recognise just how efficiently the Chinese company has come to dominate each surveillance category over the past two years. In each of the following categories, Hikvision has taken the number one spot:
- CCTV & Video Surveillance Equipment
- Security Cameras
- Analogue Security Cameras
- Network Security Cameras
- Video Encoders
- Hardware NVR’s
- Megapixel Network Security Cameras
- Network Video Surveillance Equipment
Only the VMS category is not topped by Hikvision, but their influence is growing. Though still only at the number four spot, their market share has increased from 3.8% in 2013 and 5.4% in 2014 right up to 5.8% in 2015, so it seems likely that headway will continue in coming years.
As stated by Cynthia Ho, Vice President at Hikvision: “We are very pleased to see Hikvision’s rankings in CCTV and video surveillance equipment. This is an attribute to our continuous R&D innovation and investment. Importantly, we move forward with the rapidly developing market trends of IP surveillance which benefits us the great achievements in IP product segments.”
The company currently employs over 13,000, with research and development staff accounting for more than 4,000. Listed on the Shenzhen Stock Exchange with a market capitalisation of US $5.6 billion, their rapid takeover of the market serves to underscore the importance of quality over brand loyalty when it comes to security equipment.
As stated by Ho: “Looking forward, we will continue to seize every opportunity to meet the market need and keep investing in R&D, offering more benefits and service to our customers.”