Technological innovation has also led to more advanced features are becoming available, making security products more attractive to end-users.
New analysis from Frost & Sullivan (buildingtechnologies.frost.com), South African Industrial and Commercial Security Systems and Services Market, finds that the market earned revenues of $3.45 million in 2007 and estimates this to double by 2014.
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"High levels of crime have influenced the growth of the security industry in South Africa," notes Frost & Sullivan Research Analyst Sostina Shiri. "Ongoing threats of workplace violence, school violence, corporate espionage, theft and vandalism are boosting the uptake of security systems and services."
As a result, the installation of security systems has risen significantly on the list of companies' priorities. Although the initial cost of equipment remains high, end users are increasingly becoming aware of the different types of security equipment available and the potential benefits this equipment can provide. Accordingly, suppliers of electronic security equipment need not spend large amounts of money in convincing customers of the benefits of a particular technology.
The initial cost of acquiring a security system and the on-going subscription cost for maintenance and support services are however restraints to industry growth.
"Although prices have gone down in recent years, advanced security systems are still beyond the reach of many end-users in the market," explains Shiri. "Security companies have to be fully committed and pay considerable attention to what customers are asking for and actively demonstrate understanding and a willingness to change to meet customer needs."
South African Industrial and Commercial Security Systems and Services Market is part of the Building Management Technologies Growth Partnership Service programme, which also includes research in the following markets: South African Residential Security Systems and Services Market, South African HVAC Market, South African Facilities Management Market and, South African Lighting Equipment Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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South African Industrial and Commercial Security Systems and Services Market / M30A