Increasingly they are moving towards the integration of different security equipment in order to come up with an effective and reliable security solution.
New analysis from Frost & Sullivan (buildingtechnologies.frost.com), South African Residential Security Systems and Services Markets, finds that the market earned revenues of $1,381.5 million in 2007 and estimates this to reach $2,224.9 million by 2014.
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Patrick Cairns, Corporate Communications, at patrick.cairns[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by email.
"High crime rates are driving this market," notes Frost & Sullivan Research Analyst Sostina Shiri. "With Gauteng alone experiencing over 60,000 burglaries in 2007, the market is set to continue growing."
The South African police have not been able to cope with the high crime rates and are working in conjunction with the private security industry to effectively combat crime. Security companies that can take advantage of these strategic alliances are set to benefit from this opportunity.
However, the lack of effective legislation has seriously hindered the growth of the residential security market. The current legislation specifically focuses on the guard services sector and has little or no impact at all on the operations of the electronic security sector.
"In this market, the only legislation of note is the private security regulatory Act (PSIRA) that focuses on the training and remuneration of guards as well as the procedures needed to register a security company," explains Shiri. "Very little effort has been made to regulate the electronic security systems market."
Barriers to entry are low and new companies are seeing the opportunity, but lack professionalism in the way they conduct their business. This leads to customers not fully realising the full benefits of investing in security technologies.
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South African Residential Security Systems and Services Markets / M30E