Global Surveillance Camera market revenue is projected to reach $45 billion by 2019 from $15 billion in 2014, growing at a CAGR of 20% during this period, as per leading market research firms. However, the surveillance camera industry is highly fragmented with Hikvision Digital Technology Ltd. dominating the global Video Surveillance and Video Surveillance as a Service (VSaaS) market with a share of 9.4% in 2012; followed by Axis Communications with a market share of 5.2%. Inspite of these two companies having just about 15% of global market share, they have 500+ camera variants. Similarly, Vivotek, Honeywell, Dahua Technology, Canon Inc, Bosch Security, Pelco, Panasonic also have a large number of variants, thus transforming the video surveillance market into a complex ecosystem for the Original Equipment Manufacturers (OEMs).
Besides, in response to the growing demand in the last 2 decades, the video surveillance industry has undergone significant technological advances in terms of digitization, image quality & usage. Increasing demand for digital (IP) camera instead of analog, widespread usage of 4K image quality, video analytics, and integration with access control systems have shifted the paradigm of surveillance camera and pressurized the OEMs to look at competitor products even before conceptualizing a new product. In addition, end users from different segments like Government, Industrial, Commercial, and Residential requires unique designs and solutions. Therefore, benchmarking of a product or an idea for a new product is the key for OEMs to launch a successful product.
Requirement gathering & analysis is critical before design of surveillance camera. Benchmarking is critical to requirement analysis and it enables OEMs to Define the specification for the camera and NVR along with the various variants of these products. In turn enabling common platform across multiple variants leading to cost savings. Additional savings can be realised due to the BoM analysis done during thestudy.
As compared to the above mentioned, key benefit achieved by benchmarking is study of competition products, features & pricing. This study is key to success in business strategy planning & implementation.