CCTV ‘s are frequently utilized for surveillance in locations that may require regular monitoring such as casinos, banks, military installations, airports, shopping malls, convenience stores, etc.
Apart from this, CCTV cameras have wide applications across the globe, by government institutions to reduce and avoid domestic and international security threats.
This has ultimately generated the demand for technically advanced CCTV surveillance system, thus strengthening huge growth prospects for CCTV industrialists, distributors, and operators.
Apart from this, drop in prices and innovative features have intensified the growth of CCTV camera market, making it reasonable for even smaller companies to incorporate.
The global market has showcased significant growth over the past few years and is anticipated to generate substantial revenue in the future. The market is divided by type of styles, such as bullet CCTV camera, dome CCTV camera, discreet CCTV camera, and traditional camera.
The market is further bifurcated by application areas such as healthcare, retail, education, banking, transport etc. Some of the key vendors identified across the value chain in the global CCTV camera market include Bosch Security Systems Inc., Honeywell International Inc., Panasonic System Network Co. Limited, Axis Corporation, Toshiba Corporation, Samsung Techwin, Vicon Industries, Mitsubishi Electric, Schneider Electric, Checkpoint System, Baxawell, and ADT Fire and Security.
Pakistan is a developing country with a growing population of around 189.87 million ruled by a democratically elected government. Even with the growing appetite of the young population for creative, innovative and high-quality goods and services, Pakistan’s economy has not yet experienced the rapid expansion seen in Asia’s emerging markets.
To revive growth, the government in collaboration with the IMF implemented economic reforms programs in 2013. On 1st January 2014, Pakistan qualified for the Generalized System of Preferences Plus awarded by the EU. The GSP allows developing countries to pay less or no duties on exports to the EU, which contributes to their growth. In 2014, Pakistan and China agreed on the ‘China-Pakistan Economic Corridor’, a USD 46 billion investment program targeted towards the energy and infrastructure projects in Pakistan, which is already home to over 600 foreign companies and is expected to grow in the future.
Decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan. Bureaucracy, terrorism, corruption, weak labor enforcement, and lack of enforced intellectual property rights are constraints for investors. However, Pakistan has the ninth largest English-speaking population in the world and a large educated workforce, which reduces labor and production costs along with the large population, which also serves as a consumer base.
