Case Study: Marketing of Security and Surveillance Products

By Mahamudul, Hasan; Salahuddin, Yousuf Sheikh | Advances in Management, September 2019 | Go to article overview

Case Study: Marketing of Security and Surveillance Products


Mahamudul, Hasan, Salahuddin, Yousuf Sheikh, Advances in Management


Introduction

A concrete marketing strategy is one of the major business tools for an entrepreneur. The marketing concepts are changing day by day and new marketing tools are emerging in the corporate world. A company's actual growth is mostly dependent on marketing and research. It is important to have a sound marketing plan for any business organization. The world market is changing rapidly. Consequently, marketing strategies are also changing as well. Changing skill requirements, continuous improvement initiatives, contingent workforce, decentralized work sites and employee involvement are the issues to confront. As a part of the organization, the marketing division has to deal with the effects of the changing world of work. So now it is a big challenge for the marketing division to maintain the distribution pattern of product, manpower, packaging, pricing and other activities of marketing.

Security and Surveillance, the act of monitoring a certain activity, place, or person for safety reasons, is a growing market. Technology plays a major role in enhancing security and surveillance capabilities by offering many increasingly technical solutions such as alarms, access control devices and video surveillance. In 2015, the security technology and services market generated about 75.6 billion U.S. dollars in revenue worldwide. This figure is expected to grow to 82 billion U.S. dollars by 2016.34 The constantly increasing urban population is attracting investments towards the development of smart cities which will demand the adoption of electronic security systems due to their ability to provide faster, real-time data for better safety and security.

Increasing investments towards the development of smart cities across the world especially in countries such as China, India, Saudi Arabia and Qatar will create demand for advanced electronic security solutions throughout the forecast period. The constantly rising number of retail stores and facilities in the US due to the entry of several international retailers and the awareness to combat retail shrinkage will increase the installation of electronic security devices such as video surveillance systems and alarms, which in turn are expected to boost the market of the electronic security systems in the North America region. The US market for security products and systems is expected to increase 6.3 percent annually to $19.9 billion in 2016. Growth will be driven in large part by strong rebounds in construction and capital investment spending from low 2011 bases, following a period of economic contraction and a tight credit environment.33 The growing prominence of Asian countries as a manufacturing hub for electronic security systems, robust construction activity driven by a rise in the GDP, rising disposable incomes of an expanding base of the middle-class population and a growing number of civil infrastructure projects are the key growth drivers in the region.27 The global residential security market is estimated to reach $60,765.2 million by 2023.

The global electronic security market is expected to expand at a CAGR of 13.7% during the forecast period i.e. 20172024. This is due to the rising incidences of robbery, theft, shoplifting and violent attacks across the globe. Further, due to the emergence of several city campaigns and initiatives across the globe, electronic security has become a critical part of city's core mandate as it has the ability to provide faster, real-time data for better safety and security standards. Among various solutions, audiovisual surveillance segment witnessed the highest growth in demand during 2013-2016. However, a home integrated security segment is expected to lead the market with the highest growth rate during the forecast period.

There is an increasing demand for security cameras in the market and a good number of customers are thronging in the market of Bangladesh every day. CCTV cameras, other security equipment like metal-detecting archways and handheld metal detectors are also in high demand in Bangladesh. …

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