In recent years, the security market has begun to shift its focus from government and commercial sectors toward the civilian market, driven by the immense profitability seen in municipal and corporate applications. However, despite the rapid growth of security solutions in the civilian space, the industry still faces significant challenges, such as market chaos and inconsistent standards. These issues act as barriers, hindering the overall development and expansion of the civil security sector.
The rise of "Smart Home" technology has become a key driver for the civilian security market, much like how "Safe City" projects revolutionized the industry. According to Deng Wenjie, Executive Vice President of the Shenzhen Security and Prevention Industry Association, the civilian market holds tremendous potential, even though it is still in its early stages. Hikvision’s Jiang Haiqing also noted that security products for civilian use are still in the developmental phase, with great future application potential.
Major players like Hikvision and Dahua have already started expanding into the civilian market, while smaller companies have been targeting this sector for over two years. According to GGII data, the smart home market was valued at around $42 billion in 2009 and has been growing at an annual rate of 20% to 30%. By 2015, the market is expected to reach 124 billion yuan. The emergence of technologies such as IoT, cloud computing, IPv6, and ZigBee has further accelerated the development of smart homes.
In 2012, the civilian security market grew by 20%, significantly boosting the pace of deployment among security firms. Deng Wenjie predicts that the growth rate could hit 30% in 2013, with explosive growth expected by 2014 as smart home adoption increases. Hikvision's Chairman Chen Zongnian believes that both governments and individuals are increasingly aware of the importance of safety, creating new opportunities for businesses to grow rapidly.
Hikvision has recently launched consumer-focused security products and emphasized service-based offerings in its 2013 strategy, targeting small businesses and families. The residential community in first-tier cities has been the starting point for the civilian defense market, with these areas being the largest current application market. As the market matures, companies are now expanding into second- and third-tier cities, and even rural areas are beginning to adopt surveillance systems.
The security industry is also undergoing integration, with large companies dominating municipal projects, leaving little room for SMEs. This polarization forces smaller firms to seek alternative markets. Government projects often use the BT model, which requires upfront payments and delayed final payments, putting pressure on cash flow. Many SMEs struggle with this financial burden, leading them to target the civilian market, where entry barriers are lower.
In 2012, Hikvision reported a significant increase in revenue and net profit, but also saw a sharp rise in accounts receivable, highlighting a common issue across the industry. Galaxy Securities analyst Zhang Li noted that high accounts receivable ratios are not unique to Hikvision but reflect broader challenges during economic downturns.
The domestic security industry is divided into three main groups: a few top enterprises with over 1 billion yuan in sales, several mid-sized companies, and thousands of small firms. These smaller companies largely dominate the civilian market. However, the lack of clear industry standards remains a major obstacle.
Currently, only a few sectors like transportation, finance, and fire departments have strict product requirements. In other areas, standards are either absent or not effectively enforced, leading to product incompatibility and inefficiencies. Zhang Yanli pointed out that without proper standards, the mass market cannot be fully developed. Jia Ruichun, director of the National Security Supervision and Inspection System Product Quality Supervision and Inspection Center Shenzhen Office, emphasized the urgency of developing industry standards.
However, the process of setting these standards has been slow, with delays caused by complex procedures and conflicting interests. Despite initial plans to launch national security standards by 2012, the implementation was postponed multiple times. A local camera manufacturer admitted that the push for standardization has been ongoing for over six years, but progress remains stalled due to various stakeholder concerns.
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