Why is Hikvision Market Share Expected to Drop?

For the sixth consecutive year, leading research organization IHS Markit has named Hikvision a global market share leader in the video surveillance and CCTV equipment category. Hikvision’s total market share was 21.4% in 2016, which is an improvement from its 19.5% slice in 2015. IHS Markit ranked the company number 1 in the 2016 global market share for categories like analogue +HD CCTV security cameras, recorders, network security cameras, and security cameras.

All in not well, though. While Hikvision continues to thrive with their solid performance and commitment to R&D investing in their people, new products, and integrator partners, its market share is expected to drop. Here’s why.

Enter the Competition

The competition in the CCTV industry has become more challenging as newer brands emerge to cater to the rising need for high-quality CCTV and video surveillance equipment worldwide. Hikvision is certainly feeling this. It is losing sizeable portions of its market share to Dahua, another globally recognized company that provides reasonably priced and dependable video surveillance solutions to markets around the world.

Dahua has been hogging the spotlight in major events recently, most notably the G20 Summit, which is a meeting of leaders from 20 leading economies that takes place every year to discuss global issues. China hosted the 2016 G20 forum in Hangzhou, and Dahua was there to ensure the security of heads of state. With their help, the Hangzhou government was able to deliver a comprehensive large-scale security system that consisted of more than 20,000 devices.

The Future for Hikvision

As other competitors release advanced IP cameras and invest in R&D, Hikvision must work hard to continuously win the favor of its loyal customers and gain new ones. The company must continue to provide high-quality and reliable video surveillance systems that are reasonably priced. Experts agree to that and as long as Hikvision remains committed to delivering the best solutions and technologies to customers, its market share should compete well with other brands like Dahua. In the end, the consumer will choose what they find to be the best in terms of value and quality. Smart consumers will continue to look at a product’s dependability, value for money, and efficiency in helping them achieve an effective security surveillance and monitoring system for commercial and residential applications.

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