As one might expect, in 2020 the Thai video surveillance market witnessed a decline, owing to various restrictions imposed by government causing a halt in the construction sector as the pandemic negatively impacted the construction market due to factors such as delay in projects, labour shortage, supply chain delay and increased material costs. Around 290 Large scale government projects were vastly affected with the total value of 6.6 billion US dollars.

2023 growth 5 percent

However, the market has returned to its growth trajectory in 2022 & 2023 as after the contraction it grew at 4 percent in 2022 and is expected to grow at 5 percent in 2023, owing to robust demand from home improvement and renovation in the residential sector and new hotel room openings along with huge urbanisation in form of smart cities across the country.

Focus on smart cities

And now, the research shows that the Thai government has come up with a concept of smart cities. In the year 2022 they had 15 smart cities all over the country, with an agenda to have one of their Thai smart cities in the list of the world top 10 smart cities by 2037. Two of the key aspects of these new smart cities are Smart Environment and Smart Governance, in order to increase security and safety for its citizens and foreigners visiting the country. 

IP-technology shift and rising tourism drives the market

Transition towards IP surveillance technology is also spurring the demand for video surveillance systems principally in hotels and several convenience stores, shopping malls and outlets. Also, rising tourism industry propelling growth in hospitality and commercial sector in Thailand will increase the requirement for video surveillance market in Thailand especially in major urban cities such as Bangkok, Pattaya, Phuket and others.

62.000 cameras in Bangkok

By components, video surveillance cameras garnered the maximum revenue share on the back of the new government initiative to install security cameras. The provincial government of Phuket city in 2022 installed around 120 security cameras, 37 license plate capture systems and 31 general video surveillance systems. In 2022 within Bangkok only, 62,000 security cameras were installed across 50 districts to ensure high safety and security, according to the analysts' findings.

Investments in infrastructure and tourism development projects

Ravi Bhandari, Research Head, at 6wresearch, said:  "In Thailand, the video surveillance market, government and transportation vertical along with the hospitality and health care sector should witness a fast growth rate in the future on the back of government projects for infrastructure development such as U-Tapao International Airport, Laemchabang Seaport, Maptaphut Seaport and other tourism development projects".

The Thailand Video Surveillance Market (2023-2029) report aims to provide an in-depth analysis to comprehensively cover the industry by components and applications. The report is designed to offer a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their own market strategies as per the latest and future market dynamics.