However, the manufacturers there on the ground in the field also agree that the IP camera market is growing at a faster speed than ever before and the sheer size of the market is really growing.

Recently, the number of global security players and large South Korean companies entering the IP camera market in South Korea has rapidly increased. Large local companies such as Dongbu CNI, LG N-SYS, Kolon Benit and Hyosung Information Systems have launched their businesses for IP cameras and Chinese companies such as Hikvision and Dahua have already been serving the South Korean market. These indicators all may signal that South Korea is transitioning from analogue to IP surveillance and that the growth prospect for the country’s IP camera market is attractive.

As of now, most South Korean IP camera companies do not perceive the competition from abroad as well as inside as a threat. However, they are concerned about the possibility of a market becoming overwhelmed by a price war where companies try to distinguish their products or services from competing products on the basis of a low price. If this happens, the entry of Chinese companies into the market could be something to worry about.

On the contrary, if more world-known brands were to notice the market growth in South Korea and bring in more advanced solutions to promote in the territory, then it is believed that this will kick off a good marketing incentive to grow the market with more healthier business opportunities.

Among many Asian countries, South Korea is one of the markets that is expected to see considerable growth for years to come driven by demand from the government, public, transportation, education and residential sectors.

Once a year, the security industry in South Korea gathers together under one roof at Seconexpo, South Korea’s largest and one of Asia’s leading exhibitions and conferences for the security industry. This show will take place from March 12th to 14th, 2014, at Kintex, the convention centre in suburban Seoul.

According to the organisers, attending this event, could be one of the smartest ways to meet face-to-face with the security decision makers and make contact with security professionals in South Korea and Asia. Seconexpo 2014 is sponsored by the 4 government ministries and co-organised with about 18 security-related associations.