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Hikvision SWOT & PESTLE Analysis

ID : 52794953| Oct 2020| 13 pages

COMPANY PROFILE -Hikvision

Business Sector :Information Technology and Services (Video Surveillance)

Operating Geography :China, Asia, Global

About Hikvision :

Hangzhou Hikvision Digital Technology Co., Ltd., founded in 2001, is a partially state-owned Chinese company. It manufactures and supplies video surveillance equipment for civilian and military purposes. It is a world leading IoT solution provider having video as its core competency, and is headquartered in Hangzhou, China. The company has more than 40,000 employees as of 2020, whereas 19,000 of it’s employees are R&D engineers. The controlling shares of the company are owned by the Chinese government. A complete multi-level R&D system has been established by Hikvision. It includes every operation from research to design, development, testing, technical support, and service. The R&D teams operate globally, it also includes R&D centers in Montreal, Canada, London, the UK, along with eight cities in China. The core technologies of audio and video encoding, video image processing, and related data storage, along with forward-looking technologies like artificial intelligence, cloud computing and big data are advanced by Hikvision
Over the years, Hikvision has deepened its experience and knowledge, in meeting the needs of the customer in various vertical markets, which includes education, healthcare, public security, transportation, retail, intelligent buildings, financial institutions and others. Professional and customized solutions are also provided accordingly by the company in order to meet the requirements of diverse markets. Along with the video surveillance industry, Hikvision has also extended its business to other industries like the industrial automation, smart home tech, and automotive electronics industries, which are all based on video intelligence technology, and support exploring channels for sustaining long-term development. One of the most extensive marketing networks in the industry, have been established by Hikvision, which comprises of 59 overseas regional subsidiaries, in order to ensure quick responses to the requirements of its customers, users and partners. The products of the company serve a diverse set of vertical markets which cover more than 150 countries. In 2019, Hikvision won the ESX Innovation Award for the Third Consecutive Year. The Thermal-Optical DeepinView Turret Camera was chosen for the Award that recognizes “Innovation and Excellence in the Industry”. It was also recognized for Best ‘Integrated Installation of the Year’ at ISC West 2019. In the 2019 edition of Forbes Global 2000, Hikvision was ranked 800. The company is going to exhibit its latest innovations at Intersec 2020. A number of new and innovative technologies will be brought to the market by Hikvision
Hikvision’s Unique Selling Proposition or USP lies in it being among the largest suppliers of surveillance equipment world wide along with being a proven trustworthy brand for high quality CCTV products globally. It’s innovative and new ideas make it the best choice regarding the home security surveillance systems. Hikvision’s vision statement reads “Empower vision for the security and growth of the world.” While it’s mission statement reads “To explore innovative ways to better perceive and understand the world, to empower vision for decision-makers and practitioners, and work together to enhance safety and advance sustainable development around the world.”

Hikvision Revenue :


RMB 57.66 billion - FY ending 31st December 2019 (y-o-y growth 15.69%)
RMB 49.84 billion - FY ending 31st December 2018  

Competitive Analysis of Hikvision

SWOT
PESTLE
The SWOT analysis for Hikvision is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Leading global video surveillance IoT solution provider
2. Focus on product innovation and R&D
3. Expansive marketing network to address needs of customers, users and partners better
4. Diversified solutions in forward looking technologies like Cloud Computing, Artificial Intelligence, Big Data
5. Intelligent manufacturing infrastructure for automated production processes

1. Security flaw in cameras due to improper authentication vulnerability
2. Increasing complexities in Internal Management due to business growth and expansion
3. High inventory levels due to stockpiling chip sets
OpportunitiesThreats

1. High demand for smart projects in cities and industries
2. Deep Learning solutions for public security and monitoring in post-COVID times
3. Intelligent video surveillance in retail industry for people-counting, VIP recognition, Heat mapping, Queue detection, POS integration
1. Ban on use or procurement of Hikvision products by US Department of Defense
2. Raw materials supply uncertainty due to addition in US Commerce Department Entity list
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Detailed SWOT Analysis of Hikvision

Strength

1. Leading global video surveillance IoT solution provider: Hikvision’s technical innovation has been its sustainable competitive advantage over the years. It is the leading provider of IoT based video surveillance solutions. With a 24.1% market share of the video surveillance market, it ranked first in the world in this industry according to a report by Omdia. For 4 consecutive years, it has occupied the topspot among “World’s Top 50 Security Companies” according to a&s (Automation and Security). The Company utilizes nearly all forward looking technologies including Deep Learning, Big Data, Cloud Computing in its surveillance products. Being a technically innovative firm, it has a special focus on research & development practices. The budget allocated for R&D expenses has been continuously soaring, keeping up with the changes in the external environment. The R&D expense ratio has steadily increased from 7.62% in 2017 to 8.99% in 2018 and 9.51% in 2019.

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Weakness

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Opportunity

1. High demand for smart projects in cities and industries: Smart projects for cities and industries are being taken up on a massive scale in almost every nation today. Vital transformations for smart cities like smart police, smart transportation, smart governance projects are dominating the budget allocations for governments across the globe. Hikvision can leverage its advanced IoT, Artificial Intelligence, Cloud Computing technologies by serving these applications. Its Public Service Group (PSG) provides enterprise solutions for governments to cater to Smart City projects. These include public security, transportation, precise governance, natural resources and ecological and environmental protection. Application platform for hosting public security videos and images aids in street patrol, community security, prevention and control in security checkpoints, security management and control. This data helps in police investigations and public security forums at different levels of governance. Hikvision’s industry solutions include monitoring and warning alarm systems for smoke detection, fire detection, hazardous chemicals, obstruction of passages, etc.

The remaining section of “Opportunity” is available only in the 'Complete Report' on purchase.

Threats

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Major Competitors :

  • Dahua Technology
  • Axis Communications AB
  • Panasonic
  • Honeywell Security
  • Hanwha Security
  • Tyco
  • Bosch Security Systems
  • Avigilon Corporation

Major Brands :

  • EZVIZ
  • HikFire
  • Rayin
  • AcuSense
  • ColorVu
  • HiLook
  • HikCentral
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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Hikvision Analysis Report

1. Company Profile Our Vision-Our Mision – https://www.hikvision.com/en/about-us/company-profile/
2. 2019 Annual Report Hikvision – https://www.hikvision.com/content/dam/hikvision/en/brochures/hikvision-financial-report/Hikvision%202019%20Annual%20Report.pdf
3. Boosting quality with intelligent manufacturing – hikvision.com/en/newsroom/blog/boosting-quality-with-intelligent-manufacturing/
4. Warning As Millions Of Chinese-Made Cameras Can Be Hacked To Spy On Users: Report – https://www.forbes.com/sites/zakdoffman/2019/08/03/update-now-warning-as-eavesdropping-risk-hits-millions-of-chinese-made-cameras/#4a861a5e6bf2
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Hikvision SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). Hikvision SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/hikvision/ [Accessed 28 Oct, 2020].

In-text: (SWOT & PESTLE.com, 2020)

Copyrights and Disclaimer

Hikvision SWOT and PESTLE analysis has been conducted by Ayushi Verma and reviewed by senior analysts from Barakaat Consulting.

Copyright of Hikvision SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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Hikvision SWOT & PESTLE Analysis
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