South Korea’s second largest vendor of video surveillance equipment, IDIS, has announced its intention to acquire Costar Technologies, a US-based vendor of video surveillance equipment. Analysts at Novaira Insights believe by doing so, IDIS could be signalling an intention to emulate the success of South Korea’s largest vendor of video surveillance equipment and long-time rival, Hanwha Vision.
According to Josh Woodhouse, Lead Analyst and Founder of Novaira Insights, “We estimate that, together, Hanwha and IDIS accounted for over a third of the domestic South Korean market for branded video surveillance hardware and software in 2022. Despite this, IDIS has seen its long-time domestic rival Hanwha grow rapidly recently having much higher revenues domestically and globally, with particularly rapid growth internationally.”
