Hikvision has grown to become a global industry leader in surveillance cameras amid surging demand for security equipment around the world and in its home market’s own state-directed efforts to build an “omniscient” surveillance network by 2020.
Recently, the China’s Ministry of Transport called for the country’s transport departments to speed up the installation of “smart video surveillance and police reporting systems,” as part of a broader campaign to improve road safety, the ministry said Friday in a directive.
Systems should exhibit functionality including automatic detection, warnings, and even “corrections” of unsafe driving behaviors to prevent and reduce accidents caused by illegal behavior “at their source,”
It also called for the creation of a reward system for reporting accidents, better data sharing among road authorities and stricter supervision of vehicle licenses, while repealing some mandates specific to the use of the Global Positioning System.
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New Policy To Benefit Hikvision
Transport departments are not allowed to enforce the use of any specific surveillance service providers or equipment models and cannot “link the installation of such systems to other work such as vehicle examinations,”
The mandate should improve road safety, commerce and inspections for “hidden dangers” and are part of overall government efforts to “simplify government agencies, give operation and management powers to companies, decentralize power and improve service,” the ministry said.
Domestic Demand For Surveillance Technology Is Suffice To Bring The Company To Greater Heights
A government push for the development of advanced algorithm-driven surveillance technology is granting more room for growth of domestic startups. Hangzhou Hikvision Digital Technology, the world’s largest supplier of surveillance cameras, said on an October earnings call that the Chinese market would remain a major source of revenue and that it was large enough to help the company withstand headwinds in the U.S. market.