The Indian economy is one of the fastest growing large economies in the world at the moment. According to the United Nations, the country is expected to expand at 7.3 percent in 2016 and 7.5 percent in 2017. The security industry in India is expected to grow in tandem with the overall development. The country’s saf
The Indian economy is one of the fastest growing large economies in the world at the moment. According to the United Nations, the country is expected to expand at 7.3 percent in 2016 and 7.5 percent in 2017.
The security industry in India is expected to grow in tandem with the overall development. The country's safety levels are still a concern as several incidents have highlighted the lack of adequate security measures. A report by 6Wresearch said the Indian video surveillance market is projected to reach US$2.43 billion by 2020. In a separate report, the organization estimated the 2015 shipments value to have reached $160 million.
“Increasing terrorist activities, need for remote monitoring and rising government spending on smart cities have led to the growth of India video surveillance camera market,” said Anuj Mehrotra, Senior Research Analyst at 6Wresearch-India's Electronics Division. “Moreover, increasing application segments across residential, transportation and healthcare sector, coupled with growing awareness and demand across tier 3 and tier 4 cities have further assisted in the progression of the video surveillance camera market in India.”
But some experts point out that despite the growth, the security market is yet to reach its true potential in the country.
“The market is growing and the pace is good, but I feel it is still at a relatively infant stage,” said Nitin Joshi, MD at Realty Automation and Security Systems. “I think it would take at least four to five years to mature because safety is still not the major concern as far as common man is concerned.”
He gave an example of the scenario seen in various cities. Most large buildings in these cities will have some kind of fire and safety arrangement, but they are not maintained well, and the residents are not concerned about it.
However, he added that the awareness among people is seeing a change, especially because of the improved consumer purchasing power and publicity in the media.