India’s video surveillance market is expected to grow at a CAGR of over 13 percent from 2016 to 2022, according to a recent report by 6Wresearch. The country’s video surveillance market has grown to the point that it accounts for a significant share of the whole electronic security market, owing to factors such as i
India's video surveillance market is expected to grow at a CAGR of over 13 percent from 2016 to 2022, according to a recent report by 6Wresearch.
The country's video surveillance market has grown to the point that it accounts for a significant share of the whole electronic security market, owing to factors such as increased security awareness resulting from a rise in terrorist threats and crime rates. This growth is also in part due to a boost in IT spending and government initiatives.
The report stated that the country is seeing mature analog systems being overtaken by IP surveillance systems. “IP video surveillance segment is expected to overtake analog video surveillance segment over the next six years attributed to declining prices, higher flexibility, scalability, remote accessibility and rising IT infrastructure,” said Rajat Kharbanda, Senior Consultant for Research and Consulting at 6Wresearch.
“In addition to, the government & transportation and banking verticals are shifting highly towards IP video surveillance systems in order to prevent major security threats,” Rajat further added.
According to Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch,“ Amongst major verticals, government & transportation vertical accounted for major revenue share on account of deployment of these systems for city surveillance and to secure public transportation network, followed by commercial offices, banking and others.”
Companies such as Axis Communications, Bosch Security Systems, CP Plus, FLIR Systems (DVTel), Hikvision, Hanwha Techwin (Samsung), Honeywell, Panasonic, Pelco, Sony, Dahua and Zicom were cited by the report as major players in India's video surveillance market.