The video surveillance market of India is expected to see growth from now to 2024, driven largely by security concerns, declining prices and government initiatives to develop smart cities. That was according to a recent market research report, “India Video Surveillance Market (2018-2024),” by 6WResearch, which forec
The video surveillance market of India is expected to see growth from now to 2024, driven largely by security concerns, declining prices and government initiatives to develop smart cities.
That was according to a recent market research report, “India Video Surveillance Market (2018-2024),” by 6WResearch, which forecasts that India's video surveillance market revenues will grow at a compound annual growth rate of 16.4 percent during the forecast period
The report pointed out that demand for video surveillance has been growing in India over recent years, and this has been due to security concerns amid occurrences of theft, domestic crime and terrorist threats.
This growth, meanwhile, will be aided by increasing government initiatives on city surveillance and smart city development, which would result in a surge in deployment of high-resolution IP cameras across the country, the report said.
India has been active in its smart city development. The Indian government's Smart Cities Mission, for example, intends to develop 100 smart cities across India. The selection of the 100 cities is based on competition among metropolises, and the 100th city, Shillong, was selected in June, according to Nikkei Asian Review.
The report further pointed out in 2017, government and transportation, commercial offices and retail segments altogether registered the maximum revenue share in the overall video surveillance market in India. From 2017 to 2024, the demand for video surveillance systems is expected to be higher from tier-I cities in India, with the expected involvement of government programs, it said.
By components, surveillance cameras accounted for the majority of the market revenue share, according to Shefali Goel, Assistant Manager for Research and Consulting at 6Wresearch. “Amongst analog and IP segment, the demand for IP cameras are increasing owing to various technological advancements such as digital PTZ, embedded video analytics capabilities and cloud solutions,” he said. “Moreover, increasing penetration of domestic companies along with growing adoption of upcoming trends such as deep learning-enabled cameras and IoT in video surveillance solutions is expected to drive the demand for video surveillance cameras in the country over the coming years.”
Among other segments, including recorders, encoders and video management software, the market for VMS is expected to spur during the forecast period as it allows viewing, recording and retrieving multiple cameras at the same time, Shefali concluded.
According to Gurbani Kaur, Research Associate for Research and Consulting at 6Wresearch, declining prices and increasing awareness are resulting in an increase in demand for advanced video surveillance solutions.
“Further, new trends coming in the video surveillance market in India such as ultra-high-definition surveillance cameras with 4K resolution are yet to gain wide adoption in India as higher bandwidth and data storage requirements are hindering the market growth,” Gurbani said.
The report listed some of the key players in India's video surveillance market, including Axis Communications, Bosch building technologies, CP Plus, FLIR systems, Hikvision, Honeywell, Panasonic, Hanwha Techwin, Sony, Pelco by Schneider, Zicom and Dahua technology.