The Indian security market is evolving fast, despite the pandemic headwinds slowing down business activities.
Hikvision plans to increase production at its Mumbai plant, pitching vertical-specific solutions in the diverse market segments, according to Ashish Dhakan, MD and CEO of Prama Hikvision India.
Speaking to asmag.com recently, Dhakan said that the company is expanding its footprints in the Indian security market by offering vertical solutions and a wide range of quality products in video security, access control, perimeter security, intrusion alarm, inspection, storage, etc.
“Our go-to-market strategy hinges on the evolving market scenarios, trends, and research data,” Dhakan said. “The focus is on pitching vertical-specific solutions in the diverse market segments. We are ramping up the production capacity of our state-of-the-art manufacturing facility near Mumbai in a phased manner. The commitment to the ‘Make-in-India’ vision continues to be the driving force. We are striving to serve the needs of the Indian security market in the best possible manner.”
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Prepare for a demanding market
The Indian security market is evolving fast, despite the pandemic headwinds slowing down business activities. The industry has adapted quickly to the changing market requirements. Dhakan feels that the local market has unparalleled potential compared to many others worldwide. It is full of new opportunities and challenges.
“The Indian security market is moving towards maturity by swift adoption of transformative technologies (AI and IoT), innovative products, and smart solutions,” Dhakan said. “Despite being a price-sensitive market, it has grown exponentially. Now in the high-end Indian project market, the value that the solution provides is often being preferred over the price.”
Certain verticals are particularly strong now, according to Dhakan. The infrastructure and transportation industries continue to be the fastest-growing sectors in the Indian security market. The homeland security, smart city, real estate, healthcare, banking, and education sectors are experiencing an upswing in recent times.
Supply chain and other challenges
The potential of the Indian market and interest from global players also sheds light on the challenges here. Most companies who have tried to enter the Indian market will confirm that the challenges here are many and difficult to overcome.
And then there are global challenges too. The recent supply chain constraints hurt almost every electronics company in the region. Businesses had to think out of the box to deal with the crisis. Dhakan said that his company has dealt with supply chain disruptions by expediting the process and ramping up the production at their manufacturing facility.
Other challenges include finding skilled labor, especially since physical security is not a popular career choice in India compared to software and other engineering streams.
“To fulfill the growing demand of skilled workforce in the electronic security product manufacturing segment, various training initiatives to develop skills are underway,” Dhakan said. “Hikvision India has partnered with the National Skill Development Corporation (NSDC) to offer security technology and product training related to video surveillance and security products for Indian youth. The company provides training and certifications (HCSA and HCSP) as a part of the Skill India program.”
Massive demand for credible systems integrators
The system integrators are at the core of the B2B security business scenario- they move the projects from inception to completion. The contemporary challenges faced by the security industry also impact them.
“In the current scenario, the key challenges faced by the system integrators are pandemic impact, supply chain disruptions, non-availability of key components, and lack of trained security professionals,” Dhakan said. “There is a huge demand for credible and certified system integrators, which remains unfulfilled. While the security industry is growing at an exponential rate, it is best advised to be a trained and certified system integrator to serve the fast-growing security industry requirements with specialization and expertise.”
India market – an opportunity with challenges
Demand in the Indian security market will definitely rise in the coming years. But there are several challenges when dealing with the diverse nature of customers here. Companies that can work their way around these challenges will be in a position to reap the rewards.