As services have only just begun to roll out, the video surveillance-as-a-service (VSaaS) market in India is still at a nascent stage. The deployment of cloud-based models, Government efforts to improve IT infrastructure, and rising awareness on the benefits of robust surveillance solutions will spur implementation of VSaaS. Considering the critical nature of providing video surveillance services, cementing the first mover advantage in this market is crucial for market participants.
As services have only just begun to roll out, the video surveillance-as-a-service (VSaaS) market in India is still at a nascent stage. The deployment of cloud-based models, Government efforts to improve IT infrastructure, and rising awareness on the benefits of robust surveillance solutions will spur implementation of VSaaS. Considering the critical nature of providing video surveillance services, cementing the first mover advantage in this market is crucial for market participants.
New analysis from Frost & Sullivan “Strategic Analysis of Video Surveillance-as-a-Service Market in India”, finds that while there were only 20,898 camera sites which could have been serviced by VSaaS solutions in 2012, the addressable market for VSaaS will rise steeply post 2016 due to government policies on electronics coming to fruition and the completion of several infrastructure projects to reach 441,742 units in 2018.
"Increased infrastructure spending and the projected growth of multi-brand retail will fuel the VSaaS market in India. The cost and business benefits for end users, including better streamlined surveillance expenditure for enterprises, will further boost VSaaS popularity in the country" said Frost & Sullivan Analyst.
Moreover, the transition to more efficient video compression technologies will enhance the value for customers and encourage VSaaS usage. The availability of robust bandwidth, along with storage will become key differentiators for the market.
However, low penetration of broadband in India and relatively slow uptake of video surveillance will pose a challenge to the initial adoption of VSaaS solutions. The price-sensitivity of Indian end users and their preference for cheaper analog video surveillance products will further curb market revenues in the short to medium term. To trigger large scale VSaaS installations, VSaaS providers should improve the ease of installation and usage. Offering bundled solutions – VSaaS along with other essential services like broadband will also be crucial for higher adoption.
"Companies could be persuaded into readily adopting VSaaS solutions, if the cost savings and operational benefits involved in deploying these solutions are communicated clearly", added the analyst. "In addition, end users' should have absolute control over and ownership of the surveillance process.
Furthermore, recent attacks on ATM patrons has led to calls for mandatory enhanced video surveillance and manned security at ATM sites; there are 126, 950 ATM sites in the country. Banks could harness the operational advantages and cost efficiencies of VSaaS in the present context through implementing VSaaS solutions at these sites, linked to the nearest police station and bank branch. Commercial and residential real estate projects, small offices, and home offices, are expected to also be early adopters of VSaaS along with banking and retail sectors.