India’s video analytics market is set to increase in the years to come, amid the country’s effort to fight crime, build smart cities and transition to IP-based video surveillance. That was the finding in 6WResearch’s recent report, titled "India Video Surveillance Analytics Software Market (2018-2024),” which foreca
India's video analytics market is set to increase in the years to come, amid the country's effort to fight crime, build smart cities and transition to IP-based video surveillance.
That was the finding in 6WResearch's recent report, titled "India Video Surveillance Analytics Software Market (2018-2024),” which forecasted that this particular market will grow at a compound annual growth rate of 32.7 percent during 2018-2024.
According to the report, video analytics is a relatively new market in India, and it's set to undergo significant growth due to various factors, including a transition to IP-based video. “With few players in the market, video analytics is still in the niche stage as compared to developed economies,” the report said. “Traditionally, dominated by analog systems, India video surveillance market is set to take the next leap with IP surveillance cameras gradually penetrating the market, which in turn, is driving the demand for video analytics software.”
The report cited other growth drivers for video analytics, including demand for advanced technologies to deal with security issues. “Growing demand for increased security attributed to rising terrorist activities and growing crime rate in addition to rapid urbanization, increased IT spending and a stride towards internet protocol-based technologies, IoT, cloud, automation and artificial intelligence would further proliferate the demand for analytics software in the country,” the report said. “Additionally, the market would further thrive with the implementation of Smart Cities Mission of government of India. Around US$4.5 billion have already been spent and the remaining $25.4 billion would be distributed accordingly to the smart city projects over the next few years.”
City surveillance, building surveillance and traffic management were cited as macro applications of video analytics. “Traffic management which includes automatic license plate recognition (ALPR), red light violation detection, over-speed detection and enforcement, integrated e-Challan management as well as business intelligence is likely to witness higher growth owing to upcoming smart city projects,” said Ravi Bhandari, Manager for Research and Consulting at 6Wresearch.
Among the micro applications, intelligent video analytics solutions were largely preferred for perimeter intrusion detection, ALPR, counting and crowd management and incident detection, Bhandari said. “Incident detection and counting and crowd management would further exhibit higher growth during the forecast period with ALPR and perimeter intrusion detection to remain as the major applications for analytics solutions,” Bhandari said.
The report also cited vertical markets that spent the most on video analytics. “Among all the verticals, the government and transportation bagged the largest slice of India video surveillance analytics software market pie followed by commercial and industrial vertical. Additionally, verticals such as industrial, primarily manufacturing and oil and gas are stepping forward and adopting video analytics technology to a great extent. Furthermore, a shift towards intelligent video analytics solutions is also being witnessed in the BFSI vertical,” said Rishi Malhotra, Senior Research Associate for Research and Consulting at 6Wresearch.
Malhotra added: "Amongst all the regions, the Northern region witnessed the highest number of installations of video surveillance camera, thereby, leading to higher demand for video analytics software. On-premise, amongst the deployment types, overshadowed the revenue contribution of on-cloud analytics software in India owing to security concerns amongst the verticals such as government and BFSI.”
The report also cited some of the key players in India's video surveillance analytics software market, including Agent Video Intelligence, AllGoVision, Axis Communications, Cisco Systems, Honeywell Automation, International Business Machines Corporation and and Videonetics.