India has emerged as one of the most promising markets for electronic security systems in the last six years. Amongst all electronic security systems, video surveillance systems have captured a key share of the market. Video surveillance market in India has increased tremendously in recent years on account of rising security concerns, primarily related to terrorism threats and increasing crime rates. Additionally, India's video surveillance market is also driven by increasing IT spending coupled with government initiatives.
India video surveillance market to grow 13 per cent
According to 6Wresearch, India video surveillance market is projected to grow at a CAGR of over 13% from 2016 to 2022. Until 2015, analogue video surveillance systems captured the majority of the market demand owing to low cost and ease of installation. However, analogue video surveillance systems market is gradually becoming matured and is being overtaken by IP surveillance systems.
According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch, "IP video surveillance segment is expected to overtake analogue video surveillance segment over the next six years attributed to declining prices, higher flexibility, scalability, remote accessibility and rising IT infrastructure.
"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.
Government & transportation vertical accounts for major revenue
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.
"Additionally, in terms of value, players such as Hikvision, CP Plus, Dahua, Axis Communications, Honeywell and Panasonic cumulatively accounted for over 78% of the total market in 2015," Samuel concluded.
The major companies in India video surveillance market include- Axis Communications, Bosch Security Systems, CP Plus, FLIR Systems (DVTel), Hikvision, Hanwha Techwin (Samsung), Honeywell, Panasonic, Pelco, Sony, Dahua and Zicom.
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