The growing use of video surveillance systems in sectors such as hospitality, banking and financial, government, transportation, education, and retail has created huge growth opportunities for the manufacturers, distributors, and system integrators in this industry. According to 6Wresearch, the market for video surveillance in India is projected to reach $2.4 billion by 2020. In India's video surveillance market, the analogue video surveillance market has captured a major share of the pie due to the low cost and ease of installation. Over the next six years, the market for IP surveillance is expected to increase due to increasing IP infrastructure and demand for remote access.
Video surveillance software market is also another growing segment where video management software leads the market share; although, higher growth of video analytics software is anticipated in the forecast period.
Among all verticals, the government and transportation vertical have generated the majority of the market revenues owing to increasing spending and rising public infrastructure. On the other hand, commercial vertical is emerging as a key growth vertical due to the increasing penetration of video surveillance systems in hospitality and education.
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Media Courtesy : Business Standard