Posted On: 2017-06-27
Need for advanced security systems as a result of rise in terrorist threats, increasing crime rates, along with growing public and private infrastructure have propelled the demand for intelligent video surveillance solutions in India. Advantages of surveillance systems over physical security such as ability to allow continuous and remote monitoring is further giving opportunities for their deployment across the country.
According to 6Wresearch, India video surveillance analytics software market is projected to grow at a CAGR of 35% during 2017-23. Government & transportation vertical captured major chunk of the market on account of rising security expenditure to install advanced surveillance solutions at various public places in India. Additionally, with increasing adoption of these solutions across various verticals particularly, commercial & industrial, retail and oil & gas, the growth for surveillance analytics software market in India looks promising.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch. "In 2016, City surveillance macro application segment captured major share of the market. However, building surveillance application is likely to overtake and register maximum revenue share during the forecast period."
"During the forecast period, perimeter intrusion detection and Automatic Number Plate Recognition (ALPR) are likely to emerge as the key growing applications in India video surveillance analytics market. Government & transportation as well as commercial & industrial verticals would be the major contributors for the rising demand for these two applications," Prijo Concluded.
According to Anuj Mehrotra, Senior Research Analyst, Research and consulting, 6Wresearch. "Video surveillance analytics software market is experiencing extensive and remarkable adaptation on account of increasing IoT and development of smart cities across the country. Further, rising spending by the government for IoT and Smart Cities would further fuel the market growth and reach its true potential."
"The Western region accounted for the highest deployment of video surveillance analytics software solutions owing to rising demand for advanced security solutions. Additionally, the region is expected to capture maximum share by 2023," Anuj Concluded.
According to Ashwin Amarapur, CEO, AllGoVision. "India video surveillance software market is growing at a fast pace driven by advances in video analytics solutions. Video analytics is being used in traffic management, smart buildings, and smart retail. Advances in technology driven by artificial intelligence and deep learning are enabling accuracy close to human perception.
He further added, with government initiatives for Smart City and IOT developments, the market would register significant growth over the next 5-6 years."
Recent developments such as Andhra Pradesh IoT policy approval to develop the state as IoT hub by 2020 would further increase the demand for advanced security solutions including analytics software.
Some of the major companies in India video surveillance analytics software market includes Honeywell, Allgovision, Videonetics, Agent Video Intelligence and NICE Systems.
"India Video Surveillance Analytics Software (2017–2023)" report provides in-depth analysis with 47 figures and 8 tables covered in more than 100 pages. The report estimates and forecast the overall India video surveillance analytics software market by macro & micro applications, verticals and regions. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.