With IP Surveillance Cameras on the Cusp of a Leap, Video Analytics Software Market in India is Likely to Witness Substantial Growth During 2018-24 - 6Wresearch
In the past few years, video analytics market in India has demonstrated an increase in demand from government and commercial sectors to enhance the security levels. However, with few players in the market, video analytics is still in the niche stage as compared to developed economies. Traditionally, dominated by analog systems, India video surveillance market is set to take the next leap with IP surveillance cameras gradually penetrating in the market, which in turn is driving the demand for video analytics software.
According to 6Wresearch, India Video Surveillance Analytics Software market is projected to grow at a CAGR of 32.7% during 2018-24. 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. Additionally, the market would further thrive with the implementation of Smart Cities Mission of government of India. Around $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.
According to Ravi Bhandari, Manager, Research and Consulting, 6Wresearch, "Amongst the macro applications, video analytics surveillance software witnessed higher adoption rates for city surveillance, building surveillance and traffic management. Traffic management which includes Automatic License Plate Recognition (ALPR), Red Light Violation Detection, Overspeed Detection & Enforcement, Integrated e-Challan Management etc. as well as business intelligence is likely to witness higher growth owing to upcoming smart city projects"
"Amongst the micro applications, intelligent Video analytics solutions were largely preferred for perimeter intrusion detection, ALPR, counting and crowd management and incident detection. Moreover, 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," Ravi further added.
According to Rishi Malhotra, Senior Research Associate, Research and Consulting 6Wresearch, "Amongst all the verticals, the government & transportation bagged the largest slice of India video surveillance analytics software market pie followed by commercial & industrial vertical. Additionally, verticals such as industrial, primarily manufacturing and oil & 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"
"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," Rishi concluded.
Some of the key players in India Video Surveillance Analytics Software Market includes - Agent Video Intelligence, AllGoVision, Axis Communications, Cisco Systems, Honeywell Automation, International Business Machines Corporation, and Videonetics.
"India Video Surveillance Analytics Software Market (2018-2024)" provides an in-depth analysis with 75 figures and 18 tables covered in more than 140 pages. The report estimates and forecast the overall India Video Surveillance Analytics Software market by applications, deployment, verticals and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.