Posted On: 2018-10-03
Government & Transportation Application to Drive the Growth of Video Surveillance Market in India - 6Wresearch
Video surveillance market in India has increased tremendously in recent years owing to rising security concerns primarily arising from theft, domestic crime and threats from terrorism. Growing consumer awareness towards video surveillance for security and monitoring coupled with declining installation cost have resulted in higher demand for video surveillance systems in India.
According to 6Wresearch, India Video Surveillance Market Revenues are projected to grow at a CAGR of 16.4% during 2018-24. Growth would be aided during the forecast period primarily due to increasing government initiatives towards city surveillance and smart city projects would result in surge in deployment of high-resolution IP cameras across the country.
According to Shefali Goel, Assistant Manager, Research and Consulting, 6Wresearch, "Within components, surveillance camera segment accounted for majority of the market revenue share. However, amongst Analog and IP segments, the demand for IP segment is increasing owing to various technological advancements such as digital PTZ, embedded video analytics capabilities and cloud solutions.
Moreover, increasing penetration of domestic companies along with growing adoption of upcoming trends such as deep learning enabled cameras and IOT in video surveillance solutions are expected to drive the demand for video surveillance systems in the country over the coming years.
Additionally, other segments include recorder, encoder and video management software. The market for video management software is expected to spur during the forecast period as it allows viewing, recording and retrieving multiple cameras at the same time," Shefali Concluded.
According to Gurbani Kaur, Research Associate, Research and Consulting, 6Wresearch, "Declining prices and increasing awareness are resulting in increase in market for advanced video surveillance solutions. Moreover, in 2017, Government & Transportation, Commercial offices and Retail segments altogether registered the maximum revenue share in the overall video surveillance market in India. During 2018-24, the demand for video surveillance systems is expected to be higher from tier-I cities in India, with the expected involvement of government programs.
"Further, new trends coming in the video surveillance market in India such as ultra-high-definition surveillance cameras with 4K resolution are yet to gain wide adoption in India as higher bandwidth and data storage requirements are hindering the market growth," Gurbani concluded.
Some of the key players in Video Surveillance market include- Axis Communications, Bosch, CP Plus, FLIR systems, Hikvision, Honeywell, Panasonic, Hanwha Techwin, Sony, Pelco by Schneider, Zicom and Dahua technology.
"India Video Surveillance Market (2018-2024)" provides an in-depth analysis with 88 figures and 54 tables covered in more than 211 pages. The report estimates and forecast the overall Video Surveillance market by revenues, components, specification, applications 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.