India has been witnessing a steady growth of public infrastructure including smart cities, ports, residential and commercial buildings. But along with this growth comes the news of rising terrorism, burglary, murder, et cetera. Yes....crime and terrorism is on the rise in the country. As a result, demand for deployment of video surveillance systems is also growing. Government spending on securities ensuring protection of life and assets has also increased. For instance, video cameras are being installed at almost all major national and express highways to record accidents and thefts.
It is estimated that this year, the video surveillance market in India will hit USD 952.94mn, growing at a CAGR of 32.49%. By the year 2020, the value of the market is likely reach USD 2.4bn. Major players in the Indian video surveillance market are Dahua, Honeywell, Axis Communication, Milestone, Pelco, Hikvision, Bosch, Genetec, and Zicom. The analogue-based surveillance system dominates the Indian video surveillance market with around 68% market share. However, IP-based and wholly-integrated surveillance systems are becoming popular in India because of features including sensor detection, remote controlling, video analytics, background screening, and digital video. In the following years, Internet Protocol-based (IP-based) surveillance solution is likely to be the fastest growing segment with a CAGR of 41.78%.
The three main points responsible for IP-based video surveillance systems’ growth:
- Falling prices
- Increasing IP infrastructure
- Remote monitoring and controlling
Video surveillance systems not just record mishaps, but they also provide evidence in the court of law. With large storage, it becomes easier to track culprits and their moves. In the near future, systems incorporating business intelligence software will become popular in the market. With such systems, businesses will be able to improve their performance by using information recorded at point of sale and marketing. Mobile-based, cloud-based, and integrated surveillance solutions are likely to dominate the Indian market in future.