The growth will be driven by demand for video surveillance systems in sectors such as hospitality, banking & financial, government & transportation, education, and retail
The video surveillance market in India has increased tremendously in the recent years due to rising concern for security and safety, a new study by 6W Research said.
The growth will be driven by demand for video surveillance systems in sectors such as hospitality, banking & financial, government & transportation, education, and retail; this will translate into opportunities for the manufacturers, distributors and systems integrators.
One of the high-growth opportunities is the government initiative to secure the cities and monitor public movements, the research noted.
According to the study, the market for video surveillance in India is projected to reach $2.4 billion by 2020. In India's video surveillance market, analog video surveillance market has captured major market share due to 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, 6W noted.
Amongst all verticals, government & transportation vertical has generated majority of the market revenues owing to increasing government spending and rising public infrastructure. On the other hand, commercial vertical is emerging as key growing vertical due to increasing penetration of video surveillance systems in hospitality, education, SME and large enterprises.