Posted On: 2021-08-12
Government vertical acquired the largest revenue share in India video surveillance market for the year 2020 - 6Wresearch.
India video surveillance market is predicted to witness significant growth during the forecast period due to rising crime, terrorism, communal violence and growing government, commercial and IT infrastructure in the country. Further, increased competencies and low penetration of CCTVs would also a play a significant role in raising the demand for surveillance systems in India.
According to 6Wresearch, the India Video Surveillance Market size by revenues is projected to grow at a CAGR of 17.8% during 2021-27. India video surveillance market grew considerably over the last few years on account of various government initiatives and infrastructural projects such as Smart Cities Mission, UDAN scheme, National Digital Policy-2018 and orders by state government to install CCTV cameras in the public domain for safety and security purpose. However, due to the outbreak of COVID-19 major construction projects came to a halt which put a negative impact on the demand for surveillance cameras in 2020. Alongside due to the second wave of COVID, the contraction in the funds allocated for infrastructural projects and the obstruction in the imports of major raw materials including semiconductors would further reduce the demand for CCTVs across the verticals in the year 2021.
According to Bhawna Singh, Research Analyst, Research and Consulting, 6Wresearch, “By components, cameras accounted for the highest revenue share in the India video surveillance market registering more than 60% in the overall market revenues in 2020 owing to the surge in the deployment of CCTV cameras across verticals including commercial enterprises, SMEs, BFSIs, educational institutions, transportation and other infrastructural segments. This is due to the rising security concerns, primarily arising from growing incidents of theft, domestic crime and acts of terrorism. Increased use of cameras by the law enforcement agencies, advanced analytics like AI in order to enable facial recognition, thermal scanning and monitoring, surge in the number of residential as well as commercial buildings along with the development of smart cities, would propel the growth of cameras as well as the software in the coming years.”
According to Mohit Bhatia, Research Analyst, Research and Consulting, 6Wresearch, “By verticals, government vertical witnessed the highest share in the overall India video surveillance market revenues in 2020, owing to rising focus of government towards infrastructural initiatives like smart cities, safe cities, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Bharatmala Pariyojana and others. Moreover, in order to stimulate the transport infrastructure, the government has also allocated INR 233,083 crore in the Union Budget 2021 and all these new infrastructures would deploy CCTVs cameras which would augment the product’s market in the country.”
Some of the major companies in the India video surveillance market include CP Plus India Pvt. Ltd., Prama Hikvision India Pvt. Ltd., Dahua Technology India Pvt. Ltd., Bosch Limited, and Axis Communication Private Limited.
India Video Surveillance Market (2021-2027F)” report provides an in-depth analysis with 42 figures and 19 tables, covered in 127 pages. The report estimates and forecasts the India video surveillance market by components, 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 devise and align their market strategies according to the present and future market dynamics.