The video surveillance market is anticipated to reach Rs.5, 718 crore (US$841 million) in 2016, with a CAGR of 32.49 per cent. It is expected to touch US$2.4 billion by 2020. Currently, though analog-based surveillance systems have accounted for majority of the share (68%) in the overall market, yet IP-based surveillance systems are expected to increase in the next five years due to increasing IP infrastructure, declining prices and demand for remote access. According to “India CCTV Camera Market Outlook, 2021”, the India CCTV camera market is expected to grow with a CAGR of about 27.16 per cent in the period from 2016 to 2021. However, the video surveillance analytics market is also projected to grow at a CAGR of 35 per cent during 2017-2023.
Key Takeaways: The rising incidents of crime, burglary, bank robbery and growing awareness about benefits of constant surveillance among the people have primarily driven the Indian surveillance security market. In the wake of the government’s Smart City mission, the video surveillance industry is standing on the verge of a golden opportunity. Lastly, Smart City models will operate on information gathering, storing and its distribution through ICT for communication and the tool that can aid in achieving all the above is surveillance systems.
Key Vendors: Honeywell, CP Plus, Hikvision, Zicom, Sparsh and others including Axis Communications, Bosch, Canon, Dahua, Impulse, LG, Oncam, Panasonic, Pelco, Samsung, Tyco Security
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