India video surveillance analytics market to grow at a CAGR of 35%: 6Wresearch
According to 6Wresearch, India video surveillance analytics market is projected to grow at a CAGR of 35% during 2017 to 2023. Government and transportation vertical captured a major chunk of the market on account of rising security expenditure to install advanced surveillance solutions at various public places in India. Additionally, with increasing adoption of these solutions across various verticals, particularly commercial & industrial, retail and oil & gas, the growth for surveillance analytics software market in India looks promising.
The “India Video Surveillance Analytics Software (2017–2023)” report estimates and forecasts the overall India video surveillance analytics software market by macro and micro applications, verticals and regions. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
Need for advanced security systems as a result of rise in terrorist threats, increasing crime rate, along with growing public and private infrastructure have propelled the demand for intelligent video surveillance solutions in India. Advantages of surveillance systems over physical security such as ability to allow continuous and remote monitoring is further giving opportunities for their deployment across the country.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, “In 2016, city surveillance macro application segment captured major share of the market. However, building surveillance application is likely to overtake and register maximum revenue share during the forecast period. During the forecast period, perimeter intrusion detection and Automatic Number Plate Recognition (ALPR) are likely to emerge as the key growing applications in India video surveillance analytics market. Government and transportation as well as commercial and industrial verticals would be the major contributors for the rising demand for these two applications.”
Recent developments such as Andhra Pradesh IoT policy approval to develop the state as an IoT hub by 2020 and smart cities development by the Government of India would further increase the demand for advanced security solutions, including analytics software in the country.
Some of the major companies in India video surveillance analytics software market include Honeywell, Allgovision, Videonetics, Agent Video Intelligence and NICE Systems.
Tags: India video surveillance analytics market, CAGR, 6Wresearch, Prijo Samuel 6wresearch, Automatic Number Plate Recognition, ALPR
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