India's Growing Video Surveillance Market

India's Growing Video Surveillance Market

The global world has witnessed a rise in video surveillance and intelligent security cameras. With China and the USA being the top patrons of video security surveillance, other countries are not much farther behind. As the Asia-Pacific region is increasingly embracing video surveillance, India is also a key player in this regard.
The Indian video surveillance market has surged dramatically owing to many factors such as:
  • Rising incidents of theft and robberies
  • Increased crime rate and terrorism
  • Increased government projects and initiative towards urban safety
  • Reforms in the BFSI sector and fast infrastructural growth
In 2019, government establishments, the transportation sector, banking & other financial domains accounted for the lion's video surveillance market share. Add the boom in smart cities, and the market is expected to surpass US$ 2.6 billion by 2021. In an era of smart cities where safety is a crucial aspect of being a smart city, video analytics, biometrics, facial recognition have become vital for any city-based surveillance setup.

According to recent research, the India video surveillance market size is estimated to grow with a CAGR of 16.6 percent during 2020-2026.

Growth of IP surveillance market & products

There was a time when analogue cameras dominated the Indian market. The scenario is rapidly changing with more and more adoption of IP based surveillance. There are good reasons behind the growing popularity of IP based surveillance:
  • One significant factor of IP based surveillance is its affordable price. As advanced technologies such as artificial intelligence, IoT, and intelligent video analytics features like facial recognition and starlight technology continue to grow, they are being incorporated into the surveillance domain to make it more effortless and efficient. As a result, IP-based surveillance has turned out to be an economic proposition. Their falling price has made the IP camera a value for money option, and the attached technologies ensure it provides the best quality surveillance at an ideal price tag.
  • The modern video surveillance landscape has attached IP based security cameras with cloud-based solutions, mobile-based surveillance solutions, and remote monitoring systems, thus providing the user with control over security from anywhere. Since surveillance recording is different from standard recording as it runs 24/7, it is a much viable option instead of traditional surveillance and security methods. Furthermore, the data obtained during the surveillance process can be retrieved for analysis and scrutiny, even acting as fodder for AI.
  • There is a growing demand for AI-driven security video cameras with 4K or beyond graphics resolution of video feeds. Continuous R&D in security and surveillance devices is improving the functionality of such devices. A plus point of superior graphics is that it ensures lesser supportive devices and requires on-camera storage.
  • IP based video surveillance trumps over the analogue system because, unlike a conventional surveillance system, the IP based system can efficiently monitor an area and identify potential entities. By leveraging video analytics, IP-driven solutions have unleashed unmatched opportunities, recognising a hazard or identifying behaviour patterns or counting footfall in a retail store or automatically grant access to authenticated officers and staff.
  • The data generated by analogue security devices is like a regular feed that can only be broadcasted or recorded but cannot be analysed further. IP surveillance feed shows its importance as the generated data can be leveraged for more insights using a wide array of digital technologies, giving IP surveillance products a good edge over conventional analogue devices.

Although the traditional analogue-based surveillance system occupies 68% of the market, experts suggest that the IP-based system will soon outclass the conventional method due to its sophistication and improved applications.

ip-surveillance

Numbers don't lie

  • Relentless innovation in surveillance and security network has decreased the cost of surveillance products and increased their efficiency. Such advancements have reduced the expenditure behind cameras. The 360-degree camera with superior capture technology has replaced the typical PTZ (pan-tilt-zoom) cameras.
  • India saw around 2 million surveillance products being sold until 2017. The market was expanding at a rate of 20%-25% annually.
  • Indian surveillance market is expected to attain a 22.5% growth by the year 2025.
  • In 2021, the government sector, IT sector, commercial establishment, and transportation accounts for 50% of the revenue generated from video surveillance storage facility.
  • Indian Railway Board has sanctioned video security & surveillance systems for 980 railway stations, for which the board allocated a budget of US$ 35.77 million.
  • Indian surveillance industry imports 70%-80% of the products from China.

Few issues in the Indian video surveillance market

The Indian video surveillance market has grown swiftly and attracted major international CCTV & security systems brand. However, few problems exist, which are as follows:

  • Manufacturing security system product in India is difficult as the components are not found locally. As a result, Indians are keen on importing such devices from China and other countries. Many a time, such imported products turn out to be of inferior quality. Such products' low cost presents a situation since it is hard to compete with low priced components.
  • Indian consumers are not well-versed with the intelligent video surveillance system nor eager to understand this sector's necessity. Therefore, there is a low drive for manufacture since consumers would instead source them from elsewhere than buy a locally made product.

India is encountering massive digitisation in varied industries. It calls for more and more implementation of video surveillance and security setups within the nation. IP based smart security surveillance system is expected to take a principal position in every sector over the next six years. With the progress in other digital infrastructure, reduction in costs, it remains to be seen how far this sector casts its shadow.

Reference:
http://web.archive.org/web/20200814223622/https://www.electronicsb2b.com/headlines/the-indian-ip-surveillance-market-is-set-to-grow-in-spite-of-the-challenges/

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