The overall Video Surveillance ecosystem, in India, accounted for ~$1.5 Billion in 2014.
Rising needs for advanced security due to the incidents of terrorism and increasing crime figures has encouraged individuals, organizations and various authorities to devise effective response mechanisms. In the current scenario of security systems, video surveillance has become an indispensable tool to ensure both personal and public safety. With further advancements in technology, the market is experiencing a paradigm shift from conventionally used analog cameras towards IP/network based cameras. However, it will not be for another two years that the market will witness a wide scale adoption of IP based systems since majority of the existing surveillance systems are entirely analog and switching to IP based cameras will prove to be a costly affair for the owners.
The overall Video Surveillance ecosystem, in India, accounted for ~$1.5 Billion in 2014. Analyzing the expected growth in 2015, keeping in mind future adoption plans, the market value is expected to grow at 22.96% CAGR from 2015 to 2022. Presently, the Northern part of India acquires the largest proportion of security installation, followed by the South and the West. The eastern part of India, however, is still in its developing stages but has a high scope for the Video Surveillance market.
The market report covers India Video Surveillance market by different applications and by entire ecosystem of the market. The Video Surveillance market ecosystem includes components like equipments, software, and services in India. The study comprises of an analysis of cameras, monitors, and storage used in video surveillance systems, in addition to the market study of the video surveillance software- video analytics and VMS and VSaaS (Video Surveillance as a Service). Video analytics and Video management software has further spurred the demand for video surveillance systems among the consumers. With the aid of such software, intelligent video surveillance systems are gaining popularity in the market, especially in retail outlets and public areas.
Various government schemes and increased expenditure on security, along with the increasing infrastructural growth are acting as major market drivers for the video surveillance market, along with other factors like software development among others. Besides these drivers, there are certain challenges such as an unstructured Indian market and cost effectiveness for available products, which may hinder the market growth. The rising economy in India can act as a key opportunity for the video surveillance market.
Due to stringent laws governing the internet, the demand for using video surveillance as a service will move up from 2014 to 2022, growing over $5.18 billion by 2022.