Concerns over terrorism is spurring India’s video surveillance market so that it will reach a compound annual growth rate of 32.49 percent for the years 2011 through 2016, producing $952.94 million in annual sales by 2016, says a report by 6Wresearch, a market research firm.
In addition, while India’s video surveillance systems have traditionally been controlled by analog based systems, that market is now shifting towards digitized i.e. Internet protocol based systems, says the report—India Video Surveillance Market (2001-2016). The growth of IP video surveillance systems is expect to occur within government, transportation, banking and financial, retail, commercial and industrial markets, as well as within the residential market, according to the report.
Increasing terrorist strikes and rising criminal activities in India are spurring the growth of IP systems, including the need for intelligent security systems, the report says. The ability to remotely monitor a location is an advantage surveillance systems have over physical security that has resulted in the deployment of IP systems across India.
In addition, during 2011 vertical markets such as government and transportation, banking and financial accounted for total 77.89 percent of the market share, the report says. However other verticals such as retail, residential, commercial and industrial are seen as key growth verticals, the report says.