The Revenue of India Electronic Security Market is Projected to Increase at a CAGR of 18% in the Future
Posted by African Press International on June 9, 2016
Foreign players such as Honeywell, Bosch, UTC, Axis Communications and others have expanded their base in the market over the period from FY’2010 to FY’2015. These foreign companies have further increased their number of channel partners over the period FY’2010-FY’2015. Owing to this, the revenue share of organized players in the market has enhanced over the period FY’2010-FY’2015.
The electronic security system integration market in India has been fragmented with the presence of 170+ organized as well as around 1,000+ unorganized system integrators in the market.
Currently, video surveillance equipments accounted for a greater part of the share in the revenue of the overall industry with the government sector, banks, and commercial offices and others being amongst the leading end-users of Closed Circuit Television (CCTV) cameras.
Indian fire alarm market is well established and with the arrival of new and innovative technologies, the market has achieved an increase in the electronic security market in India. Completion of several large governments, commercial and residential projects enhanced the revenues in the subsequent years as well. Projects such as Mumbai Metro, Mumbai Monorail, Lodha Bellezza 1 in Hyderabad and many others propelled the market revenues.
Access control systems have been the third largest segment in the overall electronic security equipment market. They are based on automatic identification technology, which includes biometric identification systems, smart card-based access control; magnetic stripes based identification systems, and proximity sensors.
Intrusion alarms are most popular amongst the residential sector, but they fail to garner demand from other sectors, owing to high-rate of false alarms instances, generally induced by environmental conditions. The financial sector including banks were amongst the early adopters of intrusion alarms in the country, as government made the installation of intrusion alarms and other electronic security equipments mandatory for banks and hotels.
Specialty electronic security equipments such as metal detectors X-Ray scanners and Video Management Software (VMS) have become an essential part of security solution deployed in several industry verticals, with a wide range of applications that spans from ensuring safety at workplaces to internal security.