According to 6wresearch, the India video surveillance market size by revenues is projected to grow at a strong CAGR of 17.8% during 2021-27. The analysts say that the market grew considerably over the last few years due to various government initiatives and infrastructural projects such as the Smart Cities Mission, the UDAN scheme, the new National Digital Policy-2018 and orders by the state government to install CCTV cameras in the public domain for safety and security purposes.
The Covid-19 outbreak, however, meant that major construction projects came to a halt which put a negative impact on the demand for surveillance cameras in 2020. In addition, as a consequence of that and a second wave of Covid, the contraction in funds allocated for infrastructural projects and the obstruction in the imports of major raw materials including semiconductors would further reduce the demand for CCTVs across the verticals in the year 2021.
Moving forwards, the researchers suggest that the video surveillance market in India is predicted to witness significant growth due to rising crime, terrorism, communal violence and growing government, commercial and IT infrastructure in the country. Further, increased competencies and low penetration of CCTV could also play a significant role in raising the demand for surveillance systems in India.
According to Bhawna Singh, Research Analyst, Research and Consulting at 6wresearch, “By components, cameras accounted for the highest revenue share in the India video surveillance market registering more than 60% in the overall market revenues in 2020 owing to the surge in the deployment of CCTV cameras across verticals including commercial enterprises, SMEs, BFSIs, educational institutions, transportation and other infrastructural segments.
This is due to the rising security concerns, primarily arising from growing incidents of theft, domestic crime and acts of terrorism. Increased use of cameras by the law enforcement agencies, advanced analytics like AI in order to enable facial recognition, thermal scanning and monitoring, and a surge in the number of residential as well as commercial buildings along with the development of smart cities, would propel the growth of cameras as well as the software in the coming years.”
According to Mohit Bhatia, Research Analyst, Research and Consulting, also at 6wresearch, “By verticals, government vertical witnessed the highest share in the overall India video surveillance market revenues in 2020, owing to rising focus of government towards infrastructure initiatives like smart cities, safe cities, the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), the Bharatmala Pariyojana and others. Moreover, in order to stimulate the transport infrastructure, the government has also allocated INR 233,083 crore in the Union Budget 2021 and all these new infrastructures would deploy CCTVs cameras which would augment the product’s market in the country.”
Some of the major companies in the video surveillance market in India, according to the analysis, include Prama Hikvision India Pvt. Ltd., CP Plus India Pvt. Ltd., Dahua Technology India Pvt. Ltd., Bosch Limited, and Axis Communication Private Limited.
