The market for electronic security equipment in India is largely untapped and under-served as there exist need for greater awareness and education about the need for security equipments and their benefits. While this may make the task of the market players slightly difficult they stand to benefit from the opening up of the market into new user segments. This will only add to the fast growing market and vendors will need to find the right solutions, technology, market niche and price points to be able to make an impact in the electronic security.
The growth in the Indian market has come with the growing awareness among different end user segments. The Indian security market is witnessing immense growth from sectors such as city surveillance, public transport, hospitality, airport security, BFSI, retail, BPO, manufacturing, college campuses, infrastructure companies and education. The government, in general, is the biggest segment in terms of volume demand. PSUs are also a vertical with significant demand. The private sector, enterprises as well as SMBs, shows potential although their demand is dwarfed by that of the government sector. We can get an idea of this by examining some of the main market segments for security solutions.
The future of electronic security equipment market is drifting towards integrated security solutions, created by integrating multiple systems, including video, intrusion, video analytics, fire, access control, HVAC, chemical and biological sensors, etc. Such systems would offer actionable intelligence and decision support to the organization.
“India Electronic Security Equipment Market Outlook 2016” report outlines following aspects related to growing security equipment market in India: