The Indian security market is poised for rapid growth, with biometrics and surveillance emerging as significant segments, said industry officials. To ensure the highest quality standards and national security, robust government regulations are essential, they added. “The surveillance market [in India] is projected to grow at a CAGR of over 16% this decade, driven by the rapid evolution of technologies introduced year over year,” said Bijoy Alaylo, Vice President, TP-Link Consumer while speaking at Security And Fire Expo organised by Informa Markets in India. “With the advent of AI in surveillance technology, the potential applications are boundless. However, as more players enter the market and local manufacturing becomes more accessible, government regulation is crucial to maintain quality standards and ensure national security,” he was quoted in a statement issued here. “In India, the surveillance market is currently valued at approximately $4.3 billion with projections indicating it will exceed $15 billion by 2029,” he further said. Considering enhanced security in high-risk environments, the market for video surveillance systems in India is experiencing a significant shift towards IP cameras and IoT integration, the industry executives said. This trend is anticipated to propel the market from $2.6 billion in 2024 to $7.4 billion by 2032, reflecting a compound annual growth rate (CAGR) of 14%, they added. According to Ashish P. Dhakan, MD & CEO, Prama Hikvision India Private Ltd., the Indian security market is faced significant growth opportunities. “As we embrace technological innovation, and adapt to evolving societal needs, we are witnessing the convergence of advanced technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and big data,” he said. . Yogesh Mudras, Managing Director, Informa Markets in India in a statement said, “Smart surveillance is advancing rapidly with AI and IoT technologies in India. AI adoption is projected to grow at a 40% CAGR from 2020 to 2025, driving the market to an expected $8 billion by 2025.” “AI enhances biometric security, threat detection, behaviour analysis, and anomaly detection, crucial for crime prevention by identifying and addressing suspicious activities,” he said. According to industry officials rapid infrastructural development and sector-specific reforms in education, BFSI, and SMEs along with growing awareness of the benefits of digital surveillance are driving the widespread adoption of these technologies..
Published - July 06, 2024 10:31 pm IST
