The security market ecosystem is rapidly adopting AI, IoT and cloud-based technologies and diverse solutions to provide full proof solutions.
Ashish P. Dhakan, CEO, Prama Hikvision India, said, “The adoption rate for AIoT solutions is growing faster with the awareness of its advantages. We are at the forefront of AIoT technology innovations and is offering cutting -edge technologies in all its latest products and solution.”
“5G-enabled cameras are eliminating cabling needs for applications like highway surveillance. Even familiar products like X-ray scanners are getting smarter, now using AI to identify items and generate QR codes,” he said while speaking at SAFE West India exhibition held in Mumbai. “These advancements underscore the growing importance of technology in security,” he added.
Sandeep Sabharwal, Assistant Vice President - Corporate Administration, Aditya Birla Management Corporation Pvt. Ltd., said, “The evolution of security is evident, from traditional methods to integrated technological solutions like AI, IoT, and cloud-based systems.”
“Now security is an integrated form, not limited to a guard at the gate but includes sophisticated systems such as video monitoring, perimeter intrusion detection, and drone surveillance, enhancing overall safety,” he said. Anup Nair, President Sales, CP Plus, said the surveillance industry estimated at approximately $2 billion in size, has stabilised post COVID and is growing at a CAGR of 15-18%. “We grew at rate of almost 25% last year,” he said.
Yogesh Mudras, Managing Director, Informa Markets in India, the organiser of the exhibition said, “As India strives to achieve its target of a $5 trillion economy, the government’s investment of approximately $30 billion in smart city initiatives underscores the growing importance of security and safety infrastructure.”
“Related hardware, including surveillance and safety equipment, communication devices, displays, video surveillance, access control systems, and detectors and sensors incorporating Internet-of-Things technologies, will be in high demand,” he added. “Additionally, with the Indian Electronic Security Market projected to surge from $2.56 billion in 2024 to $7.36 billion by 2029, at a compelling CAGR of 23.57%,” he added.
Sanjeev Tiwari, ARVP, American Society for Industrial Security (ASIS) West India Region, said “The emphasis on technology in today’s security landscape is undeniable. Many organizations are now looking to replace mundane tasks with technology. Especially in a country with a population exceeding 1.4 billion, it’s essential to adapt to the changing technological landscape.”
“As the threat landscape evolves, from terrorism to insider threats and geopolitical risks, it’s essential to adapt to these changes,” he said.
According to industry executives, the recent innovations in surveillance, security, and network offerings are gradually reducing the costs of specialised products and increasing their overall effectiveness. The digitisation and the ever-increasing deployment of video surveillance systems are further catalyzing market growth, they added.
