Market Potential of Security and Surveillance Market in India

In the past few years, the issue of security of the citizens is grabbing attention due to so many criminal and terrorism related cases occurring in the country. Owing to the new technological advancements in surveillance system software such as CCTV cameras, there is a watch on criminal and terroristic activities in most of the places, making people feel safer.

The video surveillance market in India is witnessing an exponential growth as the security concerns of the nation needs to be looked after. The government is urging more and more installation of CCTVs in every area possible – from streets to local shops – to ensure the safety of general public. With such a huge demand, the industry is all set to reach greater heights in the near future and ensures a promising future ahead for entrepreneurs in the field.

Market Potential

The video surveillance market in India accounted for $5.2 billion in 2016 and is further expected to grow at a CAGR of 33% over the forecasted period of 2017-2024. The economy is growing at a very fast pace, giving hype to the demand from various sectors. The industry is also witnessing some major growth due to the recent technological developments happening in the market. IP video cameras and video walls are two of the essential technologies that are needed to monitored 24x7 and are emerging as the trendiest in the market. Besides these, CCTV and Video analytics are also being demanded from different set of end-users such as residential, commercial and transportation.

Statistically speaking, the sales of surveillance products have seen some positively drastic changes over the years. As per reports, the unit sales of analog CCTV cameras in the year 2014 were recorded to be 78 lakhs while 11 lakh units of digital cameras were sold in the same year all over India. In the year 2018, the numbers have almost doubled with 181 lakh units of analog cameras and 36 lakh units of digital cameras being sold.

Over the last few years, the prices of surveillance cameras have seen significant drop, which is also one of the factors that have given rise to more sales of high resolution cameras (mainly cameras with 1080p resolution).

Major Players in the market

The security and surveillance market is majorly dominated by several firms ranging from domestic brands such as CP Plus to joint ventures such as Prama Hikivision to multinationals such as Bosch, Panasonic, Honeywell and Axis. All of these brands are established brands and offer franchises for the aspiring entrepreneurs to join in the venture. To buy a CCTV camera franchise, one must invest an amount of Rs 30-50 lakhs for the area of 1000 sq ft.