The Prospects For The Indian Security And Surveillance Sector

Indian security and surveillance market is at a fascinating stage. We are moving from security in closed spaces to security of public places. This has led to spending from both government and the private sector.

- Sudeshna Das

The global security and surveillance industry has grown in importance owing to the growing importance placed on safety and well-being, both in residential and commercial sectors. Significant rise in security threats has propelled governments from different countries to prioritise the development and adoption of advanced surveillance techniques. Growing crime rates and increasing instances of security breaches across the world, leading to massive loss of human life and assets, are the major drivers of the electronic security market.

With the common purpose of detecting, monitoring and recording intrusion, security systems can be as elementary as a video camera or as complex as a biometric system. Digital surveillance techniques in the form of closed-circuit television (CCTV) cameras, burglar alarm systems and access control systems have become household names. Intellectual property (IP)-based surveillance technology, touted as the future of surveillance systems, has replaced closed-circuit analogue systems, which, until recently, predominantly dominated the security market. The surveillance industry can be broadly classified into four major segments as outlined in Table I.

According to a report by Markets and Markets, the video surveillance market, which was valued at US$ 30.37 billion in 2016, is projected to cross US$ 75 billion by 2022, at a compound annual growth rate (CAGR) of 15.4 per cent between 2017 and 2022. Likewise, a report by Business Wire states that the intrusion detection systems market is expected to grow from US$4.12 billion in 2016 to US$5.82 billion by 2021, at a CAGR of 7.1 per cent.