The additional spending comes in the wake of the recent terror attacks in the country, and is likely to be very much welcomed by a host of security companies in India.
According to an analysis by Frost & Sullivan: “The security market earned revenues of USD 800 million in 2007 and is estimated to reach over USD one billion in 2016.”
Independent estimates put the industry growth at 35 per cent over the next five years, and many players in the country are hopeful of a windfall in their businesses.
With this in mind, many global and domestic players are aggressively looking at the lucrative pie. Companies are now offering and bundling custom-based CMS platforms so as to provide a complete end-to-end solution.
Multi-sector growth
The growth for security equipment is expected to come from sectors such as aviation, transport, oil and gas, and power sectors. Commercial entities like malls, multiplexes and retail outlets too play a great role in the industry’s growth.
Meanwhile India, which has been traditionally an analogue market, is now taking the IP-based platform route. Another interesting trend is the movement of the industry from proprietary to open standards. The focus is more on technology application-oriented systems, thereby saving on costs and precious resources.
According to Deepak Thakur, director, Security South Asia, Honeywell Security & Data Collection: “The industry is now geared to provide creative operating systems with in-built intelligence to take actionable decisions.”
Companies such as Axis Communications, a global IT company offering network video solutions for professional installations, are driving the ongoing shift from analogue to digital video surveillance.
Prakash Prabhu, country manager, Axis Communications, said: “The focus is on security surveillance and remote monitoring that are based on innovative, open technology platforms.”