Smart City projects, IoT applications, growing demand for advanced security solutions to drive video surveillance analytics software systems market in India
According to 6Wresearch, India’s video surveillance analytics market is projected to grow at a CAGR of 35 per cent during 2017 to 2023. Government and transportation vertical captured major chunk of the market on account of rising security expenditure to install advanced surveillance solutions at various public places in India. Additionally, with increasing adoption of these solutions across various verticals particularly, commercial and industrial, retail and oil and gas, the growth for surveillance analytics software market in India looks promising. According to the research, rising Smart City projects and IoT applications along with growing demand for advanced security solutions would drive the market for video surveillance analytics software systems in India.
The “India Video Surveillance Analytics Software (2017–2023)” report by 6Wresearch estimates and forecast the overall India video surveillance analytics software market by macro and micro applications, verticals and regions. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
Need for advanced security systems as a result of rise in terrorist threats, increasing crime rate, along with growing public and private infrastructure have propelled the demand for intelligent video surveillance solutions in India. Advantages of surveillance systems over physical security such as ability to allow continuous and remote monitoring is further giving opportunities for their deployment across the country.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, “In 2016, City surveillance macro application segment captured major share of the market. However, building surveillance application is likely to overtake and register maximum revenue share during the forecast period. During the forecast period, perimeter intrusion detection and Automatic Number Plate Recognition (ALPR) are likely to emerge as the key growing applications in India video surveillance analytics market. Government and transportation as well as commercial and industrial verticals would be the major contributors for the rising demand for these two applications.”
According to Anuj Mehrotra, Senior Research Analyst, Research and consulting, 6Wresearch, “Video surveillance analytics software market is experiencing extensive and remarkable adaptation on account of increasing IoT and development of smart cities across the country. Further, rising spendings by the government across IoT and Smart Cities is expected to further fuel the market growth and reach its true potential. The Western region accounted for the highest deployment of video surveillance analytics software solutions owing to rising demand for advanced security solutions. Additionally, the region is expected to capture maximum share by 2023.”
According to Ashwin Amarapur, CEO, AllGoVision. "India video surveillance software market is growing at a fast pace driven by advances in video analytics solutions. Video analytics is being used in smart cities, traffic management, smart buildings, and smart retail. Advances in technology driven by artificial intelligence and deep learning are enabling accuracy close to human perception. Further, with government initiatives for Smart City and IoT developments, the market would register significant growth over the next five to six years."
Recent developments such as Andhra Pradesh IoT policy approval to develop the state as IoT hub by 2020 and smart cities development by the Government of India would further increase the demand for advanced security solutions including analytics software in the country.
Some of the major Companies in India video surveillance analytics software market includes Honeywell, Allgovision, Videonetics, Agent Video Intelligence and NICE Systems.