Public Safety Concerns are Propelling the Growth of India video surveillance market
The rising security concerns, primarily related to terrorism threats and increasing crime rates have led the market of video surveillance to increase efficiently in India. With the increase in crime rates people in India were not secure but with the advancement of new technologies such as surveillance system software which include analog and IP software, there is a watch on these crimes and with the expansion of this market people are feeling safe.
On the basis of end users which are residential, commercials, government transportation etc, government & transportation accounted for the largest share in overall market of India as Mumbai attack in 2008 was a wake up call, government is taking lot of initiative to provide security to public. The market of India video surveillance accounted for USD 5.2 billion in 2016 and further the market is predicted to register a modest CAGR of 33% over the forecast period i.e. 2017-2024. On the basis of region Northern India is said to dominate the market other than any other region with the states of Delhi NCR, Haryana, Punjab, Uttaranchal and Uttar Pradesh etc.
Rapid economic growth and increased demand from various sectors: Major boost
Since the economy of India is growing at a very rapid pace therefore it is leading the market towards growth and also the increased demand from various sectors such as: commercial sectors, residential sectors, etc is also propelling the growth of demand.
Latest and advanced technological trends: Innovation
Indian surveillance market is adopting the latest technology also with the help of Government who has introduced Modified Special Incentive Package scheme (M-SIPS) to encourage manufacturing in video surveillance industry. The main purpose of the scheme is to provide incentives to promote electronic manufacturing in India and to build ecosystem of supporting a globally competitive Electronic System Design & Manufacturing (ESDM) sector. Also high maintenance and acquisition cost, slow government clearance etc are the points that may hamper the growth of this market.
“India video surveillance Market Outlook 2024” It contains detailed overview of the India video surveillance market in terms of market segmentation by type, by specification, by end-user. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also provides competitive outlook of some of the major players of the global India video surveillance market which includes profiling of companies of the Axis Communications AB, Bosch Security Systems, Inc., Cisco Systems (India) Pvt. Ltd, Hangzhou Hikvision Digital Technology Co. Ltd, Honeywell Automation India Limited, Infinova (India) etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the India video surveillance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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