Following the Mumbai terrorist attacks, the demand for security equipment in India has spurred, leading to high growth of the security industry.
Large corporate houses, commercial establishments and hotels are requesting the security market for effective security systems that can protect their establishments from next potential attacks, as reported by sify.
As per industry sources, the Indian electronic security system market has been growing at 30% and currently valued at 1,800 Crore. Security industry officials expect that the market will grow at 25-30% in coming few years.
This boom in the demand for security products is the result of recent terrorist attacks on few of the Mumbai landmarks as the incident rocked the country’s economy and forced MNCs to halt their operations temporarily. Soon after the attacks, leading industries such as Aviation, Power, Transport and Oil & Gas sectors flooded the security market with enquires about security equipments. Besides this, commercial centers such as shopping malls, retail outlets and multiplexes are also looking for effective surveillance systems.
The growth opportunities for the security industry in India are increasing phenomenally due to constant threat from terrorists, rapid development in infrastructure and eventual development in civil aviation industry to raise the spending on installation of security equipments. The security industry will receive additional support from transport, construction and infrastructure. The growth outlook for the electronic security industry is also very bright in India, emerging as the hottest market for security systems.
Furthermore, with rising demand for security solutions ranging from video surveillance to biometrics, security companies are seeing fast paced growth, while rest of the corporate are feeling the heat of credit squeeze.
According to a Research Analyst at RNCOS, “Mumbai terrorist attacks have triggered growth in the Indian electronic security market as major sectors like hotels, which were earlier indifferent to security, are undertaking security measures. Moreover, this projected trend will not only increase the demand for security equipments over the next few years, but also create opportunities for private security companies with a record of training of non-military security forces.”
Related Market Research Reports:
Global Biometric Forecast to 2012
Global CCTV Market Analysis (2008-2012)
Global Electronic Surveillance Market Outlook
