Increasing terror attacks in India has stimulated software developers and security equipment manufacturers to produce hi-tech products, making the country a dynamic security product market.
According to Nigel Luke Brown, project director of United Business Media, growth of security products in India has boosted in wake of the upcoming Commonwealth Games, surge in the retail and hotel segments, the growing infrastructure and a remarkable growth in metros; a 40% growth in these products is expected in the current fiscal year, as per the news published by
DNA on October 21, 2009.
The Indian security market that was estimated worth US$ 530 Million (approximately) in 2007 and witnessing an annual growth rate of 25% was projected to reach US$ 700 Million by 2009-10. Out of this anticipated growth, 7-8% is likely to be contributed by the Commonwealth Games.
Also, as the country planned to cross the mark of US$ 29.5 Billion by raising its domestic security budget by 35% in 2009-10, it is now viewed as a strong market for the security products.
The industry experts state that India, being a host of numerous external and internal threats, has one of the most complicated security environments in the world. Further, the country is most vulnerable to attacks because of its vibrant and fastest growing economy.
According to “
Indian CCTV Market Analysis”, a market research report by
RNCOS, because of the increasing cases of terror attacks, Indian consumers have changed their perception for advanced safety and security needs. This has also stimulated the Indian software developers, service providers, and security equipment manufacturers to produce quality goods. The need of upgradation of security systems to hi-tech and modern levels is making the Indian security market increasingly attractive.
Moreover, as the infrastructure, banking, retail, and other industries continue to grow rapidly, the demand for surveillance systems will also see the upward trendas these are essential components to tackle security threats. The report further added that in 2008, the Indian electronic security market was pegged at an estimated value of Rs 1600 Crore, and around 35% growth is expected in the current year.
According to a Research Analyst at
RNCOS, “International firms that deal in security technology and systems are looking forward to be a part of the dynamic Indian security business. The most profitable key product areas include CCTV, representing around 50% of the total spending, intruder alarms, access control and hidden cameras.”
