The India electronic security market has continued to evolve through government funding and international cooperation. The domestic industry will develop further in order to decrease the country’s dependency on foreign manufacturers. Economic reforms in the country are still underway along with legal, tax and regulatory developments with the market requirements. The future potential of the Indian electronic security market is largely subject to such reforms and can alter the efficiency of the government’s economic, financial and monetary policy. The vigorous development of the Indian electronic security market has gained attraction among the foreign players as well as for investors. India electronic security market has experienced an average annual growth rate of 31.8% over the period FY’2008-FY’2013.
The growing awareness about the benefits of electronic security equipment among the Tier-I, Tier-II, and Tier-III cities is expected to escalate demand for electronic security equipment in the near future. The booming commercial and industrial sectors driven by the increasing number of offices, retail stores, and large industries in the country is also likely to contribute to the growth of India electronic security market in the coming years. Growth in demand for electronic security equipment has also attracted the attention of many domestic and foreign electronic security equipment manufactures and others to tap this segment of the domestic market.
“Video surveillance systems hold huge potential and will remain the largest segment of the India electronic security market in the future. Currently, analog based surveillance owns the majority of the video surveillance market revenue, but by FY’2016, IP surveillance systems will overtake the sales of analog based surveillance systems”, according to an Industry Veteran, Sony India Private Limited.
“With rapid urbanization, increasing investments by government and various technology advances in the domestic market, the future of electronic security systems seems promising. Growing GDP of India and brighter economic conditions in the future will significantly impact the installation of high-technology electronic security equipment as higher household income signifies greater possibility of spending on electronic security equipment”, according to the Research Analyst, Ken Research.
The report titled “India Electronic Security Market Outlook to 2018- IP-based Video Surveillance and Integrated Solutions to Drive the Future’, provides detailed overview on the electronic security market in India and help reader to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, electronic security product and service companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.