The latest research from 6wresearch suggests that the video surveillance analytics software market size in India is projected to grow at a CAGR of 32.4% during 2019-25. The construction sector in India is an area of focus for the government and further initiatives such as the Smart Cities Mission could also spur the demand for video analytics software solutions in the region.
The retail and education sectors in India are becoming more receptive towards utilities such as pattern recognition and face recognition for their daily tasks. This has opened up new opportunities for the application of video surveillance analytics software in such domains in the country. Therefore, the construction of new central universities, AIIMS and multiple retail establishments in the near future would push the demand for video surveillance and subsequently, video surveillance analytics software solutions.
According to Chhavi Malpani, Senior Research Analyst, 6wresearch, “The government & transportation and commercial & industrial segments hold the maximum revenue share, by verticals, due to rapidly rising installation of video intelligence solutions in newly constructed government institutions and commercial office spaces. Further, increasing development in the transportation sector, such as the construction of airports and public transit systems, would further lead to an increase in demand for video surveillance analytics software in this domain over the coming years.”
According to Sarthak Bansal, Research Associate, 6wresearch, “Amongst macro applications, city surveillance captured the highest revenue share in the overall India video surveillance analytics software market. The ongoing Smart Cities Mission, where 100 state-of-the-art cities would be built all-over India, would be the primary reason behind the rapid growth of this application. Besides, the rising security concerns among people along with increasing cases of theft and burglary would also lead to major growth in the city surveillance application of video analytics software.”
Some of the major companies in the Indian video surveillance analytics software market named in the report include Allgovision, Videonetics, Agent Video Intelligence and Honeywell.
