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Is India the next high-growth market for IP video surveillance?
Global SourcesUpdated on 2023/12/01
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The market could be worth more than $1 billion in the next six years.
India’s IP video surveillance market is set to expand by 23 percent every year over the next six years.
Source: 6W Research
According to a study by 6W Research, India’s market for IP video surveillance will grow significantly in the next six years. A 23.1 percent CAGR is expected between 2015 and 2021, driving total sales up to $1.4 billion in 2021 from an estimated $402 million in 2015.
“Declining prices, terrorist strikes, government initiatives, rising public infrastructure, increasing government security spending and growing awareness have fuelled the adoption of IP surveillance systems in India,” said Anuj Mehrotra, research analyst at 6Wresearch Electronics Division.
While analog systems currently make up the bulk of purchases, IP video is seen to grow faster and become the largest segment by 2020 at the latest. Government and transportation are the current key applications for IP video surveillance, and this is not expected to change over the forecast period.
There are a few recent developments suggesting that the forecast is on target. For example, the city of Mumbai is rolling out its long-delayed IP video surveillance system, scheduled to be completed in September 2016. The deal was signed earlier in the year with a consortium led by Larsen and Toubro. This system includes over 6,000 HD IP security cameras at about 1,500 different sites around the city.
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