Changing Landscape of Security and Surveillance Market in India

If there’s one thing that the COVID-19 outbreak has taught the world, it is that the future is almost always more uncertain than we dare to imagine. A year ago, nobody would have had the foresight to predict the current turn of events. However, irrespective of the universally unexpected onset of a pandemic, the wheel on time is spinning like it usually does. More precisely, the world is adapting to the situation at hand instead of surrendering to its aftermath. On the business front, some sectors have been more affected than others. However, the market at large is feeling the effects of a worldwide slowdown. The same is also true for the Security and Surveillance market in India.

In fact, an April 2020 study has already laid out the expected global decline for the video surveillance market. As per the collected data, the $19.9 billion entity is likely to experience a 2% negative growth. However, when we talk about the security and surveillance industry at large, there are many verticals other than video surveillance that enter the picture. Thus, it’s too early to paint a statistical picture of the changing landscape. But, data is being collected at a breakneck pace and we’re certain that a pan-India survey will surface soon enough.

Manish Agarwal, Director, Secureye

However, the lack of statistical evidence doesn’t imply that the industry is oblivious to the changes at play. Organizations are quickly warming up to the fact that the needs of the market have molded to accommodate a world under lockdown. The increased demand for advanced surveillance systems with temperature screening capabilities confirms the assertion laid above. For the business world to regain any sense of normalcy, office spaces must have adequate safeguards in place. Since the onus of supplying those safeguards is on the security and surveillance market, products like infrared thermometers and body temperature smart screening cameras are gaining traction over traditional offerings like CCTV Cameras, biometric attendance machines, alarm systems, RFID cards, etc.

As far as the future prospects of the sector are concerned, we still need to wait for a well-rounded predictive analysis that accounts for the effects of COVID-19. Nonetheless, we believe that earlier projections still hold some merit. The Security and Surveillance Market, much like the rest of the IT sector, is a booming industry that will drive the country’s economic growth for years to come. Thus, we expect the consolidation trends observed in the past to continue once the dust settles. Relevant technologies like AI and IoT will also drive a large chunk of the innovation in India’s security and surveillance market. All in all, we’re still hopeful that the sector will more or less mimic the previously predicted 33% CAGR (Compounded Annual Growth Rate) till 2024.

In a nutshell, it is indisputable the security and surveillance market is dealing with production delays and logistical challenges. However, it is a behemoth that is quickly habituating to the new-world-order. In fact, it has positioned itself as a key player in restoring balance to the country’s economic fiber.