India Electronic Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

India Electronic Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

India's Electronic Security Market was valued at USD 1.32 billion in 2021 and is expected to reach USD 4.90 billion by 2027, at a CAGR of 24.37% over the forecast period. Electronic security systems are made of electronic devices and embedded technology to develop safety measures to protect physical assets and individuals, which are helpful in various fields to deny unauthorized access. It facilitates security operations such as surveillance, access control, alarming, or intrusion control.

Key Highlights

• With rising urbanization and crime rate, there is an increasing demand for e-security solutions and services across the country. Smart city projects and large infrastructure developments are now adopting electronics security solutions across India.
• Increased use of cameras by the law enforcement agencies, advanced analytics like AI to enable facial recognition, thermal scanning, and monitoring, and a surge in the number of residential as well as commercial buildings along with the development of smart cities, are driving the growth of the market.
• The ongoing digitization and the ever-increasing deployment of video surveillance systems are further catalyzing the market growth. The biggest factor driving the industry growth has been the recent innovations in surveillance, security, and network offerings, gradually reducing the costs of specialized products and increasing their overall effectiveness.
• India is focusing on ambitious and innovative programs such as the Smart Cities Mission, which aims to eliminate infrastructural bottlenecks, minimize friction in operations, and promote a healthy urban environment. Moreover, to stimulate the transport infrastructure, the government has also allocated INR 233,083 crore in the Union Budget 2021, and all these new infrastructures would deploy video cameras, which would augment the market's growth.
• Rapid installation of access control systems across defense and commercial sectors and investment of various private and government entities in such solutions have boosted the growth of the market. However, a lack of knowledge regarding the benefits of advanced security solutions and high prices for installment at workplaces are challenging.
• In December 2021, Sashastra Seema Bal (SSB) and the Ministry of Electronics and Information Technology (MeitY) jointly launched the Hackathon DRISHTI, an initiative to develop low-cost solutions to improve border security and illegal intrusion with the help of surveillance. The SSB invited several Indian start-ups to provide solutions in any data format and surveil the Indian borders to achieve this technology. Start-ups like iVIS, Staqu, Videonetics, Innefu Labs, and FaceTagr are such start-ups used by state governments for surveillance.
• The state governments in India are increasingly adopting video surveillance equipment to improve security and safety. With the increasing emphasis on smart cities and integrated security surveillance, many states have incorporated advanced video surveillance solutions in their cities. For instance, the Telangana government is primarily focusing on improving surveillance on the streets to upgrade Hyderabad's safety. Telangana state has more than 600,000 cameras, with most of them in the capital, Hyderabad.

Key Market TrendsSurveillance Security System is Expected to Hold Major Share

• The state governments in India are increasingly adopting video surveillance equipment to improve security and safety. With the increasing emphasis on smart cities and integrated security surveillance, many cities have incorporated advanced video surveillance solutions in their region. Terrorism is undoubtedly another major issue in India, primarily due to the numerous terrorist attacks over the last twenty-five years.
• For instance, the Telangana government primarily focuses on improving surveillance on the streets to upgrade Hyderabad’s safety. It asked enterprises, the public sectors, residential associations, and individuals to install closed-circuit television cameras (CCTVs) in and around their premises.
• The surveillance and security boom in India is fed by several companies, ranging from homegrown firms, such as CP Plus, to joint ventures, such as Prama Hikvision, to multinationals, such as Bosch, Panasonic, Honeywell, and Axis. For instance, the Telangana project, helped Sweden-based Axis Communications widen its base in the Indian market. It has already installed 1,500 cameras, and more cameras are expected to be installed soon.
• The safety of women is a significant concern in India, and video surveillance technology can help bolster the cause of women's safety. Hence, the Indian government focusing on steadily increasing the number of CCTV cameras in cities. Mumbai has one of the highest numbers of CCTV cameras installed in public places, with more than 4,717 CCTV cameras being installed across 1,510 locations on major crossings and roads.
• Such instances related to security foster the growth of vendors offering video surveillance backed by AI-driven video analytics systems, which require less manual intervention and leverage the growth of the video surveillance market.

Government is Expected to Drive the Market

• The state governments in India are spending on initiatives to make their respective states more secure. The development of smart cities is one of the vital segments of infrastructural developments, with the application of surveillance systems, alarming systems, and access controls.
• The government has increased the outlay for the digital India program by 23 % to INR 3,958 crore for the 2020-2021 year. The increase has been mainly focused on account incentives to be given for electronic manufacturing, research, and development, cybersecurity, and promotion of IT and IT-enabled services.
• For the local and state governments, security is a top priority. Government buildings are subjected to homeland security regulations, which may mean restricting entry. Access control systems can verify employees and limit access to departments and confidential information while maintaining public access to other areas.
• In India, as part of imposing more restrictions on the visitors to the secretariat, the government decided to develop an access control system at all the entrances to the secretariat complex. The government has given sanction to the project costing INR 1.95 crore to be implemented by Keltron, with technical assistance from Kochi Metro Rail Ltd.
• In the defense sector, video surveillance has diverse applications, such as monitoring remote areas for human movement, coast guard vessels, offshore missile platforms, and perimeter security. Technological developments have led to the development of unmanned airborne surveillance systems or drones.
• For instance, to boost the Indian Army's defense and surveillance systems used on the border, in recent years, Defence Research & Development Organization (DRDO) developed robust technology-enabled surveillance equipment called Video and Image Processing Enhancement and Recognition System (VIPERS).

Competitive Landscape

With the declining product cost, there is a rise in the entry of the players offering the product observed. Additionally, the lack of differentiation in the product offerings made the vendors adopt competitive pricing strategies. Hence, due to the presence of many players, the market trend is toward fragmentation.

• September 2021 -Bosch's Intrusion Control Panels (B and G Series) were integrated withLENSEC'ss Perspective Video Management Software (PVMS). This new partnership would allow security operators to manage intrusion, fire, and access control systems while monitoring video surveillance cameras behind one pane of glass.
• February 2021 - IDEMIA, one of the prominent players in augmented identity solutions, partnered with the Federal Bank Limited in India to improve their existing access control and employee management systems with contactless biometric access control.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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