The Prospects For The Indian Security And Surveillance Sector

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Indian security and surveillance market is at a fascinating stage. We are moving from security in closed spaces to security of public places. This has led to spending from both government and the private sector.

The global security and surveillance industry has grown in importance owing to the growing importance placed on safety and well-being, both in residential and commercial sectors. Significant rise in security threats has propelled governments from different countries to prioritise the development and adoption of advanced surveillance techniques. Growing crime rates and increasing instances of security breaches across the world, leading to massive loss of human life and assets, are the major drivers of the electronic security market.

With the common purpose of detecting, monitoring and recording intrusion, security systems can be as elementary as a video camera or as complex as a biometric system. Digital surveillance techniques in the form of closed-circuit television (CCTV) cameras, burglar alarm systems and access control systems have become household names. Intellectual property (IP)-based surveillance technology, touted as the future of surveillance systems, has replaced closed-circuit analogue systems, which, until recently, predominantly dominated the security market. The surveillance industry can be broadly classified into four major segments as outlined in Table I.

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According to a report by Markets and Markets, the video surveillance market, which was valued at US$ 30.37 billion in 2016, is projected to cross US$ 75 billion by 2022, at a compound annual growth rate (CAGR) of 15.4 per cent between 2017 and 2022. Likewise, a report by Business Wire states that the intrusion detection systems market is expected to grow from US$4.12 billion in 2016 to US$5.82 billion by 2021, at a CAGR of 7.1 per cent.

A research conducted by Technavio classified the wireless video surveillance (WVS) market into three key geographical regions. It was reported, that the Americas accounted for 41.96 per cent of the total WVS market in 2016, the APAC countries 23.01 per cent and the EMEA regions 35.03 per cent, as shown in Fig. 1. Major players in the industry are Bosch Security Systems, Cisco Systems and Hangzhou Hikvision Digital Technology. The most common form of security and surveillance technique across the globe is video surveillance systems, which was worth US$ 15 billion in 2016.

Fig. 1: Global homeland security surveillance camera market (Source: Business Wire, 2017)

Market perspective

The security sector has witnessed tremendous growth since 2010 and is expected to continue through 2020.

The fear of terrorism and crimes like theft and vandalism, and the growing insecurity among people regarding the safety of their property and assets, are some of the major contributors to the growth of the global surveillance market. According to Global Terrorism Index (GTI) 2016, India ranked seventh in the list of countries most impacted by terrorism with over 250 terrorism-related deaths in 2015. This has prompted the government to take stringent steps in protecting its citizens by promoting technology-based security systems in the country. A growing number of people have begun to install CCTV cameras, intrusion alarm systems and other forms of security techniques to avoid the frightful consequences of crimes.

Increasing rates of urbanisation and higher levels of foreign investments have prompted higher standards of living among the people, which has boosted the use of security systems.

Foreign direct investment (FDI) plays a crucial role in modernising a society and boosting economic development. This further promotes adoption of new technologies to a developing society. Several economies today are, thus, advocates of modern surveillance technologies like HD video cameras.

As terror attacks and crime rates increase, the size of human force available to manage such occurrences become relevant. Presently, the number of police officers available in most countries to cater to the needs of the population is considerably low, with the global average rate declining from 305 police officers in 2012 to 297 in 2013 per 100,000 people. This has prompted people to increasingly lean towards security and surveillance systems like CCTV cameras to help monitor suspicious activities. Hence, a larger proportion of people are installing technology-based surveillance systems and relying lesser on police personnel for their safety.

Table I: Broad Categories of Securities Industry
Market classification Definition Examples
Access control market Performs authorisation identification, authentication, access approval and accountability of entities through login credentials PIN numbers, smartcards, biometric scans, electronic keys
Intrusion alarm system Detects the presence of intruders at premises, triggers a local siren to deter activity and, simultaneously, communicates the event to a security-monitoring centre so that appropriate response can be coordinated Burglar alarms, fire alarms, motion detectors, smoke detectors
Video surveillance market A security technique for monitoring and observing a particular area through video cameras CCTV cameras, outdoor perimeter security
System integrated market An integrated security system that allows a company’s multiple forms of security operations to become centrally managed Mainly used in corporate offices, shopping malls, hospitals

 

The increase in crime rates is not only restricted to the real world but has also managed to trickle down into the virtual world. There have been an increasing number of cases of bank fraud, identity theft, theft of classified information and so on. The financial services sector today has become vastly technology-driven and insists on cashless or paperless transactions. This exposes people increasingly to sophisticated cyber attacks. Similarly, an increase in the number of bank facilities/branches over the years requires heavy security in order to avoid crimes and other sophisticated thefts. This has further fuelled the market for surveillance systems.

In India, apart from the usual drivers such as rising urbanisation, crime and terrorism, and low people-to-police ratio, the government has introduced several initiatives that promote the use of security and surveillance in the country. The Ministry of Home Affairs has issued strict regulations and guidelines for the security of children within school premises, which include installation of CCTV cameras and appointment of a sufficient number of security guards. The government has also laid emphasis on the growing need for women safety by installing CCTVs in public areas, buses, metro stations and the like.

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