BLITZ BUREAU
NEW DELHI: India’s security market, with biometrics and surveillance emerging as major segments, is predicted to surpass $15 billion by 2029, industry officials said.
Speaking at the Security and Fire Expo organised by Informa Markets, Bijoy Alaylo, Vice President, TP-Link Consumer, said that the surveillance market in the country is projected to boost at a “CAGR of over 16 per cent this decade, driven by the rapid evolution of technologies introduced year-over-year.”
“In India, the surveillance market is currently valued at about $4.3 billion with projections indicating it will exceed $15 billion by 2029,” he mentioned. The video surveillance systems market in India is undergoing a significant change, with a focus on IP cameras and IoT (Internet of Things) integration in high-risk environments to enhance security.
Industry experts predicted that this shift will drive the market from $2.6 billion in 2024 to $7.4 billion by 2032, with a CAGR of 14 per cent. As per Ashish P. Dhakan, MD & CEO of Prama Hikvision India, the Indian security market is full of growth opportunities.
