Industry Experts Indicate that Indian Security Market to Exceed $15 Bn by 2029

by IS_Indust
Security Market

India’s security market is poised to exceed $15 billion by 2029, driven by advancements in biometrics and surveillance technologies. Industry experts highlight a compound annual growth rate (CAGR) of over 16%, propelled by evolving technologies. The market is focusing on IP cameras and IoT integration, with significant growth predicted for video surveillance systems.

Speaking at the Security and Fire Expo organized by Informa Markets in India, Bijoy Alaylo, Vice President of TP-Link Consumer, noted that the surveillance market in India is currently valued at about $4.3 billion and is projected to surpass $15 billion by 2029. He attributed this growth to a “CAGR of over 16% this decade, driven by the rapid evolution of technologies introduced year-over-year.”

The video surveillance systems market in India is experiencing a significant transformation, with a strong emphasis on IP cameras and IoT (Internet of Things) integration in high-risk environments to enhance security. Experts predict that this shift will drive the market from $2.6 billion in 2024 to $7.4 billion by 2032, with a CAGR of 14%.

Ashish P. Dhakan, MD & CEO of Prama Hikvision India, highlighted the growth opportunities within the Indian security market. “As we embrace technological innovation and adapt to evolving societal needs, we are witnessing the convergence of advanced technologies such as AI, IoT, and big data,” he said.

According to Counterpoint Research, India’s smart home security camera shipments grew by 48% year-over-year (YoY) in the first quarter (Q1) of last year, from January to March. The report noted a significant increase in demand for home security products as offices began reopening for working professionals during that time.

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