SAFETY on TOP!

The growing urbanisation and connected living are pushing the needs for better security systems and solutions. IoT, artificial intelligence and automation (robotics) are going to play significant roles in future.

The security systems market in India is segmented into commercial buildings, residential buildings and industrial buildings as per the end-user perspective. Technavio's latest market research report estimates the security services market in India to register a CAGR of 15%. Though the ongoing pandemic effect has impacted the market adversely, the emerging trend indicates a growing adoption of security systems in building infrastructure, especially in commercial and residential buildings.

Home security systems market

According to Markets & Markets report, the global home security systems market size was valued at US$53.6 billion in 2020 and is expected to reach US$78.9 billion by 2025, at a CAGR of 8.0% during the forecast period. The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems, the emergence of the Internet of Things (IoT) and wireless technologies and increasing adoption of IP cameras for video surveillance amid Covid-19 crisis.

The emergence of IoT has led to the development of miniaturized sensors and actuators and low-power wireless communication technologies, the report indicates. Besides, the growing adoption of the internet, tablets, and smartphones is paving the way for the introduction of IoT in home security, with the use of smart applications. The IoT has enhanced the quality of products and the consistency of automation systems. Mobile devices and the web act as an interface for the connection of security systems to the cloud; the integration of home security systems with cloud helps in remote monitoring of homes or other infrastructure.

Many citizens today believe that they will be leading their lives and working very differently in the unforeseeable future. The COVID-19 induced pandemic has significantly altered multiple industries and businesses across the globe giving a rise to the use of automation to a great extent. The pandemic established a need among the customers to opt for smart solutions for their homes and offices, as IoT based smart products offer ease of control at customers fingertips. One of the prime features of these smart technology- based products is that they are contactless as well as secure, thereby making life more convenient. As connected devices become increasingly popular, the prospective threat of security breaches has also increased.

Swapneel Nagarkar, VP & Business Head, Godrej Security Solutions, says,“In response to this, we have introduced the Spotlight range of home cameras, that assures easy-to-use surveillance and the ability to constantly stay connected to your loved ones without dreading the risk of someone spying on your home. This need for home security cameras has been further fuelled by the pandemic as people are compelled to stay away from their loved ones. In fact, we have seen a 40% uptick in home camera demand due to this need of the hour. The 'Spotlight' range of cameras have been designed and manufactured in India with the objective of offering citizen the best-in-class data security so that a customer's home and personal data can remain private.”

Security systems in commercial segment

Talking of security in commercial areas, the CCTV camera industry is growing at the rate of 18% after markets have re-opened and is expected that the sector to keep up the pace in the year to come. On the range of services and solutions offered by the company, Nagarkar elaborates,“Godrej Security Solutions is a comprehensive security solutions provider and we will continue to develop products that cater to the need of new age audiences and lead product development through innovations that are 'Made in India'. As the need for CCTV security cameras has augmented, we have recently launched the See Thru Color NV+ CCTV camera that offers features such as colour night vision, backlight compensation, supports ultra-low illumination, and more. Recently, the brand has seen the highest demand for surveillance cameras from the North zone followed by West, South, and East. We aim to target 10% growth of the total security solutions market in the next three years. In the last two years, we have witnessed a 50% growth in revenues generated from the sale of electronic security solutions. Our aim is to further to focus further on the electronic security solutions portfolio and provide customers with products that can add value to their lives.”

Market dynamics

Video surveillance systems accounted for the largest market share of the security systems market. Video analytics enhances the performance of video surveillance systems through real-time event detection, post-event analysis, and statistical data extraction while saving manpower costs and increasing the effectiveness of the surveillance system operations.

On the market trend in the year 2021, Ashish P Dhakan, MD & CEO, Prama Hikvision India, points out, “In spite of a highly unusual 2021, the security industry's constant transformation has not stopped. Several significant shifts in the use of technology are even accelerating - for example the increasing applications of multi-perception technologies, the convergence of security systems, the popularity of artificial intelligence, and the rise of cloud solutions. These changes are expanding and reshaping the scope of the security industry, from keeping people and assets safe to creating more secure, efficient and intelligent environments.”

Looking ahead

The market for security systems and solutions is going to flourish in the coming years considering the way the connected living and urbanisation are progressing. “Looking ahead at 2022, we have high hopes of growth and expansion in the Indian security market. We expect the return to normalcy in the business and economy will revive the demand for security solutions across the verticals,” Dhakan says. Also, technology disruption will play a key role in future for the revival of security systems market. “In 2022, we could expect a slew of Security Technology innovations led by Artificial Intelligence (AI), IoT (Internet of things) and Automation (Robotics) trends,” Dhakan adds.

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