Increasing criminal activities, people getting more aware about the security and government pushing the installation of CCTV cameras in the residential sector are increasing the sales of CCTV cameras market in the electronic security market.
According to recently published report of Bonafide Research "India CCTV Camera Market Outlook, 2021", CCTV camera, access control system, intrusion detection system and intercom are some of the products that are used in the electronic security market. The increasing criminal activities, rising terrorism threats lead to the market of electronic security in a country like India which has a huge population base. Government funding and international cooperation are the factors involved in the boost of the India electronic security market. People now becoming concerned about the security factor and government pushing installations of CCTV for prevention of crime is now making the CCTV market to grow with a CAGR of more than 22% in the period from 2016 to 2021.
Electronic security equipments includes products like CCTV systems, access control systems, intrusion alarms, intercoms and other electronic security equipments including metal detectors and X-Ray. The incidents like 26/11 and other terrorist’s activities in some of the metro cities of India is the key factor which fuelled the market of electronic security. Indian electronic security market remains largely unorganized and is being constantly flooded with inferior security products from Taiwan, China and other Southeast Asian countries. The electronic security market in India has made noteworthy progress in the recent years, fuelled by rising residential, commercial and industrial construction, increased activity by foreign and domestic companies and rapid expansion of distribution channels.
Closed Circuit Television (CCTV) is a system which uses cameras to transmit signal to a specific place which helps to monitor any kind of activities going on in any area. CCTV is a growing market as it is being widely used in many applications all over the world. Gradual move towards integrated access control systems, which provide better safety and security as compared to standalone systems, is anticipated to increase the revenue growth of access control market in the Indian electronic security market after CCTV camera market. Intrusion detection systems are most popular amongst the residential sector, but fail to generate demand from other sectors, owing to high-rate of false alarms instances, generally induced by environmental conditions. This market is primarily driven by the growth in the demand of apartments having an inbuilt security system including wireless intercoms. CCTV being a product of commercial establishments and with the concept of home automation already penetrating in the market is expected to take over a major share of the electronic security market by 2021.