The security market ecosystem is rapidly adopting AI, IoT and cloud-based technologies and a variety of solutions to provide fully proven solutions.
Ashish P. Dhakan, CEO, Prama Hikvision India, said, “The adoption rate of AIoT solutions is growing faster with awareness of its benefits. We are at the forefront of AIoT technological innovation and offer cutting-edge technologies in all of our latest products and solutions.”
“5G-enabled cameras eliminate the need for cabling in applications such as highway surveillance. Even familiar products like X-ray scanners are getting smarter and are now using artificial intelligence to identify objects and generate QR codes,” he said while speaking at the SAFE West India exhibition held in Mumbai. “These advances underscore the growing importance of technology for safety,” he added.
Sandeep Sabharwal, Assistant Vice President, Corporate Administration, Aditya Birla Management Corporation Pvt. Ltd., said, “The evolution of security is evident, from customary methods to integrated technology solutions such as artificial intelligence, IoT and cloud-based systems.”
“Today, security is an integrated form, not constrained to the guard at the gate, but includes advanced systems such as video surveillance, on-site intrusion detection and drone surveillance, enhancing overall security,” he said. Anup Nair, president of sales for CP Plus, said the surveillance industry, valued at around $2 billion, has stabilized post-pandemic and is growing at a CAGR of 15-18%. “Last year we grew by almost 25%,” he said.
Yogesh Mudras, managing director of Informa Markets India, the organizer of the exhibition, said: “As India moves towards achieving its goal of a $5 trillion economy, the government’s investment of around $30 billion in intelligent city initiatives highlights the growing the importance of security and security infrastructure.”
“Related equipment, including surveillance and security equipment, communications devices, displays, video surveillance, access control systems and detectors and sensors using Internet of Things technologies, will be in high demand,” he added. “Additionally, with the Indian electronic security market forecast to grow from USD 2.56 billion in 2024 to USD 7.36 billion by 2029, at an attractive CAGR of 23.57%,” he added.
Sanjeev Tiwari, ARVP, West India Region, American Society for Industrial Security (ASIS), said, “The emphasis on technology in today’s security landscape is undeniable. Many organizations now want to replace mundane tasks with technology. “Particularly in a country with a population of over 1.4 billion, it is imperative to adapt to the changing technological landscape.”
“As the threat landscape evolves, from terrorism to insider threats and geopolitical risks, it is imperative that we adapt to these changes,” he said.
According to industry executives, the latest innovations in surveillance, security and networking offerings are gradually reducing the costs of specialized products and increasing their overall effectiveness. They added that digitalization and the ever-increasing implementation of video surveillance systems are further catalysing the market growth.
