India's security market expected to exceed $15 bn by 2029: Industry experts

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 in India, 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.

"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.

Last year, India's smart home security camera shipments grew 48 per cent year-over-year (YoY) in the first quarter (Q1) -- January to March, according to Counterpoint Research.

As per the report, there was a major increase in demand for home security products as offices started to reopen for working professionals during that time.