According to a new report from IMS Research, city surveillance will be the fastest growing vertical market over the next five years in India.
The report, "The Indian Market for CCTV and Video Surveillance Equipment," attributes the growth in the market to the country placing a higher priority on surveillance technology following the 2008 Mumbai terrorist attacks.
The research firm said that CCTV solutions were recently deployed as part of city surveillance projects in Bangalore and Kolkata and more projects are planned for cities across the country in the future.
"Planned city surveillance projects have received lots of press coverage due to their size. Five thousand cameras are planned for Mumbai alone," Jon Cropley, principal analyst from IMS Research. "However, suppliers should not overlook the fact that many other vertical markets will grow quickly. For example, video surveillance revenues for Indian airports are forecast to almost quadruple between 2011 and 2016."
The nation was also less impacted by the recent economic downturn than markets in Europe and North America and is expected to see a growth rate averaging more than 20 percent over the next five years.