According to this report, the market is projected to grow at a CAGR of 32.7% during 2018-2024.
In the past few years, video analytics market in India has demonstrated an increase in demand from government and commercial sectors to enhance the security levels. However, with few players in the market, video analytics is still in the niche stage as compared to developed economies.
Traditionally controlled by analog based surveillance systems, the Indian market is now shifting towards IP based surveillance systems. IP surveillance segment is registering positive growth in various vertical markets, predominantly across government & transportation, banking & financial, and commercial offices.
With increase in deployment of IP based surveillance systems, rising demand for video surveillance analytics software market is witnessed in the country. Although, video surveillance analytics software market is in developing stage, but the market is expected to register significant growth during the forecast period.
In micro application, presently, Perimeter Intrusion Detection (PID) and Automated License Plate Recognition (ALPR) segments registered highest revenue share in the market. However, during 2018-2024, the face recognition micro application segment is likely to register significant CAGR attributed to expected deployment by the government for public safety.