‘Security & Surveillance Market Likely To Grow At A CAGR Of 26% By 2021’
For the year 2019, Videocon has planned to reach the mark of Rs 450 crore and in 2021 to clock revenue of Rs 1150 crore
The current video surveillance sector, of approx. Rs 3650 crore, is 55 per cent of the overall Rs 6600 crore security & surveillance market.
In an exclusive interaction with BW Businessworld, Arvind Bali, CEO, Videocon Telecom Limited, said that this sector is projected to grow at a CAGR of 26 per cent and reach Rs 9150 crore by 2021, which is 2.5 times the current market size.
“The sector is surely going to evolve but no brands have ever promoted the surveillance systems to the common people. Educating the masses about the importance of security cameras is necessary,” said Bali.
Videocon Telecom, which recently forayed into the dynamic and fast-growing Rs 6600 crore security and surveillance market with its new brand ‘Videocon WallCam’, is focusing prominently on the offline retail space to sell their products.
“We have our CCTV camera starting from Rs 6000 to Rs 1 lakh. More than 70 per cent of the sale will happen via retail and rest from e-commerce.”
‘Videocon WallCam’ is eyeing 15 per cent of the organised player market share by the end of FY2019 and aims to be among the top 3 players in the category by 2021.
In the financial year 2017-18, the company is aiming to earn Rs 175 crore revenue. For the year 2019, Videocon has planned to reach the mark of Rs 450 crore and in 2021 to clock revenue of Rs 1150 crore.
Videocon will compete with 5-6 major players in the market. According to research and articles available on public domain, CP Plus leads the market share with 24 per cent. While local and Chinese brands have 28 per cent market share, Dahua and HikVision got 19 and 17 per cent market share respectively. Panasonic, Godrej, and other brands have 8 per cent market share and imported brands have 4 per cent.
“There are very less number of players in this sector and nobody recalls these brands very easily. With Videocon’s Wallcam it is different as the brand recall is very high; people are familiar with Videocon and they will prefer buying Wallcam over others. The moment they hear about Videocon’s cams they will remember forever. Brand recall with Videocon is very high. Biggest strength will be brand equity. The biggest strength of Videocon’s Wallcam is its brand equity,” added Bali.
“We are going to be an end-to-end service provider; we provide more than 30 surveillance solutions. We have a data center in Chandigarh where more than hundred IT experts work.”
Talking about the company’s future product launches, Bali said, “The brand will bring in a wide range of security and surveillance products with its prime focus on Video Surveillance products to cater Enterprise, Government, institutional and retail (residential and small commercial setups) segments.”
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