Manzana witnesses extensive growth in Indian market after digitization
India has recently seen a vigorous growth in electronic surveillance and security products market. The Indian market holds a lot of potential for such products, especially after the recent shift from analog to digital technology. And With this technological advancement, people have also started investing in highly advanced security systems and services. Hence, the digital-based security products are gradually erupting and have started to overtake the Indian market.
As the Indian market of security products is blooming, Manzana technologies has seen an immense growth. It has been delivering a fine range of high-quality computer peripherals, audio systems and security & surveillance systems. In a chat with VARINDIA, Sandeep Seksaria, Director, Manzana, talks about the current and changing market trends in surveillance and security products in the Indian market, and discussed how Manzana is rising in the Indian market through facing different challenges and seizing different opportunities with the increasing competition in the market of security products.
Indian market and current trends
Speaking on to the current trends in the Indian market and how the demand for surveillance products is emerging after the transformation of product technologies from analog to digital, he said, “The past few years have seen a continuous commoditization of the traditional video surveillance offerings, especially the hardware elements such as IP cameras and recorder appliances. Some other trends witnessed in the security and surveillance industry are continued improvements in image quality, built-in intelligence, shifting from Analog to IP- based surveillance systems and cost-efficient products. High-definition network cameras and IP-based surveillance systems are the current trends in the market with wide deployment almost in every sector of the society. They have the ability to allow remote and continuous monitoring of the surveillance space.”
When discussing about the current smart city initiative and its role in boosting the surveillance market, he said, “Smart city revolution has led to the immense growth of the surveillance market in the recent times as many aspects of life are now captured and stored in the digital form. Cities across the world are increasingly adopting security solutions in various sectors such as infrastructure, transportation, utilities and citizen services in order to achieve better living standards, increased efficiency and higher environmental protection based on the technologies.” According to him, the shift from analog to digital is very tremendous in India. It is now less dependent on humans for security, especially with respect to advancements, education level, technology awareness, and internet speed, all has increased extensively. As all the analog supportive systems demand a costly technical assistance and high maintenance compared to the digital systems which are more user friendly and highly affordable. He said, “Digital opened more avenues for users to control and manage their premises. They are connected and controlled through all popular devices like Laptop, Tablet and even Mobile. Even it allows self-installation for customers at small premises.”
Competition and strategy
With the dynamic growth in the market, the number of companies has also increased which fuels the competition in the market. And to curb the competition a good strategy is also required. While talking on the rising competition and strategy, he said, “In this fast-growing category of technology, the Indian market becomes mature very fast or I will say it becomes overly mature. Considering the market movement, scope, aspirations and need of the customer, we endeavour to give the latest technology in the simplest way possible and also at competitive prices. Presently, our main focus is to provide regular advancements in technology to our customers, R&D and regular adoption of customer feedback to make it more user-friendly.”
Opportunities and challenges
With this growth, various opportunities and challenges have also emerged. According to him, exploration of surveillance market has just begun in India. And this sector holds great potential in the next 10 years. He believes channel with organized structure and profound with technical expertise will surely promise good market in the future. It will become bread and butter for System Integrators who are suffering from decrease in the sale of assembled systems.
“Though there is a growing need for surveillance, few factors that are affecting the growth are privacy fear, lack of technical awareness, systems vulnerable to hackers, strong regulations to strengthen cybersecurity and demand for higher bandwidth,” says Sandeep.
Future and growth
Government, transportation, commercial offices, banking & financial verticals accounted for highest share in terms of market revenues last year in India. Retail, residential and industrial verticals will also be the key growth verticals this year. With the increasing terror threats, real-time monitoring and rising crime rate, the need for intelligent security systems has significantly increased. According to 6Wresearch, India’s video surveillance market is projected to grow at a CAGR of over 13% from 2016 to 2022. India is already registering progressive growth and the future of the surveillance market in India is promising and bright.