International firms to tap India's security business
International firms dealing in security technology and systems are looking for a pie in the Indian security business estimated to be worth $ 600 million.business Updated: Oct 04, 2009 11:01 IST
International firms dealing in security technology and systems are looking for a pie in the Indian security business estimated to be worth $ 600 million.
"Indian companies are looking for global experts who can handle their security concerns, especially in the wake of Mumbai terror attack last year," said Nigel Luke Brown, Regional Director, United Business Media, which is organising an exhibition on hi-tech security systems this month here.
Brown said, "The Indian security market potential is enhanced by the old legacy security systems in operation. Therefore, it is in need of advanced technologies. The market is eager to embrace the latest security, fire and building management systems and solutions available."
According to a report commissioned by British Security Industry Association, the security and fire market in India, which was estimated to be about $ 530 million in 2007, is growing at a rate of about 25 per cent annually.
There is no official valuation of the Indian security market but experts put the figure about $ 600 million.
The key product areas in the Indian market are CCTV (which represents about half of all expenditures), access control and intruder alarms and retail security.
About 250 firms from 16 countries will be showcasing their high-end gizmos during the three-day long exhibition starting from October 29.