Electronic chip maker ST Microelectronics on Sunday said its business is expected to grow by 25%, driven by direct-to-home (DTH) and security segments, in the Indian market this year.
"Though the industry is not expected to grow at the same pace as 2010's and is assessing itself at a more traditional 5 to 8% growth, ST expects to grow faster and outperform for the markets we serve," company CEO and President Carlo Bozzotti said.
"In Indian market we have been growing at a higher than industry average. Since last few years we have seen year-on-year growth of around 25% and we expect to maintain it," company's Regional Vice President (Greater China and South Asia Operations) Vivek Sharma said.
Bozotti said India has emerged as a major growth market for the company and direct-to-home and security segments are key areas for pushing up growth of company here.
"We see DTH and security segment to be key driver for our growth in this year," Bozotti said.
Sharma said that company is looking to play on its solutions for set-top-boxes (STB) which includes high definition STBs, personal video recorder,3D TV capable solutions and 3D graphics for gaming to name a few.
ST claims to have patent portfolio in excess of 20,000 patents worldwide. Its India design centers have contributed more than 370 patent filings out of which more than 170 are granted.
Talking about existing opportunity in India, Sharma said "As per our estimates, India accounts for around six per cent of worldwide TV consumption. Still it is largely analog TVs leaving high scope for digital TV."
On strategy for security segment Sharma cited number of ongoing developments in India which are going to be growth driver for company's business.
"India is already witnessing huge growth for the security products fuelled by National ID, ePassport, eDriving License, health insurance and other eGoverance, data security and others. These are driving the needs of products and solution that we offer," Sharma said.
In security segment, the company offers solutions for smartcards used for identity and secure banking, flash drive based security tokens for data security, solution for internet protocol and closed circuit TV surveillance camera’s.