Six years since Mumbai faced one of its deadliest terrorist attacks, many consulting agencies say the potential for security systems has increased manifold across the country, but the on-ground implementation, especially by corporates, is taking place at a snail's pace, according to experts.
A report by Gartner, released in July, has said that security spending will continue to grow in 2015, when revenue is projected to reach $1.06 billion.
The report added that revenue from security services, including consulting, implementation, support and managed security services, accounted for more than 55 per cent of the total revenue in 2013, and that the trend was likely continue in the foreseeable future.
Security vendor revenue—from hardware, software and services—in India is likely to grow from $882 million in 2013 to $953 million in 2014.
Industry body Assocham, in a study conducted in collaboration with corporate and defence aerospace specialist Aviotech in 2012, had said the homeland security market in India was likely to reach about Rs 1.18 lakh crore by 2017 from the current level of over Rs 80,000 crore.
The opportunity and the potential still remain huge, but whether the corporates come ahead and grab this opportunity is a matter of speculation.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks