Mumbai, Oct 29 (PTI) Leading electronic securitysystems player Zicom today said it is looking at significantgrowth in the Internet of Things (IoT) and SaaS market placeto clock a service revenue of about Rs 200 crore by 2020.
"Zicom has moved from being a pure play, physicalsecurity company into an IoT and SaaS IT Services businessmodel. With the exponential internet penetration growing inthe country, Zicom is all set to take full advantage to becomethe market leader within the Internet of Things (IoT) and SaaSplace," Zicom Electronic Security Systems' managing directorPramoud Rao told PTI here.
"We have notched up a revenue of around Rs 50 crore infiscal 2017 and expect to reach service revenue of Rs 175crore to Rs 200 crore by 2020," he said.
"We are now looking at new avenues to grow thebusiness by adopting newer technologies, like artificialintelligence. We are also investing in deep learning in thedomain of access control as well as towards introducingvoice-based security services under the Amazon, Alexaplatform," Rao said.
The IoT market continues to see strong growth. Theworldwide IoT market spend will grow from USD 625.2 billion in2015 to USD 1.29 trillion in 2020, with a compound annualgrowth rate (CAGR) of 15.6 per cent, he said.
The installed base of IoT end points will grow fromUSD 12.1 billion at the end of 2015 to more than USD 30billion by 2020. The Indian security industry is in a state ofbig transition due to SaaS, IoT, smart city and safe citytrends, he further said.
In 2013, the company identified the potential of IoTbusiness and started taking steps towards gaining leadershipin the IoT space. It has set up the country's largest commandand control centre with service network in over 1,100 cities.
The approach was to provide business intelligencetogether using safety and security, club it with lossprevention features combined with comfort and convenience,offering information on the mobile devises, Rao said.
The Indian security market in 2017, according toGartner, is growing at the rate of 10.6 per cent, from USD1.24 billion and the number of connected devices in India isestimated to be around USD 200 million. This is expected toincrease USD 3 billion in 2020.
Hence, it augurs well for the security market in Indiaand players like Zicom will have major role to play in thecoming years, he said.
Since the business model offers considerable costreduction, without the customer having to invest or manage theequipment, Zicom's pioneering concept met up with huge successsince the USP offered by the company was a huge paradigm shiftwithin the security industry, namely CCTVs systems alwaysrecorded a crime, Zicom prevented the crime, from reactive tobeing proactive, Rao said.
In the case of ATM e-surveillance, the cost ofmanaging an ATM was averaging between Rs 30,000 to Rs 40,000for the bank. By using the e-surveillance technology, the costwas reduced to a mere Rs 4,000. This saved the bank almost 90per cent on the safety and security cost, he added. PTI APGK.
This is unedited, unformatted feed from the Press Trust of India wire.
