Leading electronic security systems player Zicom said it is looking at significant growth in the Internet of Things (IoT) and SaaS market place to clock a service revenue of about Rs 2 billion by 2020.
According to PTI, Zicom Electronic Security Systems managing director Pramoud Rao said that Zicom has moved from being a pure play, physical security company into an IoT and SaaS IT Services business model. With the exponential internet penetration growing in the country, Zicom is all set to take full advantage to become the market leader within the Internet of Things (IoT) and SaaS place.
He added that Zicom has notched up a revenue of around Rs 5 million in fiscal 2017 and expect to reach service revenue of Rs 1.75 billion to Rs 2 billion by 2020. He further informed that the company is looking at new avenues to grow the business by adopting newer technologies, like artificial intelligence and also investing in deep learning in the domain of access control as well as towards introducing voice-based security services under the Amazon, Alexa platform.
The IoT market continues to see strong growth. The worldwide IoT market spend will grow from USD 625.2 billion in 2015 to USD 1.29 trillion in 2020, with a compound annual growth rate (CAGR) of 15.6 per cent, he said. The Indian security market in 2017, according to Gartner, is growing at the rate of 10.6 per cent, from USD 1.24 billion and the number of connected devices in India is estimated to be around USD 200 million. This is expected to increase USD 3 billion in 2020
