Domestic electronic security market at Rs 350 cr

Lucknow, May 25 (UNI) The nascent electronic security market in the country stands at Rs 350 crore and is expected to double and reach Rs 700 crore by 2008.

Globally, its market grew from 34 billion in 1998 to 49 billion US dollars in 2000 and is expected to reach 73 billion US dollars by 2008.

''The electronic security market is still an emerging sector.

However, in the aftermath of 9/11, it gathered pace and continues to post phenomenal growth,'' Zicom Electronic Security Systems Ltd, vice-president, Sales and Operations, Consumer Service Group, Shirish Deshpande said addressing a news conference here.

At present, he claimed, the company had a market share of over 25 per cent at Rs 90 crore.

''By 2008, we aim to increase our market share at Rs 200 crore, which would account for over 28.5 per cent of Rs 700 crore,'' he added.

Meanwhile, Zicom announced a nationwide foray into the consumer segment with the lauch of 'ZICOMhome', a sophisticated security system for homes in India.

Set up in 1995, the security solutions major plans to launch the product in over 24 cities in first phase and set up over 600 retail outlets in the next three yrs.

''We are giving greater emphasis on the northern region with around 200 retail outlets planned in Delhi, Rajasthan, Haryana and Uttar Pradesh,'' Mr Deshpande informed.

ZICOMhome is an easy to operate electronic security system, that can secure a home at the press of a button. It comprises a series of gadgets to provide protection 24x7x365, regardless if the consumer is at home or away, sleep or awake.

The business model of ZICOMhome is known as ZICOMbusiness, which is more advanced and elaborate. Both the products offer a maximum of Rs 3 lakh insurance cover in case of any burglary.

All major components of ZICOMhome and ZICOMbusiness are imported, especially from Israel.

''In the first year, we are planning to make one lakh customers in 24 towns and open over 100 franchised Zicom stores,'' Mr Deshpande underlined.

The Mumbai-based company is already listed on the BSE, NSE and Luxembourg Stock Exchange.

Zicom also boasts of installing customised security systems at several important commercial and religious places in the country.

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