After soaps, lightings and furniture, Wipro has forayed into the growing security market in India.
Far better known for its massive information technology business, the $5 billion Bangalore-based conglomerate actually derives close to a tenth of its revenue from non-IT lines. And, it is launching security products targeting the home and office environment, expecting huge potential to grow.
Wipro Consumer Care and Lighting has just launched security products such as access control, intrusion panels, intrusion alarms, video door phones, gas and fire detectors and CCTV.
"We are really excited to enter the home and office security system market. There is a lot more sensitivity about safety issues, especially in the office environment, though not so much in the home environment at this stage. Our understanding of the home and the office environment through our lighting and furniture products places us in a better position to address this category," Vineet Agrawal, president of Wipro Consumer Care and Lighting told Business Standard.
Being a new entrant to this space, the company wants to study the market in the initial year before chalking out its growth strategy. "Our strategy will be to understand the market deeper. We have the reach with our nationwide distribution network to have a large impact, he said."
The home and office security system market in India is estimated to be about Rs 500 crore and growing at 25 per cent annually. It is being primarily driven by the office segment, with even small and medium companies having made safety and security of employees a priority.
The home segment, a small part of this market, is relatively slow to grow, with adoption of security solutions more in premium high-rise buildings and apartments.
However, analysts say the home segment should also be growing swiftly, since cases of theft, murder, etc are on the rise.
