“Godrej Security Solutions is eyeing sales of 1,000 units per year & 15% growth YOY”

Adgully is back with a new edition of its annual feature – TRENDING NOW – where we present the strategies and views of a cross-section of industry leaders as they go about reclaiming lost time and market opportunities and build for a stronger future, armed with the lessons of the pandemic period.

Over the next few weeks, Trending Now will bring insights from industry leaders on how their organisations are gearing up to seize the opportunities in 2022, break through the Covid disruptions and find growth and remain resilient.

In conversation with Adgully, Swapneel Nagarkar, Senior VP & Business Head, Godrej Security Solutions, speaks about the shift in perception of home security among consumers, he growing adoption of SMART technologies, curbing the fake note menace, and more.

What are the trends that you expect to dominate in your sector in 2022?

Over the last few years, the perception around home security has witnessed a gradual shift among consumers, as SMART technology has come into play. The pandemic has started to have an impact on our decision making, including personal security. With each passing day, the need for upgradation in security at public and private places is making its way up. Artificial intelligence (AI) and machine learning (ML) will penetrate the system across the physical and digital spectrum, for a more accurate, secure and safe environment. Godrej Security Solutions has already taken note of such trends and we have prioritised innovations and put our focus on offering state-of-the-art solutions to all our consumers.

What are the challenges and new opportunities that you see emerging in the year ahead?

More consumers are now adopting SMART technologies for both public and private places. New trends continue to emerge, providing an impetus to the growth and opportunities in the security sector. The need for accurate security at both offline and online mediums is our utmost priority in today’s world. The way data privacy has become essential to protect ourselves from online threats, there are various offline issues that need to be addressed with more accuracy in security solutions. For example, even after the technological advancements, counterfeit notes are still a serious threat to the economy as India is a cash dominated economy and we lack the most accurate security solutions for currency handling products. Cash in Circulation (CiC) has risen steadily every year since demonetisation, CiC to GDP ratio has now surged to 14.5 per cent in 2020-21 from 8.7 per cent in 2016-17, as per Finance Ministry data in Parliament.

To curb this fake note menace, Godrej Security Solutions (GSS) has launched a CIS (contact image sensor) technology-based currency counting machine which not only counts notes, but is also equipped to detect counterfeit notes and calculate the total value of the notes counted. In addition to this, there is an increase in trend of attacks in bank branches and Non-Banking Financial Companies (NBFCs), especially in rural parts of the country where immediate response in terms of threat mitigation still remains a challenge. For such scenarios, having smart solutions with real time intelligence of sending both local and remote alerts as well as self-diagnostic capability is really needed.

How strong will this sector’s growth and recovery be compared to the last two years as well as the pre-Covid period?

A lot of opportunities for the security solutions market have arisen due to the economic slowdown during the pandemic in India. However, new technological advancements in the industry can bridge this gap in the sector. Thus, keeping this development in mind, we at Godrej Security Solutions are taking strategic steps by focusing on our Innovation and R&D to capture 15% of the home security camera market to provide smart and secure solutions to our consumers. In the public sector, the fake currency menace and lack of accurate security solutions will lead to a rise in demand for currency handling products. The market opportunity will be significant for us, and we are expecting an estimated sale of 1,000 units per year, with a growth of 15% YOY.

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