New Delhi: Consumer electronics firm BPL is targetting to capture 10 per cent market share in the home automation and surveillance segment over the next 2-3 years.
BPL markets its automation solutions and surveillance products under the brand ‘BPL iQ’.
The company on Friday announced foraying into surveillance camera segment and eyeing growth on the back of government’s ambitious programme to develop 100 smart cities. Besides, the company is also looking to ramp up its retail sales.
“At present, the market size of the home automation and surveillance segment is over Rs 3,000 crore and we are aiming to have around 10 per cent market share in the next 2-3 years,” BPL CEO K Vijaya Kumar said.
The total market size of automation is estimated to be around Rs 600 crore and surveillance business is pegged to be around Rs 2,500 crore, he added.
The company, which was already present in b2b sales of home automation segments, has appointed 10 distributors and over 300 dealers across India for retail sales of its BPL iQ Smart Automation and BPL iQ Smart Surveillance range.
For smart city projects, BPL has partnered with technology major Cisco to jointly bid and participate in some of the smart cities project.
“The partnership is for some projects. In some, we may bid alone also,” said Kumar.
The company has launched around 80 products in BPL iQ Smart Surveillance and has plans to add more.
“We are working on new products and technology. In every three to six months you would see us coming with new products and technology. We feel that there is a genuine requirement for this, the way society is growing. Safety and security is a major constraint,” he said.
BPL iQ Home Automation system range starts Rs 50,000 onward and BPL iQ Smart surveillance cameras starts from Rs 1,000.
The company has indigenously designed, developed and manufactured its BPL iQ Smart Automation based on wireless at Bengaluru.