Canon appoints Fortune as its ND

NEW DELHI: Security market in India currently stands at $530 million, out of which the marketshare for communication and surveillance cameras is a healthy 55 percent, valued at $292 million. In the next one year it is likely to grow at a rate of 40 percent. This entails great business opportunities for dealers across the country.

Canon being aware of this trend in the security and surveillance market signed a deal with Delhi-based Fortune Marketing led by Akhilesh Gupta. The deal between the two was struck in April, 2010. “Fortune Marketing is an veteran in the market and we decide to sell our range of surveillance cameras to them. They will take care of the customers and the application part. We will only provide the hardware to them,” said Alok Bhardwaj, Senior VP, Canon India.

The Japan-based company with the help of Fortune Marketing is also planning to increase its partner size from 20 to 100 by the end of 2010. They would be the ones who would provide security solutions to the end-user. It is also the first time, Fortune has tied up with Canon for the distribution of any of its products. “Canon is a big name in the market. They have limited products but all of them come with the highest quality. Since security and surveillance is the next big thing in Indian market, it is the right time for us to take technical expertise of Canon in selling their products. From roads, malls, stadiums, offices to hotels everyone wants to be secured under CCTV cameras. And Canon’s vision would help us immensely in achieving our goals in this market,” said Akhilesh Gupta.

Since these security cameras are expensive and come at an average price of Rs 50,000, the target segment for this product would be SMBs and large enterprises. “A lot of development work is going on. We along with Fortune will focus on both SMBs as well as big enterprises for selling the cameras. The home segment does not require equipment as expensive as this,” revealed Puneet Sabharwal, Assistant Director–System Integration Division, Canon India. It was only on January 1, Canon’s SI division was formed