Korean electronics major LG Friday made a foray into Indian video-conferencing market with the launch of a range of products priced between Rs 1.9 lakh and Rs 6.99 lakh.
New Delhi: Korean electronics major LG Friday made a foray into Indian video-conferencing market with the launch of a range of products priced between Rs 1.9 lakh and Rs 6.99 lakh.
The company also said it aims to capture 10 percent share of the market by the end of next year.
"Friday is our entry into Indian market which is estimated to be around USD 85 million as of 2012 and is growing at CAGR of 20 percent. By the end of next year, we expect to capture 10 percent of this market," LG India Head, Business to Business Segment, Hemendu Sinha said here.
LG expects major business to come from government sector where spent on video conferencing products in the first quarter has been to the tune of Rs 120 crore, Sinha said.
The company has entered late into market where two US-based companies are estimated to have already captured around 80 percent of business.
Sinha said that the company will focus on video conferencing solution that consume less Internet bandwidth which can help its customers reduce Internet cost.
"Our solution can connect video calls at speed of 512 kilobit per second which I think no one else does. We are using our patented technology that can enhance video image even if there is less light.
We will compete on the basis of technology we have and return on investments that clients can get," he said.
LG announced full high definition video conference product and non-high definition range of product in the price range of Rs 1.9 lakh to Rs 6.99 lakh.
LG has appointed Third Wave Homeland Security as its distributor for northern region. Sinha said the company will appoint three more regional distributors.