The CCTV Camera Market Is About To Hit Around USD
New York, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “CCTV camera market Research Report: By Product, By Technology, By Application, By Resolution, By Services – Forecast to 2030”, the market is expected to acquire a valuation of approximately USD 31,190 million by the end of 2030. The reports predict further that the market will thrive at a robust CAGR of over 13.2% during the assessment period.
CCTV Camera Market Overview:
The global CCTV Camera market is expected to generate substantial revenue. Growing adoption of CCTV cameras in commercial, residential, industrial, and infrastructure sectors would support the growth of the market.
CCTV surveillance is increasing across the world, but that hasn’t affected crime rates. Despite the increasing use of CCTV cameras by law enforcement for video surveillance and control purposes, crime rates in several cities around the world show a steady rise. However, CCTV cameras have certainly succeeded in preventing street crimes or riots in the community, reflecting the need for CCTV surveillance to secure people, facilities and property.
Key Players of Global CCTV Camera Market are-
- Bosch Security Systems (Germany)
- CP Plus International (India)
- FLIR Systems, Inc. (USA)
- Hangzhou Hikvision Digital Technology Co., Ltd (China)
- Sony Corporation (Japan)
- Digital Watchdog, Inc (USA)
- Axis Communications AB (Sweden)
- Dahua Technology Co., Ltd (China)
- Honeywell International, Inc. (USA)
- Hanwha Techwin Co., Ltd (South Korea)
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Governments of various countries have mandated the installation of CCTV cameras in residential companies, apartments and gated communities. Municipalities are increasingly fine-tuning CCTV proposals and installing CCTV cameras throughout the city to enhance security. Increasing public involvement in road safety and pandemic regulatory management are also offered worldwide.
The recent pandemic has been causal in propelling the demand for higher resolution cameras. The rapid adoption of higher resolution cameras indicates users’ preference for maximum flexibility in their CCTV systems. With advancements in cloud technologies, business owners are increasingly adopting cloud video surveillance systems. They also prefer to upgrade to new cameras with additional features, artificial intelligence or video analytics.
Scope of CCTV Camera Market Report:
|Revenue forecasts in 2030||$31,190 million|
|Rate of growth||CAGR of 13.2% from 2022 to 2030|
|Key market opportunities||Remote technology on smart phones and further expansion of home automation devices|
|Key Market Drivers||Increase in smart home penetration|
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The growing awareness about the benefits of security and surveillance solutions is a key driver for the growth of the market. The recent outbreak of COVID-19 has fostered the use of these cameras to manage social distancing and other pandemic-related norms. IP security in CCTV has created a massive demand for CCTV cameras. The increased adoption of IP surveillance in perimeter security and the growing trend of smart homes are driving the growth of the market.
Additionally, the increase in installations of CCTV camera-based surveillance mechanism systems for public safety and protection is influencing the growth of the market. Increase in CCTV camera installations with recording facilities covering all sensitive areas by law enforcement agencies is propelling the growth of the market. The increased adoption of CCTV cameras in commercial spaces justifies the market revenue.
On the other hand, low awareness of advanced security solutions is a major factor expected to hinder the market growth. Additionally, privacy and data breach issues and high costs associated with the purchase and maintenance of security cameras are major headwinds for the growth of the market. Nevertheless, the growing use of CCTV cameras for surveillance purposes would support the growth of the market throughout the assessment period.
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CCTV Camera Market Segments
The CCTV camera market is segmented into products, technologies, resolutions, services, applications, and regions. The product segment includes dome security, bullet security, PTZ security, thermal security, enclosure security and other cameras. The technology segment includes IP security cameras and analog cameras.
The resolution segment includes HD, Non-HD, Digital and Others. The services segment includes professional, managed and other services. The application segment includes residential, commercial and industrial. The regional segment is divided into MEA, Americas, Europe, Asia Pacific and Rest of the World.
CCTV Camera Market Regional Analysis
North America is a considerably larger region in the global CCTV camera market. The region is witnessing an increase in the implementations of network-based video surveillance solutions, which is driving the market demand. Also, increasing adoption of advanced CCTV cameras in the residential, commercial and industrial sectors in the region is increasing the market size. Skyrocketing growth in end-use industries and growing needs for public and personal safety are driving the growth of the market in the region.
Europe is another rapidly growing market for CCTV cameras. Rising adoption of CCTV cameras for surveillance and monitoring purposes in government establishments owing to changing public protection policies is increasing the market shares in the region. Additionally, increasing adoption of cloud-based monitoring services for indoor and outdoor security measures is driving the growth of the regional market.
The CCTV camera market in Asia-Pacific has become a promising market. The growth of infrastructure development projects and the ever-growing population of the region increase the market value, requiring monitoring and control technologies. Additionally, continuous technological advancements and strong presence of CCTV camera and component manufacturers are driving the growth of the regional market.
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CCTV camera market Competitive analysis
The highly competitive CCTV camera market appears fragmented, with several well-established players forming a competitive landscape. These companies are aggressively targeting increased participation through mergers and acquisitions, collaborations, expansion and technology/product launches, expanding their operations and offerings.
CCTV camera manufacturers are striving to develop an information-based solution offering a suite of application offerings for the needs of end-use industries. Using proven methodologies and best practices, they attempt to bring together disparate point systems from multiple vendors into an integrated, security-rich environment that addresses occupant safety and security.
Big tech companies are increasingly introducing accessories such as plugs and sockets needed in CCTV systems to access the IoT ecosystem for smart homes. These devices can be plugged into the electrical panel and interact with virtual voice assistants coupled to the telephone and connect to the home’s Wi-Fi.
For example, on September 10, 2022, Sparsh Technologies (India), one of the leading providers of camera and security systems, launched its new CCTV camera and security camera. These systems will be widely available on CSC platform (Common Services Centers, an e-governance services platform in India) and Grameen eStores mobile application.
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