According to a new market research report published by Credence Research “Security Cameras Market (Type – Analog, and Network) – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2024”, the global security cameras market stood at US$ 270.8 Mn in 2015 and is estimated to expand with a CAGR of 21.1% from 2016 to 2024.
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The global security cameras market has been primarily driven by increasing adoption of video surveillance systems and services across the world. With rising security threats and increasing instances of crime and terror attacks, there has been a growing need for public safety and protection. It has become imperative for various government bodies and businesses to deploy security cameras within the premises and around the perimeter to ensure law enforcement and public protection. Other factors such as technological advancements in cameras and rising applications in video analytics have opened up new avenues in the overall security cameras market across the world. End-use industries including retail, hospitability, and entertainment have been adopting security cameras with features such as facial recognition, behavior analysis, and event prediction. Moreover, declining cost of network or IP-based cameras has further fuelled the growth of the security cameras market across the world. In addition, technological advancements in thermal cameras, motion detection cameras, and day/night cameras have led to its increasing adoption in various high-end sectors in the developed market such as the U.S., UK, Germany, France, Japan, South Korea and China, among others.
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Some of the factors restraining the growth of security cameras market included lack of technological awareness among consumers and high initial costs. Despite declining costs of network cameras, customers in most of the developing countries are yet to adopt security camera solutions in their premises. In addition, lack of technological awareness among consumers has led to limited popularity of security cameras among various business owners in the emerging markets. However, with the rise of cheaper cameras and growing adoption of video surveillance as a service (VSaaS), the overall security cameras market is expected to witness a strong demand from these service providers. Thereby, the overall security cameras market is expected to witness strong growth across the world during the forecast period.
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The overall security cameras market is highly consolidated with the presence of numerous well established players operating all across the world. With limited innovations in the camera products, the market participants in the security cameras market have been experiencing intense price-based competition. Furthermore, rise of camera manufacturers in China providing cheaper products has further led to the strain on numerous global camera manufacturers. Leading companies in the security cameras market have been engaged in design and development of advanced cameras with enhanced features and capabilities. Camera providers have been working closely with various sensors and video analytics providers to offer better products and increase their market share in the developed markets. Thereby, the market is expected to witness a rise in innovative applications which would further fuel the adoption of high-end security cameras across the world.
- Shift from analog cameras to network or IP-based cameras
- Increasing affordability of network or IP-based cameras due to declining prices and rise of cheaper cameras
- Increasing incorporation of various sensors and analytics in the security cameras to offer effective applications for end-users
- Increasing use of advanced cameras including thermal cameras, multi-megapixel cameras, super low-light cameras, and panoramic cameras, among others
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