Video surveillance plays a vital role in the development of smarter and safer cities by reducing crime rates and implementing preventive measures. This article provides new insights related to CCTV Camera Industry including future forecast by experts, Trends, Latest update, News, Segmentation, Key players, Regional growth and worth of the industry all research by industrial experts. Check full details below.
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The Global CCTV Camera Market is projected to register a 12.90% CAGR, witnessing substantial growth during the forecast period. The market was valued at USD 15,503.0 million in 2018; it is expected to reach USD 31,190 Million by 2024.
Market Highlights
Factors slated to drive the CCTV camera market during the forecast period are the growing popularity of smart homes, increasing security and safety concerns, and ease of installation. Thanks to a technological shift from analog video surveillance systems to network camera solutions, the CCTV camera market is rapidly increasing.
Companies need to concentrate on manufacturing a variety of network cameras, which are in tremendous demand in various vertical industries. The residential sector is expected to be witnessing increased preference towards CCTV cameras among various end-users of CCTV cameras. Technology advances are driving the growth of the global market for CCTV camera. The introduction of 4 K cameras and advanced surveillance camera technologies to ensure protection against attacks, shoplifting and terrorism is adopted in different sectors. That factor helps drive the CCTV camera market ‘s growth. The Internet of Things ( IoT) is also playing a crucial role in developments related to CCTV camera and is contributing to the development of the global market for CCTV camera.
Nevertheless, concerns concerning privacy and data loss are expected to threaten market growth during the forecast era. In addition, advances in wireless IP cameras and emerging Smart City initiatives are expected to serve as opportunities for the global market for CCTV camera during the forecast period.
Segmental Analysis
Based on product, the global CCTV camera market has been divided into technology, product, application, services, resolution, and region.
By technology, the global CCTV camera market has been divided into IP security camera and analog camera. The IP security camera segment represented the larger market share in 2018, with a market value of USD 11,694.5 million; the higher CAGR is expected to be recorded during the forecast period. The segment of analog camera was second largest market in 2018.
The industry covered application categories are business, residential, and manufacturing. The commercial segment represented the larger market share in 2018, with a market value of USD 7.307.6 million; the higher CAGR is expected to be registered during the forecast period. In 2018, the Residential segment was the second largest market.
Based on resolution, the market has been bifurcated into HD and Non-HD. The HD segment represented the largest market share in 2018, with a market value of USD 11,151.3 million; the highest CAGR is projected to be registered during the forecast period. The segment Non-HD was the second largest market in 2018, worth USD 4,351.7 million.
The market was segmented into technical service and managed service based on the facilities. The professional services segment represented the largest market share in 2018, with a market value of USD 10,707.9 million; the highest CAGR is expected to be registered during the forecast period. The category of managed services was the second-largest sector in 2018, estimated at USD 4.795.2 million.
Regional Outlook
Geographically, the global CCTV market has been analyzed into Asia Pacific, Europe, North America, and Rest of the World (RoW). In developed regions like Europe and North America, the CCTV market has reached maturity and is earning steady revenue from those regional markets. The market performs well in developing parts of Asia Pacific and is expected to see the fastest growth in the region due to the huge demand in the forecast period from numerous end-use sectors in countries such as India and China.
China, the world leader in electronics, is a key player in the global CCTV market, and a major generator of revenue. The global CCTV market is slated to gain a substantial share of China ‘s revenue over the forecast period as well.
Companies Covered
The key players of global CCTV camera market are CP Plus International (India), Digital Watchdog, Inc (US), Bosch Security Systems (Germany), Sony Corporation (Japan), FLIR Systems, Inc (US), b n Hangzhou Hikvision Digital Technology Co., Ltd (China), Honeywell International, Inc. (US), Hanwha Techwin Co., Ltd (South Korea), Axis Communications AB (Sweden), and Dahua Technology Co., Ltd (China) among others.
Key Player
The key players of global CCTV camera market are FLIR Systems, Inc (US), Bosch Security Systems (Germany), CP Plus International (India), Digital Watchdog, Inc (US), Hangzhou Hikvision Digital Technology Co., Ltd (China), Sony Corporation (Japan), Honeywell International, Inc. (US), Axis Communications AB (Sweden), Hanwha Techwin Co., Ltd (South Korea), and Dahua Technology Co., Ltd (China), among others.
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