New York, US, 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 till 2030”, the market is anticipated to acquire a valuation of approximately USD 31,190 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 13.2% during the assessment timeframe.
CCTV Camera Market Overview:
The global CCTV camera market is expected to garner substantial revenues. The growing adoption of CCTV cameras across commercial, residential, industrial, and infrastructural sectors would support the market growth.
CCTV surveillance is rising across the world, but this has not affected the crime rates. Despite the increasing use of CCTV cameras by law enforcement agencies for video surveillance and monitoring purposes, crime indices in several cities worldwide show a constant uptick. However, CCTV cameras have certainly managed to prevent street crimes or riots in the community, reflecting the need for CCTV surveillance to secure people, facilities, and assets.
Leading players in the global CCTV camera market are-
- Bosch Security Systems (Germany)
- CP Plus International (India)
- FLIR Systems, Inc (US)
- Hangzhou Hikvision Digital Technology Co., Ltd (China)
- Sony Corporation (Japan)
- Digital Watchdog, Inc (US)
- Axis Communications AB (Sweden)
- Dahua Technology Co., Ltd (China)
- Honeywell International, Inc. (US)
- Hanwha Techwin Co., Ltd (South Korea)
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Governments in various countries have mandated installing CCTV cameras in residential societies, apartments, and gated communities. Municipalities are increasingly tweaking proposals for CCTV surveillance and installing CCTV cameras all over the city to enhance security. Increasing public participation in road safety and managing pandemic regulation are also proposed worldwide.
The recent pandemic was causal in propelling the demand for higher-resolution cameras. The swift adoption of higher resolution cameras indicates the users' preference for maximum flexibility in their video surveillance systems. With the advances in cloud technologies, business owners are increasingly adopting cloud video surveillance systems. They also prefer to upgrade to new cameras with added features, artificial intelligence, or video analytics.
CCTV Camera Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 31,190 Million |
| Growth Rate | CAGR of 13.2% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Remote technology on smart phones and increased expansion of home automation devices |
| Key Market Drivers | Increasing penetration of smart homes |
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Industry Trends
The increasing awareness about the benefits of security and monitoring solutions is a key driving force behind the growth of the market. The recent COVID-19 outbreak fostered the use of these cameras to manage social distancing and other pandemic-related norms. IP security in video surveillance has created a massive demand for CCTV cameras. The increased adoption of IP surveillance in perimeter security and the rising trend of smart homes boost the market growth.
Additionally, increasing installations of CCTV camera-based surveillance mechanism systems for public security & protection influence market growth. Increasing installations of CCTV cameras with recording facilities covering all sensitive areas by law enforcement agencies propel the market's growth. The increased adoption of CCTV cameras in commercial spaces substantiates market revenues.
On the flip side, low awareness of advanced security solutions is a major factor projected to impede the market growth. Also, privacy and data breach concerns and high costs associated with purchasing and maintaining security cameras are major headwinds for the market's growth. Nevertheless, the increasing uptake of CCTV cameras for surveillance purposes would support market growth 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 comprises dome security, bullet security, PTZ security, thermal security, box security, and other cameras. The technology segment comprises IP security cameras and analog cameras.
The resolution segment comprises HD, Non-HD, digital, and others. The service segment comprises professional, managed, and other services. The application segment comprises residential, commercial, and industrial. The region segment is bifurcated into the MEA, Americas, Europe, Asia-Pacific, and rest-of-the-world.
CCTV Camera Market Regional Analysis
North America is a significantly largest region in the global CCTV camera market. The region is witnessing increasing implementations of network-based video surveillance solutions, driving the market demand. Besides, the growing adoption of advanced CCTV cameras in residential, commercial, and industrial sectors across the region boosts the market size. The spurting growth in end-use industries and rising public and personal safety needs substantiate the market growth in the region.
Europe is another rapidly growing market for CCTV cameras. The rising adoption of CCTV cameras for surveillance and monitoring purposes in government establishments due to changing public protection policies boosts the region's market shares. Additionally, the growing uptake of cloud-based surveillance services for indoor and outdoor security measures fosters regional market growth.
The CCTV camera market in the Asia Pacific has evolved as a promising market. Growing infrastructure development projects and the ever-increasing population in the region escalate the market value, requiring surveillance & monitoring technologies. Furthermore, continuous technological advancements and the strong presence of CCTV camera & component manufacturers drive the regional market's growth.
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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 aggressively target increased participation through mergers & acquisitions, collaborations, expansion, and technology/product launches, expanding their operations and offerings.
CCTV camera manufacturers strive to develop an information-based solution delivering a suite of application offerings for end-use industries' needs. Using time-tested methodologies and best practices, they try to bring together disparate point systems from multiple providers into a security-rich, integrated environment that addresses the safety and security of occupants.
Leading technology companies are increasingly introducing accessories such as plugs & sockets required in CCTV systems to access the IoT ecosystem for smart houses. These devices can be plugged into the power switchboard and interact with the voice-based virtual assistant devices paired with the phone and connect to the Wi-Fi of the house.
For instance, on Sep.10, 2022, Sparsh Technologies (India), a leading provider of camera and security systems, launched its new CCTV camera and security camera. These Systems will be extensively available on the CSC Platform (Common Services Centers, an e-governance services platform in India) and Grameen eStores Mobile App.
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