New York, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global security cameras market size is projected to expand at ~19% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 73 billion by the end of 2035, up from a revenue of ~USD 9.5 billion in the year 2022.Technology advancements are causing the global security camera market for CCTV cameras to grow. To ensure security against shoplifting, threats, and terrorism, new security camera technology, including 4K cameras, is being deployed in a variety of industries. As of 2023, El Salvador was the deadliest nation in the world for this form of crime, with a murder rate of 52.02 per 100,000 people. The most murderous city at the time was Celaya in Mexico. As the demand for physical security grows, businesses are using CCTV cameras far more frequently. The desire to improve safety and security across many industries fuels the expansion of the security cameras market.
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Technology advancements have made video surveillance alternatives more affordable, scalable, and customized than ever before. For instance, 20% of the world's market for physical security is made up of CCTV cameras. The security cameras market is a dynamic and rapidly growing industry that encompasses a wide range of products and services designed to enhance security and surveillance in various settings. Security cameras, also known as closed-circuit television (CCTV) cameras, are used for monitoring and recording activities in both residential and commercial environments.
Increasing Adoption of the Internet of Things across the Globe to Boost Market Growth
The security cameras market is expanding thanks in part to the quick uptake of IoT in smart homes. To improve the security of their properties, consumers are moving away from traditional attachable Wi-Fi cameras and more towards sophisticated smart surveillance security cameras. Numerous benefits of these modern security cameras stimulate their installation in many local residences. 871 million smart home products were shipped in 2022. In 2027, this figure is expected to rise to 1.23 billion. During the projected period, the expansion of crime-related activities around the world will be a major market driver. The demand for cameras is also rising as people become more aware of the advantages of cameras in the business world. People are more likely to live and work in cities now than they were previously. This trend has significantly boosted the movement of individuals from rural to urban areas. As per the estimates by 2050, 80% of the world's population up from the present 55% will live in urban regions. The security cameras market has experienced significant growth over the past few years due to increasing concerns about security and surveillance. Factors such as rising crime rates, the need for remote monitoring, and technological advancements have fueled this growth.
Security Cameras Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Concerns for Public Safety to Drive the Market Growth in North America Region
The security cameras market in North America region is estimated to garner the largest revenue by the end of 2035. The pressing need for ensuring public safety is a primary driver of the market in North America. The continuous threat of crime, both in urban and rural areas, has prompted governments, businesses, and individuals to invest in surveillance systems to deter criminal activity, facilitate law enforcement, and enhance overall security. According to a report, the number of violent crimes per 100,000 residents in the United States is 366.7 in 2019, underscoring the persistent concerns for public safety. The growing interest in home automation and the increasing awareness of the benefits of smart security cameras have fueled the adoption of these systems in residential areas. Consumers seek greater control, convenience, and peace of mind, driving the demand for smart security cameras integrated with home automation systems and voice assistants. Technological innovations, including high-definition (HD) and 4K video quality, facial recognition, and artificial intelligence (AI) for advanced analytics, have transformed security cameras into highly effective tools for monitoring and risk mitigation. These innovations not only provide sharper images but also enable intelligent features such as real-time alerts, object detection, and data analytics.
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Growing Infrastructure Investment to Propel the Growth in the Asia Pacific Region
The Asia Pacific security cameras market is estimated to garner the highest CAGR by the end of 2035. The continuous evolution of security camera technology, including high-resolution imaging, night vision capabilities, facial recognition, and artificial intelligence (AI) for intelligent analytics, has transformed these devices into highly effective tools for surveillance. These advancements provide enhanced capabilities for monitoring, data analysis, and proactive security measures. The development of smart cities in Asia Pacific nations has led to a surge in demand for security cameras for traffic management, public safety, and emergency response. These systems play a pivotal role in enhancing urban living by providing real-time data and ensuring the safety and security of residents and visitors. Investment in infrastructure development, such as airports, seaports, and transportation networks, has necessitated the deployment of security cameras to monitor and secure these critical assets. The demand for surveillance technology in this context is a crucial driver for the security cameras market. Many countries in Asia Pacific are making substantial investments in infrastructure development, which includes the installation of security cameras in transportation hubs, critical infrastructure, and public spaces.
Security Cameras, Segmentation by Application
- Indoor
- Outdoor
Amongst these segments, the outdoor segment is anticipated to hold the largest share over the forecast period. Tools that can record and document criminal behavior close to the home include outdoor security cameras. These gadgets typically withstand extreme temperatures and frequently have two-way communication, night vision, and HD resolution. There are several options for outside cameras, both wired and wireless. Both wireless and wired exterior camera versions are readily accessible. According to our investigation, the city of New Delhi, which has a population of 30,290,396 people, has 429,500 surveillance videos. This results in approximately 14 CCTVs per 1,000 people, which is quite little in comparison to Hyderabad's 30 cameras and Chennai's 26 cameras. The growing emphasis on data privacy and compliance has led to the development of outdoor security camera solutions that align with legal and ethical standards. Manufacturers and users are now compelled to adopt systems that respect individual privacy rights while serving the broader security needs of public spaces. The integration of facial recognition technology into outdoor security cameras has significantly boosted their efficacy in identifying and tracking individuals in open spaces. This technology has applications in public safety, access control, and law enforcement. It has been instrumental in enhancing the capabilities of outdoor security cameras for real-time identification and alerts.
Security Cameras, Segmentation by End User
- Commercial
- City Infrastructure
- Industrial
- Border Security
- Institutional
- Residential
Amongst these segments, the border security segment is anticipated to hold a significant share over the forecast period. In a world grappling with an array of security challenges, the importance of securing national and international borders has never been more critical. The persistent threats of terrorism, illegal immigration, smuggling, and transnational crimes have propelled governments to invest in advanced border security systems, including security cameras. These cameras serve as force multipliers in monitoring and safeguarding extensive border regions. According to a report, conflict and violence have significantly affected numerous countries, with the number of displaced people reaching over 82 million. Border regions are susceptible to cross-border terrorism, smuggling, and illicit activities, including drug trafficking and human smuggling. The implementation of border security cameras enables authorities to detect and intercept such activities, minimizing security risks and economic losses.
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Few of the well-known idustry leaders in security cameras market that are profiled by Research Nester are Vivint Inc., Godrej Security Solutions, Arlo Technologies, Honeywell International Inc., CP Plus International,Pelco, Inc., GeoVision Inc., Dahua Technology Co., Ltd., Axis Communications AB, and other key market players.
Recent Development in the Market
- Honeywell International Inc. launched 30 series IP cameras to enhance data and video protection. The purpose is to provide secure channel video encryption, advanced analytics, and helping end users comply with U.S. government procurement standards.
- Vivint Smart Home launched the Vivint Doorbell Camera Pro, an AI-powered doorbell camera that intelligently defects packages and actively helps protect them from porch pirates and other potential threats. The doorbell camera provides homeowners with peace of mind by helping to prevent crime before it happens.
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