New York, USA, June 19, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “CCTV Market Information Deployment Mode, By Camera Type, Technology, End User – Market Forecast Till 2030”, the CCTV market could thrive at a rate of 14.2% between 2022 and 2030. The market size will be reaching around USD 46.52 billion by the end of the year 2030.
CCTV is used for video surveillance, and the CCTV industry comprises the manufacturing, distribution, and sale of various components and technology, including software, hardware, and services. The phenomenal rise of the CCTV industry is due to offerings of competitive pricing, innovative solutions, and a burgeoning video surveillance market. The booming adoption of CCTV cameras and systems for video surveillance is driven by the government's safe city initiatives and a burgeoning private sector.
Citing the potential demand in the CCTV industry, various venturing capitalists are substantially investing in developing new and advanced products. This is another major reason expected to influence the CCTV market size in the nearing future. The preference for fixed dome cameras over box cameras is growing, as fixed dome cameras are easy to install and aesthetically pleasing.
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Leading CCTV market players include.
- Honeywell Security
- Hikvision Digital Technology
- Bosch Security System
- Dahua Technology
- Safran Security
- AssaAbloy
- FLIR Systems
- Tyco Security Products
- Samsung
- Panasonic Corporation
- Axis Communications
- Sony Electronics
- Guardian Protection Services ADT LLC
- Mobotix AG, among
Scope of the Report - CCTV Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 46.52 billion |
| CAGR during 2022-2030 | 14.2% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Technological advancements |
| Key Market Dynamics | Rising safety and security concern Traffic monitoring |
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The growing use of video content analysis (VCA) and smart CCTVs that can enable automatic video analysis to detect and determine temporal and spatial events is a major CCTV market trend. Increasing awareness of the benefits of surveillance technologies for safety and security purposes drives the CCTV industry. The increased adoption of IP surveillance in perimeter security and the rising smart homes trend boosts the CCTV market size.
Emerging markets worldwide present untapped opportunities for CCTV in various industry verticals. Significant demand for CCTV cameras to control rising criminal activities in emerging countries would offer vast opportunities to global firms in the nearing future. Besides, the benefits of AI capabilities enable real-time monitoring of any location through a contact-free setup, and smart alarm systems boost the CCTV market share significantly.
The lack of awareness of advanced CCTV products is a major challenge projected to restrain the ongoing market growth, affecting the sales and uses of CCTV systems in the coming years. High costs and fluctuating CCTV product prices across countries could be a major challenge for the market players.
Competitive Landscape
The worldwide CCTV industry appears extremely fragmented, considering the presence of well-established manufacturers and distributors. They seek opportunities to integrate across the extensive value chain while focusing on R&D investments, production facility expansion, and M&A activities to gain impetus.
New CCTV manufacturers enter the market with aggressive pricing to undercut the established providers and gain footholds in international markets. Also, they improve the quality of their products by innovating new concepts that can challenge suppliers of more advanced surveillance systems.
So these manufacturers start moving up the value chain and expanding their distribution channels and system integrators. Leading CCTV companies have also expanded their offering beyond camera hardware to include video analytics at the edge, sophisticated NVRs, deep learning algorithms, and video management systems.
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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Segments
The CCTV market is primarily segmented on the basis of camera type, technology, end-user, channel, and regions. The Camera Type segment is further bifurcated into analog cameras, HD analog cameras, and internet protocol (IP) cameras (wired IP cameras and wireless IP cameras). Among these, analog, HD analog, and internet protocol camera segments account for major market shares. The IP camera segment is poised to register the highest CAGR in the CCTV market due to technological advancements.
The technology segment is further sub-segmented into CMOS and CCD technology. The CMOS technology segment witnesses a significant market share. The CMOS technology demand is poised to hike up in the coming years due to its user-friendliness.
Based on end users, the CCTV market is sub-segmented into educational centers, hotels, hospitals, real estate, government, retail, IT, transport, religious places, and other sectors. Among these, the government segment accounts for the largest end-user of CCTVs due to the wide usage of CCTVs in government offices, infrastructures, and roads.
The market is further divided into distribution channels and system integrator/retail channels based on the channel structure. The distribution channel segment has always remained the largest; however, the retail segment would witness high growth during the assessment period.
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Regional Analysis
North America has always been leading the global CCTV market. Factors driving the regional market growth include rising public and personal safety needs and extensive adoption of advanced CCTV cameras to meet the growing demand for office safety and working premises. Moreover, the growing end-use industries create opportunities for the market to grow colossally.
Europe accounts for the second-largest CCTV market globally. Factors such as the increasing uptake of surveillance solutions in government establishment and public protection policies foster market growth. Additionally, the rising adoption of cloud-based surveillance services by small and large organizations in the region boosts the CCTV market size.
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