The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions.
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.
North America accounted for the largest market value of USD 5,134.6 million in 2018; the market is expected to register a CAGR of 12.57% during the forecast period.
Global CCTV Camera Market, By Product (2018 Vs 2024)
Source: MRFR analysis
Based on product, the market has been classified as bullet security camera, dome security camera, PTZ security camera, box security camera, and thermal security camera. The bullet security camera segment accounted for the larger market share in 2018, with a market value of USD 4,239.2 million; it is expected to register the higher CAGR during the forecast period. The dome security camera segment is the second-largest segment. Bullet security cameras are shaped like a cylinder and are compact. A majority of the bullet CCTV cameras are equipped with a mounting bracket and provide ease of installation on walls or ceilings. Dome security cameras are named so because of their dome-like shape. These cameras are commonly used in surveillance systems inside homes, casinos, retail stores, and restaurants. Pan/Tilt/Zoom (PTZ) cameras allow users to control the pan, tilt, and/or zoom operations of the lens through a surveillance DVR or remotely. Box style CCTV cameras allow the users to select the type of lens which are suitable for video surveillance application. Thermal cameras can work under all weather conditions and are primarily suited for outdoor applications. Thermal security cameras produce images with the help of heat radiation or invisible infrared.
Growing popularity of smart homes, increasing security and safety concerns, and ease of installation are factors expected to drive the CCTV camera market during the forecast period. However, issues regarding privacy and loss of data are expected to challenge the market growth during the forecast period. Further, advancement in wireless IP cameras and emerging Smart City Initiatives are expected to act as opportunities for the global CCTV camera market during the forecast period.
Over the past two decades, governments, businesses, enterprises, and residents across the globe have become attentive towards preventing their people and assets from potential threats, such as thefts, terrorist attacks, civil unrest, and natural disasters. Safety of people and assets require real-time monitoring of activities in public places and surroundings. Video surveillance plays a vital role in the development of smarter and safer cities by reducing crime rates and implementing preventive measures. An increasing number of criminal activities and terrorist attacks has led to the demand for high-level surveillance solutions across the globe.
The global CCTV camera market, by region, has been segmented into Asia-Pacific, North America, Europe, and the rest of the world. North America is expected to dominate the CCTV camera market during the forecast period increasing implementation of network-based video surveillance solutions in the region.
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.
- In May 2019, Axis Communications AB launched AXIS M42 network cameras, which are made of more than 40% recycled plastics for easy, fast, and cost-effective integration and installation.
- In April 2019, Dahua introduced two new multi-sensor cameras to deploy a security system in organizations to meet their video surveillance needs. These cameras offer advanced streaming capabilities and are designed on an efficient H.265 encoding platform capable of delivering high-quality video without straining the network.
- In April 2019, Honeywell International Inc. partnered with Intel Corporation to integrate with its vision products to include Artificial Intelligence (AI) capabilities in its video security and surveillance products. This partnership enables deep learning, advanced analytics, and face recognition capabilities to reduce security risks.
- In March 2019, Hanwha Techwin Co., Ltd launched H.265 Wisenet TNV-7010RC, a corner-mount camera suitable for monitoring open areas in police stations, prisons, and mental health institutions. This device is a 3MP camera with a built-in suite of analytics and several features that make it resilient against physical attacks.
- In April 2018, Sony Corporation launched SNC-HMX70, a hemispheric view security camera with full 360° surveillance at a smooth 30fps and total area coverage with multiple views and smart analytics. The product launch is expected to strengthen Sony’s security camera portfolio.
- By Product: Bullet Security Camera, Dome Security Camera, PTZ Security Camera, Box Security Camera, and Thermal Security Camera
- By Technology: IP Security Camera and Analog Camera
- By Application: Commercial, Residential, and Industrial
- By Resolution: HD, Non-HD
- By Services: Professional Service and Managed Service
- By Region: North America, Asia-Pacific, Europe, and Rest of the World
Key questions addressed by the report
- What was the historic market size (2017)?
- Which segmentation (Product / Technology / Application/ Resolution/ Services) is driving the market?
- What will be the growth rate by 2024?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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More Information :https://www.marketresearchfuture.com/reports/cctv-camera-market-8160
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