The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on CCTV Camera Market . The growth sectors of the CCTV Camera Market are identified with precision for a better growth perspective.
The global CCTV camera market spans across North America, Europe, Asia-Pacific, and the rest of the world.
The growing adoption of smart homes, increasing awareness regarding security and safety and ease of installation rising adoption are expected to drive the market during forecast period. Advancements in wireless IP cameras and emerging smart city initiatives are expected to create opportunities for the CCTV camera market. However, issues regarding privacy and loss of data are expected to limit the market growth during the forecast period.
The geographic analysis of the CCTV camera market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to dominate the CCTV camera market during the forecast period due to the high adoption of CCTV cameras by the government for surveillance. Among the major countries in North America, the US exhibited a steady growth in the CCTV camera market over the last decade. The US and Canada are the countries where adoption and advancement in technology is high. Consumers in the countries purchase CCTV cameras for security purpose.
Asia-Pacific was the second largest market in 2018, valued at USD 4,897.8 million; the market is projected to exhibit the highest CAGR during forecast period. China accounted for the largest market share of 46.87% in 2018. The rest of Asia-Pacific was the second-largest market in 2018. However, the market in India is expected to register the highest CAGR during forecast period. Vendors in the CCTV camera market are focusing on improving their services and expanding into the underdeveloped and developing economies. The improvement of the global economic scenario combined with technological advancements in the emerging economies
Global CCTV Camera Market: Segmentation
The global CCTV camera market has been segmented based on product, technology, application, resolution, services, and region. On the basis of product, the CCTV camera market has been segmented into bullet security camera, dome security camera, PTZ security camera, box security camera, and thermal security camera. By technology, the market has been segmented into IP security camera and analog camera. On the basis of application, the market has been segmented into commercial, residential, and industrial. On the basis of resolution, the market has been segmented into HD and non-HD. On the basis of services, the market has been segmented into professional service and managed service.
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.
CCTV Camera Market is likely to register a 12.90% CAGR, witnessing substantial growth during the…
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