The CCTV Camera Market will witness a healthy growth from 2018 to 2024, a research report suggests. Growing at a CAGR of 12.90%, the market is projected to reach US$31,190 million by 2024. Advances in technology is expected to support the market growth along with the advent of 4k cameras and advanced security camera technology. As predicted by analysts, high costs linked with new technologies will negatively affect the market’s performance from 2018 to 2024. During the forecast period, the market will be supported by shoplifting, threats, and terrorism and the Internet of Things (IoT). Privacy concerns on the other hand will challenge security and surveillance based organizations functioning in the global CCTV Camera Market. Analysts have split the market into application, product, resolution, services, and technology segments based on products and services. Security and surveillance based companies have been profiled. The high costs linked with the new technologies is set to affect the global market during the forecast period 2018 to 2024. The report also provides the market’s performance forecasts till 2024. Analysts have studied the strategy of security and surveillance based organizations to help new entrants and established businesses. The security and surveillance sector itself is supported by the development of CCTV Camera Markets as well as the growing popularity of smart homes. During the forecast period 2018 to 2024, the CCTV Camera Market is set to witness a health growth across application, product, resolution, services, and technology segments as well as regional markets.
The security and surveillance sector has seen growth across application, product, resolution, services, and technology segments owing to the increasing penetration of smart homes and shifting trends in the consumer market. To study the CCTV camera market, analysts have further segmented application, product, resolution, services, and technology into product on the basis of bullet security cameras, dome security cameras, PTZ security cameras, thermal security cameras, and box security cameras. The CCTV Camera market is further segmented into technology which is split into IP security cameras and analog cameras. Additionally, the CCTV Camera Market on the basis of application is segmented into commercial, residential, and industrial. The market is further segmented into resolution which is split into HD and Non-HD. Additionally, the CCTV Camera Market on the basis of services is segmented into professional services and managed services.
The segmental analysis presented in the report provides security and surveillance based organizations insights into key growth factors such as the higher consumer demand for the home security camera as well as challenges such as growing concern about people's privacy the market will face from 2018 to 2024. Increased expansion of home automation devices and the growing prominence of security devices are some of the key factors having an influence on security and surveillance based companies, suggest analysts as per the CCTV Camera Market report. But the report also identifies the high product and maintenance cost and the shortage of professional services as major threats companies in security and surveillance will face till 2024.
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security and surveillance based companies in the CCTV Camera Market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Increasing penetration of smart homes will be a key growth driver for regional markets. However, the high cost of services will turn out to be a threat. For the forecast period 2018 to 2024 Each of these regional markets are studied in the report. Starting from North America, the regional market and security and surveillance based companies are spread across the United States, Canada, and Mexico. The high product and maintenance cost will turn out to be a major challenge from 2018 to 2024. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the growing prominence of security devices as well as a rise in the disposable income, suggests the report. Similarly, the security and surveillance sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the CCTV Camera Market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2024.
The global CCTV Camera Market research report brings a comprehensive study of application, product, resolution, services, and technology market segments, regional analysis, and security and surveillance based company details of key players. As the forecast period 2018 to 2024 will bring new opportunities for the market owing to remote technology on smart phones and increased expansion of home automation devices, the market is set to grow at a compound annual growth rate of 12.90% and is predicted to reach a value of US$31,190 million by 2024. With SWOT analysis of security and surveillance based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the shifting preference for cheaper alternatives and the lack of awareness, companies in the security and surveillance sector can change the way business is done.
The key players of the 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.
The domination of Motorola Solutions in the public safety industry, where the Chicago Company sells police technologies, radios, and other goods, would open up new prospects for Avigilon in a market where it historically did not have a monopoly. Millions of Avigilon cameras are used in airports, trains, highways, and public and private buildings. Motorola is positioning Avigilon as part of a broader solution, according to early indications, especially in the municipal/safe city market. The purchase, according to the company, would allow for more safe city initiatives and public-private collaborations with local governments and law enforcement.