ID: MRFR/SEM/6688-CR | July 2019 | Region: Global | 149 pages
As per Market Research Future (MRFR), the Global CCTV Camera Market size was valued at USD 15,503.0 Million in 2018 and is expected to hit USD 31,190 Million by 2024 with a CAGR of 12.90% from 2018 to 2024 (forecast period). CCTV cameras have become an essential tool in security systems for the detection of possible threats. CCTV cameras provide effective, inexpensive, and efficient security surveillance in residential, industrial, commercial, and government areas. The usage of CCTV cameras in business is rising substantially due to an increasing need for physical security. The urge to improve safety and security across different industries contributes to the CCTV cameras market growth. Innovation in technologies has resulted in video surveillance options scalable, tailored, and more affordable for everyone than ever before. CCTV camera technology is constantly improving its performance in areas such as data storage, automated image analysis, wireless communication, and component miniaturization. A well designed, specified, installed, maintained, and managed system can be an important tool for the control and security departments of several organizations and law enforcement agencies.
Closed-circuit television (CCTV) cameras refer to cameras preferred for the protection of property, staff, or information. They are used in various companies as well as in industrial and residential applications. The electronics sector has been significantly affected by the growing spread of COVID-19 across the globe. Changes in customer preferences for goods and buying behavior due to fluctuations in the global economy are expected to impact the CCTV cameras market growth over the projected timeframe. Governments around the world have imposed lockdowns, impacting most industrial players around the globe and forcing people to stay in their homes, which, in turn, has limited the physical contact between people. Many industry players have allowed employees to operate from their homes to ensure business continuity during the COVID-19 pandemic, which is expected to impede the growth of the demand for CCTV cameras over the forecast timeframe. Restrictions on manufacturing activities to comply with social distancing requirements are likely to impede the growth of the electronics industry, which, in effect, is projected to restrict the growth of the global CCTV cameras industry.
Business operations in the electronics industry have been disrupted due to the COVID-19 crisis across the globe. The change in customer preference for essential products is likely to affect the demand for CCTV cameras over the expected timeframe. In addition, the outbreak of COVID-19 culminated in the closing of international borders, leading to a significant decline in global demand for CCTV cameras and related products. Government officials around the world have imposed restrictions on travel. The market is also projected to be impacted by the fall in sales of CCTV cameras in the electronics industry. In addition, limitations on public gatherings and travel bans in several countries are expected to impede the CCTV cameras market growth over the projected period. The increased emphasis on social distancing and personal care is likely to affect demand for products, including CCTV cameras, over the coming months.
Technological Developments have Pushed the Global CCTV Cameras Market to Greater Heights
Advances in technology are driving the growth of the global market for CCTV cameras. The advent of 4K cameras and advanced security camera technology is being introduced in various industries to ensure security against shoplifting, threats, and terrorism. This aspect contributes in the growth of the CCTV cameras market share. The Internet of Things (IoT) also plays a crucial role in the development of CCTV cameras and leads to the growth of the global CCTV cameras industry.
Newer digital cameras are far more convenient than conventional analog cameras. Network cameras are digital video cameras with an integrated Ethernet network connection and a web server. Digitally compressed video from the camera can be accessed instantly from all computers connected to the network. Analog cameras are physically linked to monitors and recording devices using coaxial cables. Retail sales of CCTV cameras worldwide are growing dramatically every year. The increase in retail sales is also the result of a steady increase in population and disposable income over the last few years.
Growing Popularity of Smart Homes to Boost Market Growth
Increasing penetration of smart homes, especially in developing and developed countries around the globe, is driving the global CCTV cameras industry. In addition, the growing prominence of security devices through the home automation process to access security 24/7 paves the way for different CCTV cameras for indoor as well as outdoor safety. Increased expansion of home automation devices like lighting, locks, and security cameras, with remote technology on smartphones, tablets, or wearables, generates higher consumer demand for the home security camera market to ensure maximum protection.
High Costs Linked with New Technologies and Privacy Concerns can Hinder the Growth of the Global CCTV Cameras Industry
The global CCTV cameras industry is on the rise and is expected to expand during the 2018-2024 forecast period. However, the market is also likely to face a few obstacles in revenue growth. One of the major constraints that the CCTV camera industry may face is the high costs linked with the new technologies introduced in the global market. Newer expensive cameras come with IP/Network facilities that are not affordable for every end-user.
HD cameras and 4k cameras are also expensive, particularly for normal residential use. This factor can limit the growth of the global market for CCTV cameras. There is also growing concern about people's privacy, which is interrupted by the excessive use of CCTV cameras worldwide. These issues may limit the use of CCTV cameras in some areas, reducing the scope of business for manufacturers of CCTV cameras.
Global CCTV Cameras Market has been segmented into Product, Technology, Application, Resolution, and Services.
Based on product, the global CCTV cameras market has been segmented into bullet security cameras, dome security cameras, PTZ security cameras, box security cameras, and thermal security cameras.
Bullet Security Cameras are Set to Garner highest CAGR
The bullet security camera segment accounted for a larger market share in 2018, with a market value of USD 4,239.2 million; the higher CAGR is expected to be reported during the forecast period. Bullet security cameras are formed like a cylinder and compact. Most of the bullet CCTV cameras are fitted with a mounting bracket and provide ease of installation on walls or ceilings.
Dome Security Cameras to Hold the Second Spot
The dome security camera segment is the second-biggest segment. Dome security cameras are called because of their dome-like shape. These cameras are widely used in surveillance systems inside homes, casinos, retail stores, and restaurants. Unique features such as long-distance coverage and 360° view provided by dome cameras and the integration of advanced technologies by vendors will drive the CCTV cameras market growth in this segment.
Based on technology, the global CCTV cameras market has been segmented into IP security cameras and analog cameras.
Based on application, the global CCTV cameras market has been segmented into commercial, residential, and industrial.
Based on the resolution, the global CCTV cameras market has been segmented into HD and Non-HD
Based on services, the global CCTV cameras market has been segmented into professional services and managed services.
Regionally, the global CCTV cameras market has been segmented into Asia Pacific, North America, Europe, and the rest of the world.
North America to Dominate the Global CCTV Cameras Market
North America held the largest market value of USD 5,134.6 million in 2018; the market is predicted to reflect 12.57% CAGR during the forecast period. North America is set to dominate the CCTV cameras industry due to the increasing deployment of network-based video surveillance solutions in the region during the forecast period. The North American industry has seen a spike in sales of CCTV cameras owing to a significant thrust in public security. Terrorist acts in the past and other security concerns threatening to disrupt people's peaceful lives have culminated in the rapid adoption of CCTV cameras for surveillance, pushing the surveillance camera market. Investments in research and development of better products with more advanced technologies are other factors that help to improve the demand in the region. Regulatory policies have also supported sales of CCTV cameras in the region, especially in the United States.
Market structures are highly competitive, with a number of players operating across major sectors of the global CCTV camera industry. The high demand for products with outstanding video quality, high precision, and state-of-the-art features, such as facial recognition, has motivated software developers and device manufacturers to launch technologically advanced products. Several CCTV camera market top companies have contributed to a sharp decline in costs and the accessibility of a number of different products at affordable prices.
In May 2019, Axis Communications AB introduced AXIS M42 network cameras made of more than 40% recycled plastic for easy, quick, and cost-effective integration and installation.
In April 2019, Dahua launched two new multi-sensor cameras to deploy a security system in organizations to satisfy their video surveillance needs. These cameras provide advanced streaming capabilities and are built on an efficient H.265 encoding platform capable of delivering high-quality video without network strain.
In April 2019, Honeywell International Inc. collaborated with Intel Corporation to incorporate its vision products to involve Artificial Intelligence (AI) capabilities in its video security and surveillance products. This collaboration allows deep learning, advanced analytics, and recognition capabilities to reduce security risks.
In March 2019, Hanwha Techwin Co., Ltd introduced H.265 Wisenet TNV-7010RC, a corner-mount camera fit for monitoring open areas in prisons, police stations, and mental health facilities. This device is a 3MP camera with an integrated suite of analytics and many features that make it resilient to physical attacks.
CCTV camera market report provides forecasts of the market size in contexts of value (USD million). Both top-down and bottom-up techniques have been used to estimate and verify the size of the CCTV camera industry and to estimate the size of the various other related submarkets in the overall market. The CCTV camera market analysis included the systematic use of both primary and secondary data sources.
Frequently Asked Questions (FAQ) :
The market is set to touch a valuation of USD 31,190 Million by 2024.
The bullet security camera formed the largest market in 2018 and was valued at USD 4,239.2 million.
The North American market has valuation of USD 5,134.6 million in 2018, making it the leading region in the global market.
The market’s growth rate is expected to be 12.90%, says the report.