CCTV Camera Market will exhibit a CAGR of 13.2% in the forecast period of 2020 to 2030 and is expected to reach USD 31,190 Million by 2030.
The Global CCTV Camera Market size was valued at USD 52.60 Million in 2018 and is expected to hit USD 31,190 Million by 2030 with a CAGR of 13.2% from 2020 to 2030 (forecast period). CCTVs are becoming crucial in today’s world. There are plenty of security uses of this device. Detecting any security threat is hassle-free with it. Preventing security threats is raising the use of CCTV cameras. These cameras have plenty of applications. They are effective, efficient, affordable cameras in the market. They are beneficial in industrial, commercial and residential sectors. The government areas have the highest use of CCTVs.
The camera business is witnessing immense growth in many regions. The rising need for physical security is the key driver of the CCTV camera market. The urge to raise the security in many facilities is high. Even in areas with no physical monitoring, CCTVs can do the job. With surveillance in every place achieving complete safety is possible. Especially, metropolitan countries have a high demand for CCTVs.
Safe night rides, fewer crime rates and secure roads are the results of these cameras. There is hardware, IP and services segment of the CCTV camera market that increases demand. The commercial segments hold the highest share for CCTVs. Government offices, financial institutes and hospitals have a higher need for CCTVs. The retail sector is witnessing exceptional demand for cameras. As per CCTV Camera Market Forecast, the value will increase by 31,190 Million.
Covid 19 is affecting many businesses across the globe. Today, CCTV cameras require in offices, retail stores, banks and much more. The electronics market has had a significant decline in recent years. There are plenty of downfalls in the CCTV camera market. Also, many companies are choosing remote work. The number of employees working in offices is reducing. The decrease in staff is declining demand for CCTV.
However, the demand for these cameras is high in the healthcare sector. During this period, clients are flooding to hospital. Due to this, the need for surveillance is rising in the CCTV camera market. There are plenty of factors that restrict the overall demand for CCTVs. The imposition of government lockdowns is affecting the production of CCTV. In recent years, the CCTV camera market is facing challenges in the supply chain. These disruptions can impede growth. However, the market scenario is expected to get better in the upcoming years.
CCTV Camera Market Market Dynamics
The increasing hardware features of the CCTV camera are a demand driving factor. Today, CCTVs come with advanced features. The modern camera comes with 4K resolution which makes it perfect for security purposes. IP video is 27 times better than its earlier versions. The images are clearer now.
Magnifying images for any purpose is possible with the cameras. Due to the advancing features, these surveillance cameras are gaining more traction. Today, many of these cameras even come with a microphone that records the voice also. Modern cameras come with different types of zoom lenses. The built-in microphone comes with both audio and video recording. There are also features that enhance the low light performance of this camera.
The developing hardware technologies play a crucial role in enhancing demand for the CCTV camera market. Furthermore, the existing surveillance technologies are nearing the maturity period. Most of the countries use obsolete cameras that have poor features than the newer version. The newer versions of video cameras come with cyber security features. Legacy surveillance is slow and comes with the poor video quality. As per CCTV Camera Market Analysis, technological advancements in the market will contribute to positive changes.
The growing thermal camera uses will create growth opportunities in the CCTV camera market. Thermal cameras are gaining more traction among users. There is an increase in contactless security cameras. Especially, the outbreak of covid is causing much demand for thermal cameras. These automatic cameras come with face recognition; algorithms and temperature screening are features of it.
There are plenty of public places that require contact with fewer cameras. Places such as airports, schools, colleges, police stations and many hotspots require these cameras. The growing adoption of thermal cameras will play a crucial role to raise growth. Further, the rising investments from the developed as well as developing nations will increase growth. The developed nations have millions of investments for security. The military and defence is a sector that requires CCTVs.
In the upcoming years, national and security threats will grow. The need for CCTV in developing nations is higher. All these factors will contribute to the highest demand for the CCTV camera market. These factors will raise revenue n the forecast period. Further, the expansion rate of the CCTV camera market is high in the upcoming years.
Privacy concerns are restraining factors of the market. Placing a video camera is surely a breach of one’s privacy. There are areas that people require privacy. Video cameras often rob privacy. There are plenty of ways to misuse video cameras. There are cyber security attacks and privacy concerns.
There is a high risk of data leaks and privacy issues. In many offices, the use of video cameras is risky. The carelessness of employees often results in data issues. Data breaches are restraining factors of the CCTV camera market. Due to these factors, there can be a decline in these cameras in the forecast period.
The security cameras have high storage. Especially, if there are many numbers of cameras then high storage is crucial. Video cameras capture video constantly. The working time of CCTV is 24*7 in many regions. Due to this, the storage is also higher. The need for high storage capacity is a challenge in the CCTV camera market.
Strong bandwidth, high storage can add up the cost of this device. The need for a robust infrastructure is a crucial aspect of video cameras. All these factors are challenging. These challenges can decline the demand and supply of the CCTV camera market.
CCTV Camera Market Trends shows positive growth. There are plenty of factors that stimulate growth. Hardware features of the security cameras are developing. Technological developments are a crucial driver of this market. Further, the development of microphone built CCTV is another demand driver.
All these factors are responsible for exceptional demand. Further, the security concerns are restraining factors of the market. Also, the high storage of the cameras is a challenging factor of the market. However, the rising use of thermal cameras increases growth opportunities. There is plenty of positive impact on this market due to all these drivers.
Asia Pacific is the leading CCTV Camera Market, Shareholder. There are plenty of factors that contribute to the growth of this market. The population is growing in this region. It arises the need for security for the citizens. The growth of population is also increasing businesses. The need for CCTV in central spots is high.
Demand from hospitals, institutes and government initiatives are higher. Countries such as India, Japan and China have higher investments in the market. The presence of key players is another advantage to the market. All these factors make Asia pacific a profitable market.
There is high competition in the CCTV camera market. There are many expansions, acquisitions and mergers are increasing. All these are key strategies in the competitive landscape.
The key regional players of the market are Asia Pacific, Europe and North America. The Asia Pacific is the key regional player with the highest shares. The investments in the market are rising. There is plenty of scope for the market among key industries. Also, the investments from countries such as China and India are higher.
North America is an early adopter of CCTVs. There are cameras in every industry. Further, the defence sector has greater demand for video cameras. Further, Europe is an emerging market with plenty of scopes. It is a market with an expansion rate in the residential sector.
CCTV Camera Market Recent Developments
The key players of the CCTV camera market are
CCTV Camera Market Report Overview
|Market Size||31,190 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Technology, Application, Resolution, Services|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||FLIR Systems Inc (US), Bosch Security Systems (Germany), Hangzhou Hikvision Digital Technology Co. Ltd (China), CP Plus International (India), Digital Watchdog Inc (US), Honeywell International Inc. (US), Sony Corporation (Japan), Axis Communications AB (Sweden), Dahua Technology Co. Ltd (China), Hanwha Techwin Co. Ltd|
|Key Market Opportunities||Remote technology on smart phones and increased expansion of home automation devices.|
|Key Market Drivers||
The market is set to touch a valuation of USD 31,190 Million by 2030.
The bullet security camera formed the largest market in 2018 and was valued at USD 4,239.2 million.
The North American market has a valuation of USD 5,134.6 million in 2020, making it the leading region in the global market.
The market’s growth rate is expected to be 12.90%, says the report.