Market Overview
As the importance of security surveillance and community safety increases, CCTV cameras also grow in deployment scale. The CCTV camera is a basic equipment of surveillance employed for security and monitoring purposes. The modernization of security solutions and 24x7 surveillance is a major driver of the Global CCTV Camera Market. The CCTV camera market was valued at $11 billion in 2020. In the years succeeding 2020, the global CCTV market is all set for growth and further development.
From public places to residential complexes, the deployment of CCTV cameras has increased across many verticals. This expansion offers great opportunities for CCTV camera market to grow among surveillance solutions. Earlier, people used to keep security guards and patrolling teams for security purposes. This was especially true for residential communities. However, the efficiency of human patrolling teams only increases when there is technologically aided surveillance. CCTV cameras brought about extra pair of eyes that monitored every nook and corner around the clock. Thus, CCTV cameras make it easier for humans to provide security. Unlike a human’s memory, the memory of a CCTV camera is very reliable as it records every movement.
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The Global CCTV Camera Market is set for growth as residential complexes and public places deploy advanced security systems. Manufacturers of CCTV cameras are introducing new features and improvements to increase the surveillance efficiency of such systems. CCTV cameras are stepping out of simple video recordings into higher-tech domains like IOT, superior facial recognition, etc. Key players of the CCTV market are focusing on creating more scalable, affordable options so that the benefit of surveillance extends to different areas. The development of smart homes, the use of artificial intelligence, and IOT will exert a positive influence on CCTV Camera Market.
Market segmentation
The Global CCTV market divides into different industrial segments depending on different criteria. The most notable criteria of segmentation are product, technology, application, resolution, and services. The CCTV market divides into dome security cameras, bullet security cameras, and thermal security cameras by product.
The setup is divided into an IP security camera and an analog security camera based on the technology behind the cameras. Based on the resolution, the cameras divide into HD and non-HD. Moreover, based on application, the industry segments into residential, commercial, and industrial scale. Based on services, the industry segments into professional and managed services.
Regional Analysis
The CCTV market disperses over different regional markets depending on revenue and the presence of key players in the area. The individual revenue markets exert influence and contribute to collective revenue for the global market. The major regional markets of CCTV market are North America, Asia Pacific, Europe, and the Rest of the World. The North American region will dominate the global market with the largest share of development and revenue—investments into research and development of more advanced camera systems in driving growth in the sector. The CAGR in the market will go higher than 10 percent in the forecast period.
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Industry News
The CCTV camera industry is looking at many recent developments that bring about the growth of the sector. For example, Axis Communications AB introduced its advanced Axis M42 Network Cameras in May 2019. In April 2019, Honeywell International collaborated with Intel Corporation to integrate AI capabilities into video surveillance systems.
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