CCTV Camera Market Analysis
The global CCTV camera market will touch USD 31,190 million at a 13.2% CAGR by 2030, states the latest Market Research Future report.
Rising Use of Video Analytics to Boost Market Growth
The rising use of video analytics will boost CCTV camera market growth over the forecast period. People, cars, and objects may all be detected, recognized, analyzed, and tracked with smart CCTV surveillance systems. Video analytics software integrated with CCTV facial recognition technology monitors in real time as well, providing major benefits in incident review and live-monitored operations. Video analytics enables better operational performance and higher security monitoring across perimeters to detect unwanted physical incursions.
Increasing Application in Government and Industrial Sector to offer Robust Opportunities
The increasing application of CCTV cameras in the government and industrial sector for the rise in security threats will offer robust opportunities for the market over the forecast period.
Restraints and Challenges
High Installation and Maintenance Cost to act as Market Restraint
The high cost to install and maintain CCTV cameras may act as a market restraint over the forecast period.
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The global CCTV camera market is bifurcated based on services, resolution, application, technology, and product.
By product, dome security camera will lead the market over the forecast period.
By technology, IP security camera will dominate the market over the forecast period.
By application, residential will spearhead the market over the forecast period.
By resolution, the CCTV camera market is segmented into non-HD and HD.
By services, the CCTV camera market is segmented into managed service and professional service.
Many businesses around the world are affected by COVID-19. CCTV cameras are now required in offices, retail outlets, banks, and other locations. Of late, the electronics industry has experienced a severe downturn. In the global CCTV camera market, there are numerous drawbacks. In addition, many businesses are opting for remote work. The number of people employed in offices is decreasing. Demand for CCTV is decreasing as the number of employees decreases. However, the healthcare industry has a significant demand for these cameras. Clients are flocking to the hospital during this time. As a result, the requirement for surveillance cameras in the CCTV camera market is increasing. There are numerous variables that limit overall need for CCTV cameras. The introduction of government lockdowns has an impact on CCTV production. The global CCTV camera market has faced supply chain issues in recent years. These setbacks might stop progress. However, in the following years, the market situation is likely to improve.
APAC to Head CCTV Camera Market
Asia Pacific is the top CCTV Camera Market. There are numerous elements which contribute to the market’s expansion. This area’s population is increasing. It brings up the issue of citizen security. Businesses are growing in tandem with population expansion. The demand for CCTV in strategic locations is considerable. Hospitals, institutes, and government efforts have increased their demand. India, Japan, & China are amid the countries with the highest market investments. Another benefit of the industry is the presence of important companies. All of these components combine to make the region a lucrative market. During the projected period, the APAC region is likely to be a prominent region in the global CCTV cameras market. The increased usage of CCTV cameras in the government and commercial sectors is predicted to be the key driver of increased CCTV camera demand. Furthermore, the expanding commercial sector in countries like China & India is aiding market expansion throughout the projection period.
Eminent market players profiled in the global CCTV camera market report include 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), and Hanwha Techwin Co. Ltd.
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CCTV Camera Market Research Report: By Product (Bullet Security Camera, Dome Security Camera, PTZ Security Camera, Box Security Camera and Thermal Security Camera), By Technology (IP Security Camera and Analog Camera), By Application (Commercial, Residential and Industrial), By Resolution (HD, Non-HD), By Services (Professional Service and Managed Service) – Forecast till 2030
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