CCTV Camera Market Size, High-Tech Industry Analysis, Industry Overview, Business Trends, Regional Study Forecast 2024

 Overview

The global CCTV Camera Market is projected to account for USD 31.9908 Billion by 2024, registering a CAGR of 12.90% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentations and drivers to provide a better glimpse of the market in the coming years. Over the past two decades, governments, businesses, enterprises, and residents across the globe have become attentive towards preventing their people and assets from potential threats, such as thefts, terrorist attacks, civil unrest, and natural disasters. Safety of people and assets require real-time monitoring of activities in public places and surroundings. Video surveillance plays a vital role in the development of smarter and safer cities by reducing crime rates and implementing preventive measures.

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Competitive Analysis

The key players of the global security 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.

COVID-19 Impact

The electronics sector has been impacted substantially due to the increasing spread of COVID-19 across the globe. The changes in consumers’ inclinations towards the products and buying behavior owing to fluctuations in the global economy are expected to affect the CCTV cameras market over the projected timeframe. Governments worldwide have imposed lockdowns, affecting most of the industrial players across the globe and compelling people to stay within their homes, which, in turn, has reduced the physical interaction among people. Most industry players have allowed employees to operate from their homes to ensure business continuity during the COVID-19 pandemic, which is expected to hamper the growth of the CCTV cameras market over the forecast timeframe. The restrictions imposed on manufacturing activities to comply with the social distancing norms are likely to hinder the growth of the electronics industry, which, in turn, is expected to limit the growth of the global CCTV cameras market.

Segmental Analysis

The global CCTV camera market has been divided into product, technology, application, resolution, services, and region.

By technology, the global CCTV camera market has been segmented into IP security camera and analog camera. The IP security camera segment accounted for the larger market share in 2018, with a market value of USD 11,694.5 million; it is expected to register the higher CAGR during the forecast period. The analog camera segment was the second-largest market in 2018. IP security cameras are primarily connected to an IP network using an Ethernet connection.

The application segments covered under the scope of the market are commercial, residential, and industrial. The commercial segment accounted for the larger market share in 2018, with a market value of USD 7,307.6 million; it is expected to register the higher CAGR during the forecast period. The residential segment was the second-largest market in 2018. The adoption of CCTV cameras for residential purposes has increased significantly over the past few years.

Based on resolution, the market has been divided into HD and Non-HD. The HD segment accounted for the largest market share in 2018, with a market value of USD 11,151.3 million; it is projected to register the highest CAGR during the forecast period. The Non-HD segment was the second-largest market in 2018, valued at USD 4,351.7 million. HD security cameras differ from the traditional security cameras based on their ability to capture video at higher resolutions.

Based on services, the market has been segmented into professional service and managed Service. The professional services segment accounted for the largest market share in 2018, with a market value of USD 10,707.9 million; it is projected to register the highest CAGR during the forecast period. The managed services segment was the second-largest market in 2018, valued at USD 4,795.2 million. Professional services primarily comprised of installation and support and maintenance services.

Company name: Market Research Future

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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