Report ID: PMRREP21760
Number of Pages: 186
Format: PPT*, PDF, EXCEL
Industry: Semiconductor Electronics
Published Date: June-2024
The global market is estimated to reach a valuation of US$51.06 Bn by the year 2033, at a CAGR of 12.1%, during the forecast period 2024 to 2033.
Key Highlights of the Market
|
Global CCTV Camera Market Size (2024) |
US$16.24 Bn |
|
Projected Market Value (2033) |
US$51.06 Bn |
|
Forecast Growth Rate (CAGR 2024 to 2033) |
12.1% |
|
Historical Growth Rate (CAGR 2019 to 2023) |
11.9% |
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CCTV, technically the closed-circuit television cameras, serve as video surveillance cameras in monitoring and recording of activities in public and private areas.
As CCTV cameras are extensively used for security and surveillance purposes to prevent any criminal activities, monitor real-time traffic and crowds and assist in investigations, the market for CCTV cameras is more than a US$16 billion market worldwide.
These CCTV cameras are available in wired connection, or wireless and can transmit video signals to the monitoring devices and can be placed or fixed at certain locations, panned, tilted and zoomed remotely.
Introduction of advanced CCTV cameras that come with features such as facial recognition, license plate recognition, and motion detection further bolsters the growth of the market.
While CCTV cameras can be useful for enhancing security and providing evidence in criminal investigations, there are also concerns about privacy and the potential for misuse.
Increased adoption of AI-based cameras is aiding the CCTV camera market growth. While the cameras have become a need of the hour due to the rise in fraudulent activities and this has surged their demand in public and private places including homes, offices, streets, and traffic signals.
CCTV cameras are now integrated with Artificial Intelligence (AI), and machine & deep learning techniques that improve surveillance and monitoring.
The added feature of AI enhances the camera's features including network video recording, face detection and other high-end features like panoramic zoom, 360-degree vision, motion detection, crowd density detection, real-time analysis and alarm systems.
Several key competitors in the market are enhancing the functionalities of their camera products by employing AI-based surveillance systems to cater to the growing demand for security systems in public or private places.
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In recent years, the frequency of burglaries and other security-related issues has increased to the point where security has become a paramount concern. From 2018 to 2022, the demand for closed-circuit television cameras increased at a CAGR of 8%.
It is anticipated that the CCTV camera market potential will be significantly impacted by the growing demand for security solutions in infrastructure, such as power plants and smart grids, the rapid advancements in CCTV camera technologies, the increasing urbanization and digitization, and the proliferation of technology worldwide.
The sales of CCTV cameras in numerous countries have also been bolstered by government initiatives to enhance security.
By way of example, Indian Railways initiated the installation of IP cameras to enhance passenger safety during rail travel. It was anticipated that the installation of surveillance cameras would be concluded by March 2022 at major stations, nationwide.
High Adoption Rate of Security Systems
The growth of the market is primarily driven by the increased adoption of high-end security cameras to have a robust surveillance system to prevent any suspicious activities. CCTV cameras are extensively employed to safeguard residential and commercial properties worldwide.
The new-age security cameras have been developed using cutting-edge technologies, which include deep learning, AI, machine learning and infrared, to enhance the security of both residential and public areas.
Along with this, the CCTV camera market is primarily strengthened by the increased consumer awareness about security and surveillance cameras and the increase in burglary cases in residential and commercial spaces.
Furthermore, stringent government policies and regulations are in place to enhance the surveillance system with such high-end security cameras to be deployed in several regions across the world.
Besides, there has been a sudden surge in the installation of vigilance systems in major developing countries, which is one of the key reasons for the growth of the market.
China has approximately 200 million surveillance systems installed throughout the nation and over 1 billion cameras are installed across the globe. Following China, the United States and Germany also have around 50 million and 5.2 million surveillance systems installed respectively.
Introduction of IP Cameras
With the rapid technological evolution, there has been a quick transition from analogue to IP cameras, which has given rise to video analytics and neuro networks and the production of HD digital images and footage.
As IP cameras transmit authentically digital signals, they provide a higher level of video detail, rendering them more suitable for the detection of license plate numbers or facial recognition.
Furthermore, with the increased production, there has been a steep decline in the prices eventually leading to increased adoption of IP cameras.
Moreover, the incorporation of software solutions into video surveillance has enabled the detection of unexpected and unattended objects or packages, as well as line crossings and path tracing.
Data Security Concerns
The growth of the CCTV camera market is anticipated to be restrained by privacy concerns about video data from larceny and hackers.
With this, companies are restricted from retaining any video footage due to the risk of video data being misused in the cloud environment through camera recorders, and the increasing frequency of data breaches.
Cyber crooks create a Distribute Denial of Service (DDoS) attack on the targeted systems, tendering networked video surveillance systems more susceptible to intrusions.
The market's expansion is primarily impeded by the increased manufacturing expenses that are linked to the sophisticated technology-based systems.
Evolving Criminal Activity
With the increased criminal activities including a higher cybercrime rate worldwide, there has been a surge in demand for high-end surveillance systems which ensures the safety of citizens.
Furthermore, the favorable government initiatives helping to deploy more security systems in public places have boosted the sales of IP cameras, dome cameras, bullet cameras and other kinds of surveillance cameras.
Besides, the increased criminal activities in residential areas have bolstered the demand for high-end CCTV cameras. With this, there has been an increased demand for home CCTV systems which is creating a pool of opportunities for the market players.
Dome Camera Sales Remain Dominant with over 30% Share
|
Market Segment by Type |
Market Value Share |
|
Dome Cameras |
>30% |
Based on types, the market is further segmented into box cameras, dome cameras and PTZ cameras, among which, the dome cameras dominate the market share.
The market share dominance is primarily attributed to the rising adoption of high-end security cameras across public places to secure government assets.
Rising urbanisation and the rapid increase in the global population is another key reason for the market's growth.
The Smart City Initiatives in India saw a high demand for CCTV cameras, where the city of Bhubaneshwar had an installation of more than 350 high-end cameras installed in the city as a surveillance project from the government of India.
Apart from the dome cameras, the PTZ cameras are also expected to have the highest growth rate during the said forecast period, owing to the rise in the adoption of AI-based PTZ systems with a wide range of smart features.
IP Cameras Represent the Leading Technology Segment
|
Market Segment by Technology |
Market Value Share |
|
IP Cameras |
>45% |
Based on technology, the global CCTV camera market is further divided into analog and IP cameras, out of which, the IP camera segmentation dominates the market share.
The reason for the IP camera segment to dominate the market share is the rising adoption of high-end security cameras in public and government infrastructures.
Rising infrastructure development in major emerging economies is another key reason for the said segmentation to dominate the market.
Commercial Sector Accounts for over a Third of Total Demand Generation
|
Market Segment by Application |
Market Value Share |
|
Commercial |
>33% |
Based on application, the global market is further sub-segmented into commercial, residential and government applications, among which the commercial application segment dominates the major market share of about 33% of the total market share in the application segment.
The security of commercial infrastructure has become a primary concern for numerous companies, which has resulted in a surge in the demand for CCTV systems to monitor these premises and guarantee their protection.
Furthermore, the demand for residential surveillance cameras is increasing at a rapid pace due to the growing awareness of security among individuals and the escalating physical risks.
It is anticipated that the outlook for residential CCTV cameras will boost during the forecast period.
Asia Pacific, and North America Continue to March Ahead
Asia Pacific region is dominating the global CCTV camera market owing to the presence of major emerging economies like India, China and Japan. The rigorous infrastructural developments in countries like India, and China are positioning the region at the top.
Investments in smart city initiatives in China alone recorded approximately US$30 Bn and are estimated to reach US$38 Bn by the end of the forecast period.
Throughout the forecast period, North America is expanding at a healthy CAGR due to the increasing demand for public spaces, which is a result of the expansion of infrastructure development initiatives.
Additionally, the market is anticipated to expand due to the increasing number of burglaries and larceny in the US, and Canada.
In 2021, the US Federal Government reported approximately 91,628 burglary cases in the US, with most of cases occurring in North Carolina, Washington, Colorado, and Ohio.
It is anticipated that Europe will experience moderate growth during the forecast period. Surveillance systems are imported by European countries from Asia Pacific countries, such as China, and Japan.
To safeguard assets, numerous governments in countries including the United Kingdom, Germany, and France are implementing critical initiatives to implement intelligent surveillance systems.
As per the studies carried out, the UK installed over 5.2 million surveillance systems, with approximately one camera per 13 individuals for public surveillance, residential, and intercom systems.
December 2022
Hanwha Techwin announced the integration of its smart IP Cameras with Epic's remote video platform, for hospitals to monitor patients remotely and conduct remote observation of high-risk patients.
June 2022
Bosch, a leading tech company globally launched its new product MIC IP Fusion 9000i 9mm camera, offering a wide thermal view to increase the security level in perimeter detection applications.
February 2022
Hangzhou Hikvision Digital Technology Co., Ltd. introduced its new TandemVu PTZ system, which helps integrate the bullet surveillance system capabilities into a single unit.
The major competitors in the global CCTV camera market are primarily evaluated based on their product or service offerings, their financial statements, developments and the approaches implemented, the company's position in the global market scenario and its geographical reach.
Besides, the key competitors studied have also been accessed through the SWOT analysis to understand their strengths, weaknesses, opportunities and threats.
Apart from this, the key competitors in the industry employ crucial strategies like partnership deals, mergers and acquisitions, and business expansion deals to strengthen their hold on a particular region or a particular service offering.
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Attributes |
Details |
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Forecast Period |
2024 to 2033 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Type
By Technology
By Application
By Region
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In 2022, the market value CCTV cameras were US$ 14,700.5 Mn.
The global CCTV cameras market is estimated to advance at 12.1% CAGR through 2033.
The market for CCTV cameras is forecasted to climb to US$ 51,054.7 Mn by 2033 end.
Demand for CCTV cameras market in India is projected to rise at a CAGR of 16.3% over the forecast period.
In 2022, the North America CCTV cameras market held a dominant market share of 28.5%.
