CCTV Camera Market to Reach US$ 16 Bn by 2029, Driven by Growing Need for Public Video Monitoring Due to COVID-19 Pandemic
Critical infrastructure security is of utmost importance, as these facilities continuously face physical intrusions, thefts, terrorism threats, and trespassing issues. Many governments across the world are ramping up their security measures to protect critical infrastructure such as oil & gas refineries, power plants, smart grids, and water utilities from perimeter intrusion attacks. Hence CCTV-based video surveillance systems are in great demand to protect critical assets within these infrastructures. Solutions such as IP CCTV cameras, thermal imaging cameras, and AI-enabled video analytical solutions are increasingly being adopted to ensure robust video surveillance, and thus, contributing to market growth. The global CCTV camera market is anticipated to exhibit a CAGR of 6% during the forecast period of 2019-2029.
Cctv Camera Market
A recent market report published by Future Market Insights on the CCTV camera market inclu...
COVID-19 Pandemic Impact Analysis
As global economies are currently facing a critical crisis situation due to the COVID-19 pandemic outbreak, this, in turn, is impacting the supply chain and logistic operations of various video surveillance system manufacturers. Over the past 5 years, the market for CCTV cameras has grown by almost 6%, globally. In 2019, total value of the global CCTV camera market is estimated to be nearly US$ 9 Bn. However, due to the coronavirus outbreak, the need for video surveillance has grown further in Q1, 2020, which would continue in Q2, 2020, as the demand for public video surveillance would grow significantly for security monitoring amidst lockdowns.
“The video surveillance industry is currently seeing innovation in CCTV cameras with AI-enabled capabilities and advanced thermal imaging techniques. These enhanced video monitoring cameras are poised to substantially impact the video surveillance industry in the near term. Moreover, amid the novel coronavirus pandemic, AI technologies bring superior face recognition, object recognition, and event recognition capabilities that can help detect suspected patients of COVID-19.”
Key Takeaways of CCTV Camera Market Study
- North America is expected to hold a significant share in the global CCTV camera market during the forecast period.
- Dome cameras are likely to capture a leading share in the global CCTV camera market among all model types during the forecast period, as these cameras are widely used for end-to-end security solutions all over the globe.
- By technology, IP/network-based CCTV systems are anticipated to retain their hegemony in the global CCTV camera market during the forecast period, as they find immense application in the residential sector.
- Demand for CCTV cameras in the residential sector is estimated to expand at an impressive CAGR. However, the commercial sector is estimated to continue to hold significant market share in the global CCTV camera market during the forecast period.
Increasing Adoption of Video Analytics to Propel Sales
Smart CCTV surveillance systems are able to detect, recognize, analyse, and track people, vehicles, and objects, alike. Video analytics software built into CCTV face recognition technology also monitors seamlessly in real time, and adds significant benefits in live-monitored and incident review operations. Video analytics allows improved operational performance and increased security monitoring to detect unauthorized physical intrusions across perimeters.
More Valuable Insights on CCTV Camera Market
Future Market Insights offers an unbiased analysis of the global CCTV camera market, providing historical data of 2014-2018 and forecast statistics for 2019-2029. To understand the opportunities in the CCTV camera market, the market is segmented on the basis of model type, technology, camera sensor type, and application, across eight major regions.
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