CCTV Market Size to Reach USD 46.52 Billion by 2030 at a 13.1% CAGR - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Rising Adoption of Video Analytics to Boost CCTV Market Growth
New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “CCTV Market information by Camera Type, by Technology,byEnd User, by Channel and Region – forecast to 2030” market was valued 19 billion in 2015 and will surpass USD 46.52 billion, growing at a compound annual growth rate of 13.1% by 2030.
Market Scope: The decreasing prices of CCTV cameras coupled with advanced features making it affordable for smaller firms too in embracing the CCTV technology will offer robust opportunities for the market over the forecast period.
Besides, the rise in terror threats and crime rates coupled with increased local and government investments to address these issues are also adding market growth. Also, the concerns about intellectual property rights and employee safety are again boosting the use of CCTV cameras in corporate infrastructures.
Market USP Exclusively Encompassed: Market Drivers The rising adoption of video analytics will boost market growth over the forecast period. Smart CCTV surveillance systems are capable of detecting, recognizing, analyzing, and tracking people, objects, vehicles, alike. The video analytics software that is built into the CCTV face recognition technology also helps in monitoring seamlessly in real time as well as adds significant benefits in incident review operations and live-monitored operations. A video analytics enables improved operational performance along with increased security monitoring for detecting unauthorized physical intrusions across the perimeters.
High Maintenance Cost to act as Market Restraints The high maintenance costs of CCTV cameras along with high initial investments may act as market restraints over the forecast period.
Low Awareness to act as Market Challenge The low or lack of awareness about advanced CCTV products may act as a market challenge over the forecast period.
Segmentation of Market Covered in the Research: The global CCTV camera market has been bifurcated based on camera type, technology, end users, and channel structure.
By camera type, HD analog & internet protocol camera will lead the market over the forecast period.
By technology, CMOS will dominate the market over the forecast period.
By end users, government will spearhead the market over the forecast period.
By channel structure, the distribution channel will have the lions share in the market over the forecast period.
Regional Analysis North America to Lead CCTV Market
North America will lead the CCTV market over the forecast period. The growing need for personal and public safety, increasing adoption of advanced CCTV cameras to cater to the growing need for working premises and office safety, increasing security threat, and the growing end use industries creating opportunities for the colossal growth of the market are adding to the CCTV market growth in the region.
Europe will have favorable growth in the CCTV market over the forecast period. Increasing uptake of surveillance solutions in government establishment, public protection policies, and the increasing adoption of cloud-based surveillance services by SMEs and large organizations are adding to the global CCTV market growth in the region.
APAC to Have Admirable Growth in CCTV Market
The APAC region will have admirable growth in the CCTV market over the forecast period. Rise in concerns and security threats in South Korea, India, Japan, China, and other countries, increasing use in law enforcement and security to reduce crime rates in China and India, preference of IP video surveillance over HC CCTVs, increasing application in commercial sector and government, and booming commercial sector in India and China are adding to the global CCTV market growth in the region.
COVID-19 Impact on the Global CCTV Market The CCTV market had a positive growth during the COVID-19 pandemic with the number of installations of CCTVs for surveillance in industrial, commercial, and residential sectors for surveillance and monitoring owing to lockdown restrictions that was imposed worldwide. In fact this scenario had showcased a strong need for CCTVs in the worldwide market. On the other hand the outbreak disrupted the supply chains as well as market need owing to the fall in production, halting of different projects, shutting down of industries, and other factors that resulted in cash flow constraints. There had been a decline in the supply of CCTVs and most countries have also halted the import and export of products that placed the suppliers and manufacturers under financial pressure. But the overall need for CCTV cameras will continue to boost in the months to come. As most people have allowed WFH trends there has been a rise in the need for CCTVs for surveillance and monitoring needs that in turn has fuelled the revenues of companies that operate in the CCTV market. Besides the rising focus of governments towards city surveillance and public safety and the growing need for CCTVs in the industrial industry have also propelled the need for CCTVs.
Industry News CCTV cameras in government schools in Amritsar will soon turn into a reality. The education department has released funds for enhancing surveillance in more than 500 schools within the district. These cameras will boost child safety in the school premise and everything will get recorded as well as monitored via the surveillance staff.
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