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The closed circuit television (CCTV) market size is estimated to grow at a CAGR of 11.92% between 2022 and 2027. The CCTV market size is forecast to increase by USD 12,643.33 million. The growth of the market depends on several factors, including increasing government security initiatives, integration of facial recognition technology in CCTV cameras, and growing demand for IP-based CCTV cameras.
This CCTV market report extensively covers market segmentation by product (dome camera, PTX camera, bullet camera, and BOX camera), application (public, commercial, and residential), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing government security initiatives are notably driving the market growth, although factors such as cyber security risks may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing government security initiatives are notably driving market growth. Governments are being forced to tighten security measures as a result of an increase in criminal activity, including theft, fraud, and illegal possession of firearms. In order to improve resident security and safety, they have launched initiatives that require the installation of CCTV cameras throughout cities.
For instance, the Metropolitan Transportation Authority, in 2021, installed CCTV security cameras in 472 subway stations in New York City to track and monitor real-time incidents. Similarly, the Public Works Department (PWD) across Delhi, India, in 2021, installed 0.132 million CCTV cameras all over public places with a budget of around USD 48.89 million. Hence, the rise in criminal activities such as thefts, fraud, and illegal possession of firearms will help to improve security measures, which in turn is expected to boost the closed circuit television market during the forecast period.
The incorporation of video analytics in IP-based CCTV cameras is an emerging trend in the market growth. A technology named video analytics is used to locate and examine data that has been recorded in the form of video. The perimeter of the building's premises can be examined using CCTV cameras and video analytics software. These cameras can be used in a variety of locations, including government buildings, prisons, border patrol, ships, and traffic monitoring.
With the advent of video analytics, IP-based CCTV cameras can now digitally record and analyze information to stop crimes like theft. To cut down on theft, burglaries, and vandalism, IP-based CCTV cameras with video analytics have been used for a variety of tasks like perimeter protection, facial recognition, and event detection. Hence, such factors are expected to fuel the growth of the global closed circuit television market during the forecast period.
Cyber security risks are major challenges impeding market growth. Protection of hardware and software from cyberattacks like malware, password, and distributed denial-of-service (DDoS) attacks is referred to as cybersecurity. Businesses can suffer significant losses as a result of malware attacks like ransomware, spyware, rootkits, trojans, worms, and viruses. Businesses must secure their systems to prevent these cyberattacks. For example, Cisco Systems provides security tools such as Cisco Umbrella Roaming for cloud and email security.
IP-based and wireless CCTV cameras are being increasingly targeted by cybercriminals. Companies must actively prevent cyberattacks by updating systems frequently and changing the default passwords for cameras. For example, RandoriSec researchers, in 2021, discovered many critical and high-severity vulnerabilities in IP camera firmware made by UDP (User Datagram Protocol) Technology, a South Korea-based company that provides digital video solutions for the security and IP surveillance industries. Hence, cyberattacks on internet-connected CCTV cameras like this are expected to affect the closed circuit television market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global CCTV Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Axis Communications AB - The company offers security cameras, video encoders, accessories, access controls, and others. The key offerings of the company include the M3057-PLVE Mk II network CCTV camera which is designed with a 360-degree panoramic view and can be installed on walls and ceilings.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the dome camera segment will be significant during the forecast period. Dome cameras can be mounted directly on walls, ceilings, or other surfaces inside and outside of retail stores, hotels, shops, banks, offices, etc. They come in a variety of dome shapes. These cameras make use of a variety of technologies, including IR (infrared) night vision, AI, and machine learning. Additionally, there are numerous varieties of them, including analog dome cameras, internet protocol (IP) dome cameras, wireless dome cameras, network dome cameras, and thermal dome cameras.
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The dome camera segment was valued at USD 5,903.92 million in 2017 and continued to grow until 2021. As their lenses are shielded, dome cameras are incredibly resilient and resist vandalism. They also use advanced technologies like deep learning and night vision. The majority of nations are constructing smart cities with smart infrastructure, smart parking, smart security, and smart traffic management. Dome cameras are increasingly being used to monitor these locations. Dome cameras, in contrast to PTZ cameras, are compact and can be mounted both inside and outside. They are a preferred option in residential areas, shopping centers, offices, service stations, restaurants, and retail shops due to their small size, which makes them unnoticeable and inconspicuous. Vendors are also being inspired by the rising demand for dome cameras to create mini dome cameras, which are more affordable and smaller in size than their regular counterparts. Hence, with factors where it can be easily installed in places such as airports, shopping malls, restaurants, retail shops, and offices due to their small size, it is expected to boost the closed circuit television (CCTV) market segment in the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The biggest market for CCTV cameras is in APAC. The increasing investment in the construction of infrastructure in airports, shopping malls, and retail stores is one of the main factors contributing to the increase in demand for CCTV cameras. The region's closed circuit television market is anticipated to be driven by rising urbanization and a growing emphasis on smart city initiatives. AI, IoT, deep learning, and machine learning are examples of technological advancements that have accelerated the adoption of CCTV cameras. Leading Chinese manufacturers are introducing CCTV cameras with cutting-edge technologies like AI, including Zhejiang Dahua Technology and Hangzhou Hikvision Digital Technology. Furthermore, in order to create cutting-edge products, vendors are also forming strategic alliances with other market players like technology providers and chip makers. Thus, owing to such factors the regional closed circuit television (CCTV) market is expected to grow during the forecast period.
The COVID-19 pandemic declined market growth in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the closed circuit television (CCTV) market during the forecast period.
The CCTV market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global CCTV market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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CCTV Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.92% |
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Market growth 2023-2027 |
USD 12,643.33 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
10.77 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 47% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ADT INC., Axis Communications AB, Cisco Systems Inc., CP PLUS International, DW, GeoVision Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Hanwha Techwin, Honeywell International Inc., IDIS Ltd., Lenovo Group Ltd., LG Corp., MOBOTIX AG, Robert Bosch GmbH, Sony Group Corp., Teledyne FLIR LLC, UNIX CCTV Corp., Zhejiang Dahua Technology Co. Ltd., Zhejiang Uniview Technologies Co. Ltd., and Panasonic Holdings Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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