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The closed circuit television (CCTV) market size is estimated to grow by USD 12,643.33 million at a CAGR of 11.92% between 2022 and 2027. 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.
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. 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 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 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 market growth during the forecast period.
The market research 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 Market Customer Landscape
Companies 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 companies, 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, 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 market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The Market is driven by safety and security concerns, particularly in public and private spaces, leading to the increased deployment of high-definition cameras and facial recognition software. These systems often rely on cloud-based storage systems for storing footage. In addition to security, CCTV systems are used for traffic-related applications, including automatic number plate recognition (ANPR) for monitoring vehicle movement and enforcement activities. They are also used for detecting traffic violations and managing tolls, parking charges, and fees on roads and highways.
Different types of cameras, such as analogue and Internet Protocol (IP) cameras, are used in CCTV systems, with IP cameras providing connectivity to wired or wireless IP networks, including local area networks (LANs). This enables remote monitoring and recording of footage. CCTV systems are cost-effective solutions for the IT sector and property owners, helping to deter crime and provide evidence for investigations. They are also used to monitor behavior and control crowds in various settings.
CCTV Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.92% |
Market growth 2023-2027 |
USD 12,643.33 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.77 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market Forecasting, 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 market forecast period. |
Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
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