The CCTV Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s CCTV Global Market Report 2024, The cctv market size has grown rapidly in recent years. It will grow from $15.79 billion in 2023 to $18.14 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to security concerns, corporate and industrial security, public safety and urban surveillance, retail loss prevention, traffic monitoring and management.
The cctv market size is expected to see rapid growth in the next few years. It will grow to $30.26 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to smart city initiatives, integration with iot and analytics, increasing adoption in residential security, health and safety compliance, remote monitoring and cloud services. Major trends in the forecast period include integration with iot devices, cybersecurity measures, mobile and remote monitoring, privacy-enhancing features, integration with access control systems.
The increasing demand for security systems is expected to propel the growth of the CCTV market going forward. The security system is a piece of equipment created to protect people and property against various dangers, such as crime, theft, accidents, espionage, sabotage, subversion, and attack. System security aims to keep data and assets safe against loss, tampering, and other sorts of harm while enabling access to and usefulness of the data and assets. Hence, increasing demand for security systems is contributing to the growth of the CCTV market. For instance, in December 2022, according to the 2021 Nationwide Crime Statistics released by the Federal Bureau of Investigation, a US-based Law enforcement agency, the expected murder rate increased by 4.3% (from 22,000 in 2020 to 22,900 in 2021). Therefore, the increasing demand for security systems is driving the growth of the CCTV market.
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The cctv market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: CMOS Technology, CCD Technology
3) By Camera Type: Analog Camera, Internal Protocol (IP) Camera
4) By Channel: Online Channel, Offline Channel
5) By End User: Educational Centers, Hospitals, Hotels, Real Estates, Religious Places, Government, Retail, IT Sector, Transport Sector
Technology advancements are a key trend gaining popularity in the CCTV market. Companies operating in the CCTV market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Lorex Technology Inc, a Canada-based home and business security company, launched a 4k Wi-Fi Security Camera with Smart Security Lighting technology. Customers can customize and change the camera’s LED band using the Smart Security Lighting function. The users can create customized illumination signals by assigning different colors to specific camera settings and motion occurrences. The AI technology with Smart Motion Detection Plus helps to prevent unwanted notifications and false alarms.
The cctv market report table of contents includes:
1. Executive Summary
2. CCTVMarket Characteristics
3.CCTV Market Trends And Strategies
4.CCTV Impact Of Macro Economic Scenario
5.CCTV Market Size And Growth
6.CCTV Segmentation
7.CCTV Regional And Country Analysis
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27.CCTV Competitive Landscape And Company Profiles
28.CCTV Key Mergers And Acquisitions
29.CCTV Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Hangzhou Hikvision Digital Technology Co. Ltd.
- Bosch Security and Safety Systems Inc.
- Honeywell Commercial Security
- Panasonic i-PRO Sensing Solutions
- Dahua Technologies Co. Ltd.
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