CCTV Market – Overview
The lack of trusted manpower to safeguard buildings and public structures has led to the rise of the CCTV market worldwide. Market Research Future which specializes in market reports related to the IT & security sector amongst others lately published a report on this industry. The industry is expected to grow at a CAGR of approximately 20 per cent in the forecast period.
The demand and application potential of the CCTV Market has grown significantly in the past few years. Its transformation from a disorganized to organized sector has increased the growth that can be achieved from the market. The advances in technologies have made possible the incorporation of cutting edge technology which has further bolstered the demand trends that the market is experiencing currently. Upsurge in automation of the security and intelligence sector has also pulled along the expansion of this sector favorably.
Key Players:
The prominent players in this market include Hikvision Digital Technology, Honeywell Security, Bosch Security System, Safran Security, Dahua Technology, AssaAbloy, Tyco Security Products, Flir Systems, Samsung, and Axis Communications amongst others.
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Market Segmentation
The CCTV Market is segmented by camera type, technology, end user, and channel.
Analogue, high definition (HD) analog, and internet protocol (IP) cameras are the types of CCTV cameras. Among these, the IP camera market is segmented into wired IP cameras and wireless IP cameras. The IP camera market is set to grow at the highest CAGR owing to technological advancements. Growing trend of smart homes and penetration of Internet of Things (IoT) in consumer electronics has led to adoption of IP cameras among residential users.
By technology, the CCTV market is segmented on the basis of Complementary metal–oxide–semiconductor (CMOS) and charge coupled device (CCD) technology. The demand for CMOS technology is slated to grow in the coming years due to its user-friendliness. Their high speeds and resolution, low power consumption and color concepts appeal to a broad consumer base, leading to high demand globally.
The various end-users of CCTV market are educational centers, hospitals, hotels, real estates, religious places, government, retail, IT sector, and transport sector. Government has the largest share of CCTV market. This can be attributed to extensive usage of CCTV in government offices and roads. Tracking production processes, regulate traffic, and need to check people’s disciplinary behaviors in public places enhances the demand for CCTV in government offices.
By channel, the market is segmented on the basis of distribution channel and retail channel. The distribution channel holds the maximum share in the global CCTV market. On the other hand, the retail channel segment will experience high growth. Need to reduce shoplifting, employee theft, as well as marketing by analyzing customer movement fuel the retail CCTV market growth across the world.
Regional Analysis
Geographically, the CCTV market is segmented on the basis of North America, Europe, and Asia-Pacific.
MRFR observes that among all regions, North America holds the largest share of the CCTV market trailed by Europe and Asia-Pacific. North America CCTV market has been on a constant rise due to growing unsociable elements, terrorist activities, and threat perceptions that trigger the demand for CCTV to keep a bird eye view on these activities. Moreover, vigorous investments in research and development initiatives have left a positive impact on the growth of CCTV camera market in the region. The CCTV camera market is dominated by technology advancements in terms of software, hardware, service, and maintenance.
On the other hand, Europe market is also exhibiting steady growth due to high production of technologically advanced cameras with better image quality and other functionalities. On account of gigantic strides taken in the domain of technology, variety of CCTV cameras are available in the Europe market that differs on the basis of model types and technology.
In the Asia-Pacific region, India and China contribute the maximum share due to gradually improving infrastructure, government initiatives, and high economic growth in this region. CCTV market has shown massive potential in India. With the entry of emerging players like Videocon Wallcam and D-link, market is bound to get more competitive. Also, low priced CCTV camera systems manufactured mainly in China gives tough competition to higher priced products from other regions.
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Industry Updates:
In October 2018, UAE-based Secure Cam IT Solutions has announced the launch of a major campaign to equip more than 1.5 Mn buildings with security camera solutions all over the world. The first phase of this campaign will be rolled out across thirteen countries, starting with India and the UAE.
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