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CCTV Camera Market Trends driven by the growing number of security threats (SARS-CoV-2, Covid-19 Analysis)

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Market News-Flash
CCTV Camera Market Trends driven by the growing number of security threats (SARS-CoV-2, Covid-19 Analysis)

CCTV Camera Market Trends

The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on CCTV Camera Market Trends. The growth sectors of the CCTV Camera Market Trends are identified with precision for a better growth perspective.

The Global CCTV Camera Market is projected to register a 12.90% CAGR, witnessing substantial growth during the forecast period. The market was valued at USD 15,503.0 million in 2018; it is expected to reach USD 31,190 Million by 2024.

Market Highlights

Factors slated to drive the CCTV camera market during the forecast period are the growing popularity of smart homes, increasing security and safety concerns, and ease of installation. Thanks to a technological shift from analog video surveillance systems to network camera solutions, the CCTV camera market is rapidly increasing. Companies need to concentrate on manufacturing a variety of network cameras, which are in tremendous demand in various vertical industries. The residential sector is expected to be witnessing increased preference towards CCTV cameras among various end-users of CCTV cameras. Technology advances are driving the growth of the global market for CCTV camera. The introduction of 4 K cameras and advanced surveillance camera technologies to ensure protection against attacks, shoplifting and terrorism is adopted in different sectors. That factor helps drive the CCTV camera market ‘s growth. The Internet of Things ( IoT) is also playing a crucial role in developments related to CCTV camera and is contributing to the development of the global market for CCTV camera.

Nevertheless, concerns concerning privacy and data loss are expected to threaten market growth during the forecast era. In addition, advances in wireless IP cameras and emerging Smart City initiatives are expected to serve as opportunities for the global market for CCTV camera during the forecast period.

Segmental Analysis

Based on product, the global CCTV camera market has been divided into technology, product, application, services, resolution, and region.

By technology, the global CCTV camera market has been divided into IP security camera and analog camera. The IP security camera segment represented the larger market share in 2018, with a market value of USD 11,694.5 million; the higher CAGR is expected to be recorded during the forecast period. The segment of analog camera was second largest market in 2018.

The industry covered application categories are business, residential, and manufacturing. The commercial segment represented the larger market share in 2018, with a market value of USD 7.307.6 million; the higher CAGR is expected to be registered during the forecast period. In 2018, the Residential segment was the second largest market.

Based on resolution, the market has been bifurcated into HD and Non-HD. The HD segment represented the largest market share in 2018, with a market value of USD 11,151.3 million; the highest CAGR is projected to be registered during the forecast period. The segment Non-HD was the second largest market in 2018, worth USD 4,351.7 million.

The market was segmented into technical service and managed service based on the facilities. The professional services segment represented the largest market share in 2018, with a market value of USD 10,707.9 million; the highest CAGR is expected to be registered during the forecast period. The category of managed services was the second-largest sector in 2018, estimated at USD 4.795.2 million.

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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
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