-- Market Synopsis
The global Closed-Circuit Television (CCTV) market accrues approximately USD 19 BN in 2015 and is projected to surpass this value at a striking CAGR of roughly 20% over the forecast period (2015-2020), reports Market Research Future (MRFR). This meteoric rise can be attributed to growing focus of governments towards public safety and city surveillance. Owing to the potential of CCTV market, various capitalist firms are investing in this market and aiding multiple companies in developing new and advanced products. Also, rising threat to public security because of criminal and terrorist attacks leads to global market growth. CCTV cameras are also used to monitor areas such as shopping malls, hotels, streets, banks, and government buildings. Heightened concerns for safety of employees and intellectual property among companies is also leading to the increased adoption of CCTV cameras in organizational sectors. The rising number of market players offering technologically advanced products and services at competitive costs has led the market to grow in an upward trajectory across the globe.
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However, low awareness regarding advanced CCTV products in developing countries undermine the market growth. But on the other hand, CCTV market players are constantly coming up with new technologies and upgraded versions that enhances the appeal of CCTV cameras. For instance, high definition cameras added features like CCTV warning signs feature and digital modulator that puts CCTV onto a TV system. These trends help propel the CCTV market growth across the globe.
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.
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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Competitive Dashboard
The prominent vendors making their market in the global CCTV market are Hikvision Digital Technology, Honeywell Security, Tyco Security Products, Flir Systems, and Samsung, and others.
NTT East, Japan, has entered into a joint venture with Earth Eyes to make AI Guardsman. This system is designed to catch shoplifters and scrutinize cameras’ live video streams in supermarkets and convenience stores, tracking each customer within the shop. When suspicious activity is noted, the system transfers an alert to the smartphone of store clerk within the location and the mug shot of the possible thief. This partnership would result in business expansion, sharing of resources, and profit from product developments, leading to the strengthening of both the companies’ position in the CCTV market.
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Contact Info:
Name: Abhishek Sawant
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Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Release ID: 449576
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