The global market for CCTV camera is considered as an extremely competitive in nature, owing to the presence of a large number of players operating worldwide, states a new study by TMR. In the last few years, several new players have entered the market in order to attain a leading position in the market, thus supporting the overall growth. The key players in the market are focusing on enhancements and the development of new products, which is projected to ensure the development of the global CCTV camera market in the next few years. In addition to this, the increasing number of end use industries is another factor that is estimated to ensure the development of the overall market in the coming few years. The key players that are operating in the CCTV camera market across the globe are Axis Communications AB, Geovision Inc, Pelco Inc, Zhejiang Dahau Technology Co. Ltd., Honeywell International Inc., Toshiba Corporation, Panosonic System Network Co. Limited, Bosch Security Systems, Inc., and Hanwha Techwin Co. Ltd.
As per the research study by TMR, the global market for CCTV camera is expected to reach a value of US$23.32 bn by 2025. The market is expected to register a 12.70% CAGR between 2017 and 2025. The CCTV camera market across North America and Asia Pacific are projected to witness high growth over the next few years. The rising number of security threats and the increasing number of terrorist attacks are the main factors that are projected to encourage the growth of the markets over the next few years. In terms of technology, the analog CCTV camera segment is predicted to observe a high growth in the next few years.
Rising Crime Activities to Propel Global CCTV Camera Market in Coming Years
In the last few years, CCTV cameras have gained immense popularity across diverse application segments, thanks to which the market is projected to witness high growth in the next few years. The rising use of CCTV cameras in hospitals, education institutions, and retail sector is expected to ensure the development of the market across the globe. There has been a tremendous rise in the number of crimes and the rising terrorist attacks are some of the other factors that are projected to boost the demand for CCTV cameras over the next few years. In addition to this, the rise in the level of awareness among the people concerning the benefits of installing CCTV cameras are projected to support the growth of the market in the next few years.
Furthermore, the introduction of new types of CCTV cameras and the introduction of new technology are expected to ensure the growth of the global CCTV camera market in the next few years. Also, the introduction of 4K cameras and the rising adoption of advanced security camera technology are further anticipated to encourage the development of the global CCTV camera market over the next few years.
High Cost of CCTV Cameras to Inhibit Market Growth in Near Future
The global market for CCTV camera is anticipated to witness a downfall in the growth over the next few years, owing to the few challenges that the players may face while operating in the market. The high cost of CCTV cameras and the required cost for maintenance are projected to inhibit the growth of the global CCTV camera market in the next few years. In addition to this, the requirement of high investments for research and development activities, which is considered to restrict the development of the overall market in the coming few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “CCTV Camera Market (Model Type – PTZ Camera, Box Camera, and Dome Cameras; Technology – Analog CCTV Systems, Wireless CCTV Systems, IP-based CCTV Systems, and Hybrid CCTV Systems; End-Use Industry – Retail, Hospitality, BFSI, Home Security, and Government) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
- The introduction of new technology is likely to encourage the development of the global CCTV market in the coming years.
- The rising demand from diverse applications and the introduction of new and advanced cameras to ensure market growth.