February 22, 2023 17:00 ET | Source: Contrive Datum Insights Pvt Ltd Contrive Datum Insights Pvt Ltd

Farmington, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Global CCTV Camera Market Size Was Valued At USD 31.88 Billion In 2021. The Market Is Projected To Grow From USD 35.47 Billion In 2022 To USD 105.20 Billion By 2030, Exhibiting A CAGR Of 16.8% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. When compared to levels before the pandemic, demand for CCTV cameras is lower than expected in all areas. According to our research, the global market for CCTV cameras will be 4.6% smaller in 2020 than it was in 2019.

A CCTV camera sends a signal to a certain place. It has a recorder and a set of screens that show what is going on in a company or store. It is often used to make places safer, like banks, financial institutions, schools, businesses, and public spaces.

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Box CCTV, bullet CCTV, dome CCTV, C-mounted CCTV, PTZ cameras, and other types are available on the market (infrared camera). In 2021, the dome CCTV segment had the biggest share. This is mostly because these products are being used in more public places to protect government property. In India, Bhubaneswar Smart City Limited set up more than 350 high-end dome cameras to watch over the smart city in September 2022 as part of a government project. The market has grown because more people are moving to cities and the world's population is growing quickly.

The number of businesses that use it is what makes the market grow.

The market is divided into analogue cameras, IP (network) cameras, and other kinds (wireless camera). In 2021, the analogue segment led the world market. This is mostly because of an increase in government projects for smart cities, which has led to a rise in both demand and adoption in public places.

Most likely to use surveillance systems will be the BFSI sector, and the government sector will grow at an exponential rate.

There are different types of end users in the market, such as Banking, Financial Services, and Insurance (BFSI), Homeland Security, Retail, Residential, Logistics & Transportation, Hospitality, Government, Commercial Spaces, and Others (energy & power). In 2021, the biggest part of the market was owned by BFSI. Most of this is because more banks are using cameras to protect their assets. The Reserve Bank of India (RBI) has made it necessary for banks to have vigilance systems. These systems make sure that all bank transactions are watched, which stops mistakes and makes banks more open.

Asia-Pacific is expected to lead the world market because the government is putting more money and time into smart city projects. According to the World Construction Report for 2021, China's investments in smart city projects that use advanced technologies reached about USD 30 billion in 2021 and are expected to reach USD 38.92 billion. Since smart cities are getting more money, this product is in high demand to protect government assets. Also, a UN report says that by 2021, about 540 million surveillance systems, or 54% of the world's cameras, will be in China. China is home to about 1.46 billion people, and for every 1,000 people who live there, there are about 372.8 cameras.

North America is growing at a moderate CAGR during the time frame of the forecast. This is because public places are asking for more and there are more projects to improve infrastructure. Also, the rising number of break-ins and thefts in the U.S. and Canada is likely to help the market grow. In 2021, there were about 91,628 burglaries in the United States, most of which happened in North Carolina, Washington, Colorado, and Ohio.

Europe is likely to grow at a moderate rate over the next few years. Europe buys surveillance systems from Asia-Pacific countries like China, Japan, and others. Several governments, including those in Germany, the UK, and France, are putting in place smart surveillance systems to protect their assets. The Analysis Report says that the U.K. has more than 5.2 million surveillance systems, with about one camera for every 13 people in public surveillance, residential surveillance, and doorbell systems. In the U.K., private homes and businesses run about 96% of the cameras.

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The growing use of AI-based cameras in businesses and public places will drive market growth.

These cameras have advanced technologies like AI and deep learning built in. With artificial intelligence (AI), you can do things like find faces, record network video, and more. These work with technology and give better 360-degree vision in the surveillance industries. Several of the biggest companies on the market are making advanced surveillance systems that use artificial intelligence (AI) to meet the growing need for security in public places.

Security systems are being put in more and more homes and businesses grows the market.

CCTV cameras are used to keep people safe in homes and businesses all over the world. It was made with high-tech tools like infrared, artificial intelligence, and deep learning to make public and private spaces safer. Also, more homes and businesses are getting broken into, and more people are learning about surveillance cameras, which helps the market grow.

Concerns about data security and video surveillance slow the market's growth.

People are likely to buy less because they are worried about their privacy and how to keep video data safe from hackers and thieves. There is a high chance that data from camera recorders in the public cloud will be misused, and because of the number of data breaches, organisations can't store video footage. Networked video surveillance systems are more likely to be attacked, and hackers use Distributed Denial of Service (DDoS) attacks to shut down certain systems. Also, the growth of the market is slowed by how much it costs to make systems based on new technology.

Top Market Players: Bosch Security Systems Inc. (U.S.), Honeywell Security Group (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Axis Communications AB (Sweden), Mobotix AG (Germany), Zhejiang Dahua Technology Co., Ltd. (China), Panasonic System Networks Co., Ltd. (Japan), Geovision Inc. (Germany), Sony electronics Ltd. (Japan), FLIR Systems Inc. (U.S.), and others.

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