CCTV Camera Market Challenges, Drivers, Outlook, Growth Opportunities - Analysis to 2024

The Global CCTV Camera Market is projected to account for USD 31990.8 million by 2024, registering a CAGR of 12.90% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentations and drivers to provide a better glimpse of the market in the coming years. Over the past two decades, governments, businesses, enterprises, and residents across the globe have become attentive towards preventing their people and assets from potential threats, such as thefts, terrorist attacks, civil unrest, and natural disasters. Safety of people and assets require real-time monitoring of activities in public places and surroundings. Video surveillance plays a vital role in the development of smarter and safer cities by reducing crime rates and implementing preventive measures.

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Competitive Analysis

The key players of the global CCTV camera market are FLIR Systems, Inc. (US), Bosch Security Systems (Germany), CP Plus International (India), Digital Watchdog, Inc. (US), Hangzhou Hikvision Digital Technology Co., Ltd (China), Sony Corporation (Japan), Honeywell International, Inc. (US), Axis Communications AB (Sweden), Hanwha Techwin Co., Ltd (South Korea), and Dahua Technology Co., Ltd (China), among others.

In May 2019, Bosch launched a new product, namely FLEXIDOME IP starlight 8000i fixed dome camera, developed to simplify the video security process. This product can integrate with a smart camera to provide functionalities such as the pan, tilt, roll, and zoom (PTRZ). It also has higher resolutions and frame rates, better light sensitivity, and excellent dynamic ranges, which help in distinguishing individuals or objects for evidence.
In April 2019, FLIR launched a thermal imaging camera that detects heat and provides visibility through smoke and in complete darkness. The product is expected to be used for fire control, search and rescue operations, investigative work, and preventing structural damage.

Segmental Analysis

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

By technology, the global CCTV camera market has been segmented into IP security camera and analog camera. The IP security camera segment accounted for the larger market share in 2018, with a market value of USD 11,694.5 million; it is expected to register the higher CAGR during the forecast period. The analog camera segment was the second-largest market in 2018. IP security cameras are primarily connected to an IP network using an Ethernet connection. IP cameras and video servers are equipped with built-in web servers so that the transmitted surveillance video can be viewed directly on the camera, with the use of a web browser over the Internet. Analog cameras can turn the video signal into a format that can be received by a television or other receivers such as VCRs or monitors.

The application segments covered under the scope of the market are commercial, residential, and industrial. The commercial segment accounted for the larger market share in 2018, with a market value of USD 7,307.6 million; it is expected to register the higher CAGR during the forecast period. The residential segment was the second-largest market in 2018. Commercial buildings witness a high footfall on a daily basis. Risk of theft, liability, vandalism, and inappropriate employee behavior are some issues faced by commercial businesses. The adoption of CCTV cameras for residential purposes has increased significantly over the past few years. Individuals with long, hectic work schedules generally opt for surveillance solutions to keep track of their pets, kids, and elderly members of the family. Manufacturing units and factory sites are highly susceptible to accidents and mishaps, which might lead to serious injuries or even fatality.

Based on resolution, the market has been divided into HD and Non-HD. The HD segment accounted for the largest market share in 2018, with a market value of USD 11,151.3 million; it is projected to register the highest CAGR during the forecast period. The Non-HD segment was the second-largest market in 2018, valued at USD 4,351.7 million. HD security cameras differ from the traditional security cameras based on their ability to capture video at higher resolutions. With the advancements in CMOS sensor technology, HD cameras possess image sensor resolutions that range from 1.3 Megapixels to 4K Ultra HD, or even higher. HD security cameras are capable of capturing high-definition video surveillance footage up to 1080p resolution (1920 x 1080 pixels). Non-HD security cameras are also referred to as analog CCTV cameras. These kinds of security cameras are categorized based on television lines (TVL). Higher the TVL, more defined the image captured. In terms of cost, non-HD security cameras are more affordable as compared to HD security cameras.

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Based on services, the market has been segmented into professional service and managed Service. The professional services segment accounted for the largest market share in 2018, with a market value of USD 10,707.9 million; it is projected to register the highest CAGR during the forecast period. The managed services segment was the second-largest market in 2018, valued at USD 4,795.2 million. Professional services primarily comprised of installation and support and maintenance services. Consumers prefer installing a security camera system with the help of a professional at it will be beneficial in terms of accuracy and precision. Installation services cater to all the requirements of the users by providing tailor-made installation as per the specific needs and demands. Managed services comprise network and communication, system performance monitoring, hosted HD video conferencing, security, disaster recovery, installing new servers and storage, and remote services.

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