Press release
CCTV Market Size, Share & Competitive Landscape 2024-2033
CCTV Market Size
According to The Business Research Company's, The cctv market size has grown rapidly in recent years. It will grow from $15.79 billion in 2023 to $18.14 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to security concerns, corporate and industrial security, public safety and urban surveillance, retail loss prevention, traffic monitoring and management.
The cctv market size is expected to see rapid growth in the next few years. It will grow to $30.26 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to smart city initiatives, integration with iot and analytics, increasing adoption in residential security, health and safety compliance, remote monitoring and cloud services. Major trends in the forecast period include integration with iot devices, cybersecurity measures, mobile and remote monitoring, privacy-enhancing features, integration with access control systems.
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Market Drivers and Trends:
The increasing demand for security systems is expected to propel the growth of the CCTV market going forward. The security system is a piece of equipment created to protect people and property against various dangers, such as crime, theft, accidents, espionage, sabotage, subversion, and attack. System security aims to keep data and assets safe against loss, tampering, and other sorts of harm while enabling access to and usefulness of the data and assets. Hence, increasing demand for security systems is contributing to the growth of the CCTV market. For instance, in December 2022, according to the 2021 Nationwide Crime Statistics released by the Federal Bureau of Investigation, a US-based Law enforcement agency, the expected murder rate increased by 4.3% (from 22,000 in 2020 to 22,900 in 2021). Therefore, the increasing demand for security systems is driving the growth of the CCTV market.
Technology advancements are a key trend gaining popularity in the CCTV market. Companies operating in the CCTV market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Lorex Technology Inc, a Canada-based home and business security company, launched a 4k Wi-Fi Security Camera with Smart Security Lighting technology. Customers can customize and change the camera's LED band using the Smart Security Lighting function. The users can create customized illumination signals by assigning different colors to specific camera settings and motion occurrences. The AI technology with Smart Motion Detection Plus helps to prevent unwanted notifications and false alarms.
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Major Key Players of the Market:
Hangzhou Hikvision Digital Technology Co. Ltd.; Bosch Security and Safety Systems Inc.; Honeywell Commercial Security; Panasonic i-PRO Sensing Solutions; Dahua Technologies Co. Ltd.; Samsung Electronics Co. Ltd.; Zhejiang Dahua Technology Co. Ltd.; Avigilon; Motorola Solutions Inc.; Huawei Technologies Co. Ltd.; Sony Corporation; Cisco Systems Inc; Axis Communications AB; CP Plus; Hanwha Vision; Pelco Inc.; Vivotek Inc.; FLIR Systems Inc.; Canon Inc.; Tiandy Technologies Co. Ltd.; Dallmeier electronic GmbH & Co. KG; Genetec Inc.; IDIS Co. Ltd.; Mobotix AG; Arecont Vision Costar LLC; Lorex Technology Inc.; Vicon Industries Inc.; March Networks Corporation; Raytec Ltd.; Merit LILIN Ent. Co. Ltd.
CCTV Market 2024 Key Insights:
• The cctv market size will grow to $30.26 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Rising Demand For Security Systems Boosts Growth Of The Cctv Market
• Technological Advancements Drive Innovation In The Cctv Market
• North America was the largest region in the CCTV market in 2023
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