Press release
Soaring Demand Set to Propel CCTV Market to $32.58 Billion by 2029
CCTV Market
What Is the Expected CAGR for the CCTV Market Through 2025?
In recent times, there has been a significant rise in the size of the CCTV market. It is projected to grow from a value of $17.85 billion in 2024 to about $19.97 billion in 2025, showing a Compound Annual Growth Rate (CAGR) of 11.8%. The historical growth has been driven by several factors such as the need for security, corporate and industrial protection, vigilance of public safety and urban areas, precautionary measures against retail loss, and the management and observation of traffic.
What's the Projected Size of the Global CCTV Market by 2029?
The surveillance camera industry is anticipated to experience a fast-paced expansion in the upcoming years. There is a projection for a growth to $32.58 billion by 2029, with a compound annual growth rate (CAGR) of 13.0%. Factors contributing to this expected growth include advancements into smart city projects, the merging with Internet of Things (IoT) and analytical software, growing implementation in residential security, observance of health and safety regulations, possibilities of remote surveillance and the use of cloud services. Additionally, key developments to watch for involve integration with IoT gadgets, cybersecurity protocols, mobile based and distant supervision, advancements to protect privacy, and synergy with entry regulation mechanisms.
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Top Growth Drivers in the CCTV Industry: What's Accelerating the Market?
The escalating need for safety systems is projected to boost the CCTV market's expansion in the future. A security system, which is designed to safeguard individuals and property from various threats like crime, theft, catastrophes, espionage, destruction, subversion, and assault, contributes significantly to this trajectory. The goal of system security is to ensure the preservation and protection of data and assets from loss, alterations, and other forms of damage, while also allowing for accessibility and usefulness. Consequently, the rising demand for safety systems significantly contributes to the CCTV market's growth. For example, in November 2023, the US-based International Trade Administration reported that the UK's security and resilience market, valued at approximately $29 billion, is on an upward trend. Therefore, the escalating demand for safety systems is propelling the CCTV market's expansion.
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What Trends Will Shape the CCTV Market Through 2029 and Beyond?
Advancements in technology are emerging as a significant trend in the CCTV market. Companies in this market are incorporating new technologies to maintain their market standing. For instance, in September 2022, Lorex Technology Inc., a firm focusing on home and business security based out of Canada, introduced a 4k Wi-Fi Security Camera featuring Smart Security Lighting technology. This technology allows customers to modify and alter the camera's LED band through the Smart Security Lighting feature. Users can design personalized lighting signals by assigning distinct colors to specific camera settings and motion incidents, with AI technology and Smart Motion Detection Plus to reduce unnecessary notifications and false alarms.
What Are the Main Segments in the CCTV Market?
The cctv market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: CMOS Technology, CCD Technology
3) By Camera Type: Analog Camera, Internal Protocol (IP) Camera
4) By Channel: Online Channel, Offline Channel
5) By End User: Educational Centers, Hospitals, Hotels, Real Estates, Religious Places, Government, Retail, IT Sector, Transport Sector
Subsegments:
1) By Hardware: Cameras, Video Recorders, Monitors And Displays, Cables And Connectors, Storage Devices
2) By Software: Video Management Software, Analytics Software, Remote Monitoring Software, Integration Software
3) By Services: Installation Services, Maintenance And Support Services, Consulting Services, Training And Education Services
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Which Top Companies are Driving Growth in the CCTV Market?
Major companies operating in the CCTV market include 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.
Which Regions Will Dominate the CCTV Market Through 2029?
North America was the largest region in the CCTV market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global CCTV market report during the forecast period. The regions covered in the CCTV market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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