The CCTV market share is projected to grow up to USD 9.87 billion, accelerating at a CAGR of 11.66% during the forecast period. The market is segmented by product (dome camera, PTZ camera, bullet camera, and box camera) and geography (APAC, North America, Europe, MEA, and South America). Technavio's research report delineates the growth drivers that will boost market growth along with a detailed analysis of the market segments, trends, and challenges that are likely to impact market growth.
Get a glimpse into the exhaustive CCTV market research and analysis: Download FREE Sample Report
One of the key drivers that will boost this market is the increasing government security initiatives. The increasing number of criminal activities such as thefts, fraud, and illegal possession of firearms has pushed governments to improve security measures. To enhance the security and safety of residents, the government has rolled out an initiative to mandate the installation of CCTV cameras across cities. However, the cyber security risks will be the major hindrance for the CCTV market during the forecast period
Technavio’s research reports provide a comprehensive analysis of all the other factors that will drive market growth during the forecast period. In addition to market drivers, the report also studies the latest CCTV market trends and challenges that are likely to influence growth in the current market scenario.
CCTV Market is segmented by Product (dome camera, PTZ camera, bullet camera, and box camera) and Geography (APAC, North America, Europe, MEA, and South America).
Based on the market segmenttaion by the product, the CCTV market growth in the dome camera segment will be significant during the forecast period. Dome camera offers functionalities such as long-distance coverage and 360° view. By geography, the increasing investment in the development of infrastructure in airports, shopping centers, and retail shops will facilitate the CCTV market growth in APAC. 43% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for CCTV in APAC.
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
Axis Communications AB, Avigilon Corp., CP PLUS International, Hangzhou Hikvision Digital Technology Co. Ltd., Hanwha Corp., Honeywell International Inc., Panasonic Corp., Robert Bosch GmbH, Zhejiang Dahua Technology Co. Ltd., and Zhejiang Uniview Technologies Co. Ltd. are some of the major CCTV market vendors. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. The customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download the Free PDF Sample Report
