The CCTV camera market has been estimated at US$ 10,951.7 million in 2023 and is expected to grow at a CAGR of 6.9% from 2023 to 2033. By 2033, the worldwide CCTV camera market will be worth around US$ 21,409.3 million. CCTV camera sales currently constitute around 25% of the global video surveillance industry market. The market for IP cameras is increasing as Internet penetration has expanded significantly in a variety of user applications.
To provide effective CCTV surveillance coverage, many CCTV systems include a combination of IP cameras, dome cameras, bullet cameras, and so on. Surveillance cameras have witnessed an enormous rise in demand in recent years as digitization and technological proliferation in human lifestyles have expanded. Security has recently become a huge concern since the potential of theft and other security-related issues has increased more than ever before.
From 2018 to 2022, demand for closed-circuit television cameras increased at a 6% CAGR. Growing demand for security measures in infrastructure including power plants and smart grids, as well as rising technological advances proliferation, urbanization and digital transformation, and swift developments in CCTV camera technologies, are expected to have a significant impact on the CCTV camera market potential.
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CCTV camera manufacturers are creating new solutions to suit shifting technology breakthroughs, like AI and facial recognition. As the need for surveillance and security systems grows, CCTV camera manufacturers are focusing on the release of new and improved technologies.
Key Takeaways
- The Indian market is expected to grow at a 7.8% CAGR.
- The market grew at a CAGR of 4.8% over the last five years.
- In 2022, North America held a 28.6% market share.
- The Chinese market is expected to increase at a CAGR of 5.8%.
- Residential applications account for 17% of the worldwide CCTV camera market.
Competitive Landscape
CCTV camera manufacturers are investing in R&D for new devices that use technology such as AI and facial recognition. CCTV camera manufacturers are also working on mergers and acquisitions to expand their market presence across numerous geographies.
- In February 2022, Hangzhou Hikvision Digital Technology Co., Ltd. launched the TandemVu PTZ system, which integrates bullet detector qualities in a single device. These have the capability of zooming in on certain securities incidents.
- Dahua Technology publicly introduced the full-color sophisticated twin illuminators camera series during its full-color digital release in June 2022.
- Johnson Controls announced the release of its new IP cameras in the dome camera style in September 2021. Tyco Illustra Pro Gen4 cameras are available in 2 MP, 4 MP, and 8 MP resolutions.
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Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global CCTV Camera market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Model Type (Box Cameras, Dome Cameras, PTZ Cameras, Fixed Bullet Cameras), Technology (Analog CCTV Systems, IP/Network-based CCTV Systems), Camera Sensor Type (CCD Sensor-based Cameras, CMOS Sensor-based Cameras), Application (Residential, Commercial, Industrial) & Region
Region-wise Insights – Category-wise Insights:
- Asia-Pacific leads the market, with China being a major contributor, owing to its rapid urbanization and increasing security awareness.
- North America and Europe witness substantial growth, driven by the need for business security and government initiatives.
- Latin America and Africa show potential for growth, driven by rising crime rates and infrastructure development.
In terms of camera types:
- Dome cameras and bullet cameras are popular choices in commercial settings.
- PTZ (Pan-Tilt-Zoom) cameras are gaining traction for their versatility and coverage.
- IP cameras are becoming increasingly preferred for their advanced features and connectivity options.
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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