CCTV Camera Market Could Reach $16 Billion by 2029 Due to Growing Need From Pandemic
Many governments across the world are ramping up their security measures to protect critical infrastructure from perimeter intrusion attacks. Future Market Insights says CCTV-based video surveillance systems are in great demand to protect critical assets within these infrastructures. Solutions such as IP CCTV cameras, thermal imaging cameras and AI-enabled video analytical solutions are increasingly being adopted to ensure robust video surveillance, contributing to market growth. The research company predicts the global CCTV camera market will exhibit a CAGR of 6 percent during the forecast period of 2019-2029.
As global economies are currently facing a critical crisis situation due to the COVID-19 pandemic outbreak, this, in turn, is impacting the supply chain and logistic operations of various video surveillance system manufacturers. Over the past five years, the market for CCTV cameras has grown by almost 6 percent globally. In 2019, total value of the global CCTV camera market is estimated to be nearly $9 billion. Due to the coronavirus outbreak, Future Market Insights says the need for video surveillance has grown further in Q1, which would continue in Q2 as the demand for public video surveillance would grow significantly for security monitoring amidst lockdowns.
“The video surveillance industry is currently seeing innovation in CCTV cameras with AI-enabled capabilities and advanced thermal imaging techniques,” the company said in a release. “These enhanced video monitoring cameras are poised to substantially impact the video surveillance industry in the near term. Moreover, amid the novel coronavirus pandemic, AI technologies bring superior face recognition, object recognition and event recognition capabilities that can help detect suspected patients of COVID-19.”
Other key takeaways of the CCTV Camera Market Study include:
- North America is expected to hold a significant share in the global CCTV camera market during the forecast period.
- Dome cameras are likely to capture a leading share in the global CCTV camera market among all model types during the forecast period, as these cameras are widely used for end-to-end security solutions all over the globe.
- By technology, IP/network-based CCTV systems are anticipated to retain their hegemony in the global CCTV camera market during the forecast period, as they find immense application in the residential sector.
- Demand for CCTV cameras in the residential sector is estimated to expand at an impressive CAGR. However, the commercial sector is estimated to continue to hold significant market share in the global CCTV camera market during the forecast period.
Find the full study here.