CCTV Global Market Report 2024

The cctv market 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 observed in the previous period can be primarily attributed to several factors. These include heightened security concerns across various sectors, increased focus on corporate and industrial security measures, efforts towards public safety and urban surveillance initiatives, the implementation of retail loss prevention strategies, and the utilization of CCTV systems for traffic monitoring and efficient traffic management purposes. These factors collectively contributed to the growth witnessed in the adoption and expansion of CCTV systems during that timeframe.

The cctv market 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%. Anticipated growth in the upcoming period is expected to be driven by various influential factors. These encompass the expansion of smart city initiatives, heightened integration of CCTV systems with IoT (Internet of Things) technologies and analytics, the rising adoption of CCTV solutions in residential security setups, an increasing emphasis on health and safety compliance standards, and the growing utilization of remote monitoring and cloud services in CCTV applications.

The rising demand for security systems is set to drive the CCTV (Closed-Circuit Television) market. These systems aim to safeguard individuals and properties against various threats, including crime, theft, accidents, and sabotage. The increased demand for security systems, driven by growing crime rates, contributes significantly to the growth of the CCTV market. For example, the FBI's 2021 Nationwide Crime Statistics reported a 4.3% rise in the expected murder rate from 2020 to 2021, emphasizing the heightened need for security measures.

The expansion of universities and colleges worldwide is expected to further fuel the growth of the CCTV market. These educational institutions benefit from CCTV cameras to enhance safety and security across campuses, deterring unauthorized access and criminal activities. For instance, India's Ministry of Education's All India Survey on Higher Education recorded a substantial increase in the number of universities and colleges in the country in 2020-2021, underlining the growing demand for surveillance systems in academic settings.

Technological advancements play a pivotal role in the evolution of the CCTV market. Companies within this sector are leveraging new technologies to maintain their market position. For instance, Lorex Technology Inc., a Canadian security company, introduced a 4k Wi-Fi Security Camera with Smart Security Lighting technology. This camera's innovative features allow users to customize LED signals based on specific camera settings and motion events, enhancing security while minimizing false alarms through AI-driven Smart Motion Detection Plus.

Major players in the CCTV market are actively innovating with AI-based surveillance cameras to gain a competitive edge. These cameras, equipped with artificial intelligence, perform advanced functions such as human detection, facial recognition, and object tracking. South Korea-based Idis introduced a new line of edge AI surveillance cameras with features such as the Idis Deep Learning Engine, offering superior edge processing capabilities. These cameras enable faster investigations, smart failover options, and seamless integration with Idis network recorders, promising cost-effective surveillance solutions.

In May 2022, Motorola Solutions acquired Videotec S.p.A., an Italian manufacturer of CCTV products. This strategic move aims to diversify Motorola Solutions' portfolio, particularly in the fixed video camera segment, solidifying its position in the video security systems market. This acquisition strengthens the company's offerings in professional video surveillance, including analog and IP PTZ cameras, indoor and outdoor surveillance systems, and related accessories.

Major companies operating in the cctv market report are 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.

North America was the largest region in the CCTV market in 2023. 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. The countries covered in the cctv market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of CCTV encompass hardware, software, and associated services. Hardware refers to the internal and external components enabling a computer to execute crucial operations such as input, output, storage, communication, and processing. CCTV technology comprises CMOS and CCD technologies, employing camera types such as analog and IP cameras, distributed through online and offline sales channels. The end-users of CCTV systems vary across sectors, including educational institutions, hospitals, hotels, real estate, religious establishments, government entities, retail businesses, the IT sector, and transportation services. These entities utilize CCTV for diverse security and surveillance needs within their respective domains.

The CCTV market research report provides CCTV market statistics, including CCTV industry global market size, regional shares, competitors with a CCTV market share, detailed CCTV market segments, market trends, and opportunities, and any further data you may need to thrive in the CCTV industry. This CCTV market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The CCTV market consists of revenues earned by entities by providing services such as alarm monitoring services, location surveillance, monitoring traffic, boarder surveillance. The market value includes the value of related goods sold by the service provider or included within the service offering. The CCTV market also includes sales of monitors, video cassette recorders, cameras, lenses, mountings, coverings, power cables, switches, and synchronizers which are used in providing CCTV related services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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