The CCTV Camera Market will witness a healthy growth from 2018 to 2024, a research report suggests. Growing at a CAGR of 12.90%, the market is projected to reach US$31,190 million by 2024. Advances in technology is expected to support the market growth along with the advent of 4k cameras and advanced security camera technology. As predicted by analysts, high costs linked with new technologies will negatively affect the market’s performance from 2018 to 2024. During the forecast period, the market will be supported by shoplifting, threats, and terrorism and the Internet of Things (IoT). Privacy concerns on the other hand will challenge security and surveillance based organizations functioning in the global CCTV Camera Market. Analysts have split the market into application, product, resolution, services, and technology segments based on products and services.
Market Segmentation
The security and surveillance sector has seen growth across application, product, resolution, services, and technology segments owing to the increasing penetration of smart homes and shifting trends in the consumer market. To study the CCTV camera market, analysts have further segmented application, product, resolution, services, and technology into product on the basis of bullet security cameras, dome security cameras, PTZ security cameras, thermal security cameras, and box security cameras. The CCTV Camera market is further segmented into technology which is split into IP security cameras and analog cameras. Additionally, the CCTV Camera Market on the basis of application is segmented into commercial, residential, and industrial. The market is further segmented into resolution which is split into HD and Non-HD. Additionally, the CCTV Camera Market on the basis of services is segmented into professional services and managed services.
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Competitive Landscape
The global CCTV Camera Market research report brings a comprehensive study of application, product, resolution, services, and technology market segments, regional analysis, and security and surveillance based company details of key players. As the forecast period 2018 to 2024 will bring new opportunities for the market owing to remote technology on smart phones and increased expansion of home automation devices, the market is set to grow at a compound annual growth rate of 12.90% and is predicted to reach a value of US$31,190 million by 2024. With SWOT analysis of security and surveillance based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the shifting preference for cheaper alternatives and the lack of awareness, companies in the security and surveillance sector can change the way business is done.
The key players of the global CCTV camera market are FLIR Systems, Inc. (US), Bosch Security Systems (Germany), CP Plus International (India), Digital Watchdog, Inc. (US), Hangzhou Hikvision Digital Technology Co., Ltd (China), Sony Corporation (Japan), Honeywell International, Inc. (US), Axis Communications AB (Sweden), Hanwha Techwin Co., Ltd (South Korea), and Dahua Technology Co., Ltd (China), among others.
