The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on CCTV Camera Market Share. The growth sectors of the CCTV Camera Market Share are identified with precision for a better growth perspective.
Global CCTV Camera Market to Surpass USD 31000 Mn by 2024
Increased installation of CCTV cameras in public and private vicinities continues to boost their market prospects. Market Research Future (MRFR) reports the global CCTV camera market is set to capture 12.90% CAGR during the assessment period (2019-2024). The market is likely to touch a valuation of USD 31990.8 million by the year 2024. Theses cameras are increasingly used for preventing theft, civil unrest, anti-social activities etc.
Global CCTV Camera Market: Segmental Analysis
The segmental analysis of the market has been conducted based on services, application, product, resolution, and technology.
On the basis of services, the market has been segmented into managed service and professional services. Of these, the professional services segment currently commands the lion’s share of the market. In addition, the segment is anticipated to capture the strongest CAGR during the projection period. This is mainly owing increased demand for professional services (maintenance, support and installation). Most users higher professionals for installing security camera systems for precision and accuracy. An array of installation services is available that are tailor-made as per the requirements of the user. Meanwhile, demand for managed services such as system performance monitoring, security, installing new servers and storage, network and communication, remote services, hosted HD video conferencing and disaster recovery is on the rise.
On the basis of application, the market has been segmented into industrial, residential and commercial. In terms of value, the commercial segment currently holds the dominant market share and is projected to demonstrate an impressive growth during the forecast period. Rapid urbanization in developing countries is driving the growth of the commercial segment. Increased construction of shopping malls, departmental stores, and other commercial structures is also contributing to the segment’s growth. This characterises the increase demand for security cameras for commercial buildings. Meanwhile, the residential segment holds the second spot and is likely to retain its position over 2024.
On the basis of product, the market has been segmented into dome security camera, box security camera, bullet security camera, thermal security camera and PTZ security camera. CCTV cameras are likely to undergo further product diversification in the forthcoming years.
On the basis of resolution, the market has been segmented into non-HD and HD. In 2018, the HD segment held the pole position and this trend is likely to continue beyond 2019. It is projected that the HD segment will post a healthy growth rate during the review period. Preference for HD camera is growing owing to its superior characteristics as compared to non-HD camera. Moreover, the integration of advanced CMOS sensor technology in HD cameras and the arrival of 4K ultra HD cameras. Meanwhile, the non-HD segment reached a valuation of USD 4, 351.7 Mn in 2018.
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